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 5
March 2008, with debt at par, was 312.06 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 5
March 2008, with debt at fair value, was 312.06 pence.

6 March 2008