Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

The fair value net asset value per Ordinary 10p Share of the Company as at 27
February 2008, with debt at par, was 312.56 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 27
February 2008, with debt at fair value, was 312.56 pence.

28 February 2008