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 5
February 2010 was 285.83 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 5
February 2010 was 283.24 pence excluding current period revenue.

8 February 2010