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 17
May 2007, with debt at par, was 377.09 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 17
May 2007, with debt at fair value, was 377.09 pence.

18 May 2007