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
12 September 2011 was 393.94 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at
12 September 2011 was 390.59 pence excluding current period revenue.

13 September 2011