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 4
September 2008 was 289.81 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
September 2008 was 287.21 pence excluding current period revenue.

5 September 2008