Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 8 September
2005, with debt at par, was 249.72 pence.

The net asset value per Ordinary 10p Share of the Company as at 8 September
2005, with debt at fair value, was 249.47 pence.

9 September 2005