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 13
May 2011 was 439.65 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 13
May 2011 was 430.79 pence excluding current period revenue.

16 May 2011