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 11
June 2009 was 232.91 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 11
June 2009 was 231.17 pence excluding current period revenue.

12 June 2009