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 20
July 2010 was 317.51 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 20
July 2010 was 315.93 pence excluding current period revenue.

21 July 2010