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 
10 October 2011 was 386.87 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at
10 October 2011 was 382.49 pence excluding current period revenue.

11 October 2011