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 5
January 2011 was 413.90 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 5
January 2011 was 408.53 pence excluding current period revenue.

6 January 2011