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 September 2011 was 395.91 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
5 September 2011 was 392.70 pence excluding current period revenue.

6 September 2011