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
May 2011 was 443.82 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 31
May 2011 was 434.75 pence excluding current period revenue.

1 June 2011