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 1
July 2010 was 302.76 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 1
July 2010 was 301.20 pence excluding current period revenue.

2 July 2010