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
August 2006, with debt at par, was 281.83 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 17
August 2006, with debt at fair value, was 281.84 pence.

18 August 2006