Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ('the Company')                      

The Company announces that the bid price net asset value of its Ordinary 10p
shares as at 5 January 2006 is as follows:

                              Pence          
                                             
With debt at par value        274.73         
                                             
With debt at fair value       274.56