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
July 2008 was 290.15 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 1
July 2008 was 288.78 pence excluding current period revenue.

2 July 2008