Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 30 September
2005, with debt at par, was 252.16 pence.

The net asset value per Ordinary 10p Share of the Company as at 30 September
2005, with debt at fair value, was 251.93 pence.

3 October 2005