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 28
January 2011 was 416.43 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 28
January 2011 was 410.92 pence excluding current period revenue.

31 January 2011