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 4
May 2006, with debt at par, was 308.16 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
May 2006, with debt at fair value, was 308.11 pence.

5 May 2006