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 
21 May 2012 was 416.97 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 
21 May 2012 was 407.95 pence excluding current period revenue.

22 May 2012