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 23
March 2006, with debt at par, was 304.16 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 23
March 2006, with debt at fair value, was 304.05 pence.

24 March 2006