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 16
August 2007, with debt at par, was 334.36 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 16
August 2007, with debt at fair value, was 334.36 pence.

17 August 2007