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 7
December 2010 was 395.45 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 7
December 2010 was 390.25 pence excluding current period revenue.

8 December 2010