Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 22 September
2005, with debt at par, was 250.83 pence.

The net asset value per Ordinary 10p Share of the Company as at 22 September
2005, with debt at fair value, was 250.58 pence.

23 September 2005