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 
10 November 2011 was 392.39 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
10 November 2011 was 387.02 pence excluding current period revenue.

11 November 2011