Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                       INVESTMENT TRUST PLC ('the Company')                        

For the foreseeable future the Company will announce its net asset values on
both a mid-market and bid price basis.

The Company announces that the net asset values of its Ordinary 10p shares as
at 31 December 2005 were as follows:

On a mid-market basis

                              Pence          
                                             
With debt at par value        271.69         
                                             
With debt at fair value       271.51         

On a bid price basis

                              Pence          
                                             
With debt at par value        271.01         
                                             
With debt at fair value       270.83