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