Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

The Net Asset Value per Ordinary 10p Share of the Company, including current
period revenue, as at 31 May 2008 was 318.41 pence.

The Net Asset Value per Ordinary 10p Share of the Company, excluding current
period revenue, as at 31 May 2008, was 317.41 pence.

2 June 2008