Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

The fair value net asset value per Ordinary 10p Share of the Company as at 6
October 2009 was 277.11 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 6
October 2009 was 273.76 pence excluding current period revenue.

7 October 2009