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
May 2008, with debt at par, was 319.11 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 19
May 2008, with debt at fair value, was 319.11 pence.

20 May 2008