Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 12 January
2006, with debt at par, was 279.06 pence.

The net asset value per Ordinary 10p Share of the Company as at 12 January
2006, with debt at fair value, was 278.91 pence.

13 January 2006