Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 30 November
2005, with debt at par, was 260.73 pence.

The net asset value per Ordinary 10p Share of the Company as at 30 November
2005, with debt at fair value, was 260.57 pence.

1 December 2005