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 
4 May 2011 was 434.96 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
4 May 11 was 426.35 pence excluding current period revenue.

5 May 2011