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 21
August 2008 was 283.57 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 21
August 2008 was 281.26 pence excluding current period revenue.

22 August 2008