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 1
February 2008, with debt at par, was 295.47 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 1
February 2008, with debt at fair value, was 295.47 pence.

4 February 2008