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 9
July 2010 was 316.73 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 9
July 2010 was 315.26 pence excluding current period revenue.

12 July 2010