Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 4 August 2005,
with debt at par, was 240.23 pence.

The net asset value per Ordinary 10p Share of the Company as at 4 August 2005,
with debt at fair value, was 240.05 pence.

5 August 2005