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 22
May 2008, with debt at par, was 315.99 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 22
May 2008, with debt at fair value, was 315.99 pence.

23 May 2008