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
November 2008 was 218.37 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
November 2008 was 213.31 pence excluding current period revenue.

It has come to the Company's attention that the NAV released on 4 November
2008, was incorrectly dated as at 1 November 2008, rather than 3 November 2008.

5 November 2008