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
January 2011 was 414.86 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 31
January 2011 was 409.38 pence excluding current period revenue.

1 February 2011