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 8
July 2008 was 272.79 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
July 2008 was 271.32 pence excluding current period revenue.

9 July 2008