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 3
June 2008, with debt at par, was 316.72 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 3
June 2008, with debt at fair value, was 315.73 pence excluding current period
revenue.

The above net asset values are calculated after deduction of the 3.65p dividend
per Ordinary share announced by the Company on 30 May 2008.

4 June 2008