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 23
October 2008 was 212.75 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 23
October 2008 was 209.29 pence excluding current period revenue.

24 October 2008