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 20
June 2008 was 304.85 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 20
June 2008 was 303.52 pence excluding current period revenue.

23 June 2008