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 
12 January 2012 was 402.04 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
12 January 2012 was 396.32 pence excluding current period revenue.

13 January 2012