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 17
February 2012 was 430.71 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 17
February 2012 was 424.48 pence excluding current period revenue.

20 February 2012