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 
24 May 2011 was 436.77 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
24 May 2011 was 427.93 pence excluding current period revenue.

25 May 2011