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 19
October 2006, with debt at par, was 310.61 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 19
October 2006, with debt at fair value, was 310.65 pence.

20 October 2006