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 17
September 2007, with debt at par, was 340.81 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 17
September 2007, with debt at fair value, was 340.81 pence.

18 September 2007