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 29
October 2008 was 203.99 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 29
October 2008 was 198.90 pence excluding current period revenue.

Montanaro UK Smaller Companies Investment Trust has received notification that
they will be receiving a VAT reclaim in relation to VAT incurred on Investment
Management and Performance Fees. The payment amount is £1,133,016.  This has
been split between revenue and capital on the same basis it was originally
accounted for (Capital £646,325 and Revenue £486,691). These amounts were first
included in the net asset value as at 28 October 2008 which was released on 29
October 2008. The effect on the net asset values including current period
revenue and excluding current period revenue was 3.38p and 1.93p respectively.

The Company's claim for the interest on this reclaimed VAT is ongoing.

30 October 2008