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 
15 December 2011 was 380.44 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
15 December 2011 was 374.72 pence excluding current period revenue.

16 December 2011