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 5 November 2008 was 219.47 pence including current period revenue. The fair value net asset value per Ordinary 10p Share of the Company as at 5 November 2008 was 214.30 pence excluding current period revenue. 6 November 2008
UK 100

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