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 9
March 2006, with debt at par, was 298.77 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 9
March 2006, with debt at fair value, was 298.65 pence.

10 March 2006