Net Asset Value(s)

Montanaro European Smaller C.TstPLC
22 December 2006


NAV as at close of business on 21/12/06

F & C Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

(Pence per share).  Investments valued on a bid price basis.

Montanaro European Smaller Companies Trust                           398.6


Note: NAVs are diluted, where appropriate.


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