Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST

The net asset value per Ordinary 10p Share of the Company as at 27 October
2005, with debt at par, was 242.03 pence.

The net asset value per Ordinary 10p Share of the Company as at 27 October
2005, with debt at fair value, was 241.87 pence.

28 October 2005