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 1
September 2010 was 336.72 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 1
September 2010 was 334.34 pence excluding current period revenue.

2 September 2010