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 1
March 2007, with debt at par, was 355.86 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 1
March 2007, with debt at fair value, was 355.86 pence.

2 March 2007