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 9
October 2008 was 240.26 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 9
October 2008 was 236.92 pence excluding current period revenue.

10 October 2008