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 5
October 2006, with debt at par, was 305.39 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 5
October 2006, with debt at fair value, was 305.42 pence.

6 October 2006