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 
9 August 2011 was 386.24 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
9 August 2011 was 383.81 pence excluding current period revenue.

10 August 2011