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 3
December 2010 was 391.51 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 3
December 2010 was 386.25 pence excluding current period revenue.

6 December 2010