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 
2 June 2011 was 440.44 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
2 June 2011 was 431.22 pence excluding current period revenue.

3 June 2011