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 22
February 2010 was 292.13 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 22
February 2010 was 289.38 pence excluding current period revenue.

23 February 2010