Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 31 October
2005, with debt at par, was 243.23 pence.

The net asset value per Ordinary 10p Share of the Company as at 31 October
2005, with debt at fair value, was 243.07 pence.

1 November 2005