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 8
April 2011 was 432.62 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
April 2011 was 424.78 pence excluding current period revenue.

11 April 2011