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 2
November 2009 was 279.21 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 2
November 2009 was 275.06 pence excluding current period revenue.

3 November 2009