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 31
July 2008 was 285.12 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 31
July 2008 was 283.10 pence excluding current period revenue.

1 August 2008