Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 17 November
2005, with debt at par, was 254.81 pence.

The net asset value per Ordinary 10p Share of the Company as at 17 November
2005, with debt at fair value, was 254.64 pence.

18 November 2005