Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 29 September
2005, with debt at par, was 251.55 pence.

The net asset value per Ordinary 10p Share of the Company as at 29 September
2005, with debt at fair value, was 251.32 pence.

30 September 2005