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 18
July 2008 was 275.55 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 18
July 2008 was 273.68 pence excluding current period revenue.

21 July 2008