Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 15 December
2005, with debt at par, was 266.75 pence.

The net asset value per Ordinary 10p Share of the Company as at 15 December
2005, with debt at fair value, was 266.63 pence.

16 December 2005