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 10
June 2008, was 310.81 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 10
June 2008, was 309.49 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.

11 June 2008