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 2
October 2008 was 258.35 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 2
October 2008 was 255.28 pence excluding current period revenue.

3 October 2008