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 19
December 2007, with debt at par, was 309.34 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 19
December 2007, with debt at fair value, was 309.34 pence.

20 December 2007