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 24
June 2009 was 222.88 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 24
June 2009 was 221.09 pence excluding current period revenue.

25 June 2009