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 18
January 2008, with debt at par, was 296.13 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 18
January 2008, with debt at fair value, was 296.13 pence.

21 January 2008