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 24
April 2012 was 442.91 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 24
April 2012 was 434.86 pence excluding current period revenue.

25 April 2012