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 15
February 2007, with debt at par, was 366.88 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 15
February 2007, with debt at fair value, was 366.88 pence.

16 February 2007