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 31
August 2010 was 333.90 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 31
August 2010 was 331.81 pence excluding current period revenue.

1 September 2010