Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 3 November
2005, with debt at par, was 247.96 pence.

The net asset value per Ordinary 10p Share of the Company as at 3 November
2005, with debt at fair value, was 247.83 pence.

4 November 2005