Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 25 August 2005,
with debt at par, was 244.09 pence.

The net asset value per Ordinary 10p Share of the Company as at 25 August 2005,
with debt at fair value, was 243.90 pence.

26 August 2005