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 4
April 2011 was 427.60 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
April 2011 was 420.14 pence excluding current period revenue.

5 April 2011