Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 28 July 2005,
with debt at par, was 235.13 pence.

The net asset value per Ordinary 10p Share of the Company as at 28 July 2005,
with debt at fair value, was 234.91 pence.

29 July 2005