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 13
July 2010 was 321.13 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 13
July 2010 was 319.69 pence excluding current period revenue.

14 July 2010