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 
1 June 2011 was 443.30 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
1 June 2011 was 434.07 pence excluding current period revenue.

2 June 2011