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 3
May 2011 was 436.18 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 3
May 11 was 427.81 pence excluding current period revenue.

4 May 2011