Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ('the Company')                      

The bid price net asset value per Ordinary 10p Share of the Company as at 31
January 2006, with debt at par, was 287.82 pence.

The bid price net asset value per Ordinary 10p Share of the Company as at 31
January 2006, with debt at fair value, was 287.69 pence.

1 February 2006