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 4
February 2011 was 417.95 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
February 2011 was 412.21 pence excluding current period revenue.

7 February 2011