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 21
July 2008 was 280.81 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 21
July 2008 was 278.97 pence excluding current period revenue.

22 July 2008