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 2
May 2008, with debt at par, was 312.94 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 2
May 2008, with debt at fair value, was 312.94 pence.

6 May 2008