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 18
November 2010 was 381.21 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 18
November 2010 was 375.93 pence excluding current period revenue.

19 November 2010