Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 1 December
2005, with debt at par, was 261.46 pence.

The net asset value per Ordinary 10p Share of the Company as at 1 December
2005, with debt at fair value, was 261.30 pence.

2 December 2005