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 3
September 2008 was 292.46 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 3
September 2008 was 289.85 pence excluding current period revenue.

4 September 2008