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 21
March 2011 was 420.77 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 21
March 2011 was 413.59 pence excluding current period revenue.

22 March 2011