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 11
August 2010 was 327.82 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 11
August 2010 was 325.99 pence excluding current period revenue.

12 August 2010