Net Asset Value(s)

Montanaro European Smaller C.TstPLC
04 October 2007


Date of Announcement: 04/10/2007


Below is shown the unaudited net asset value for the Company as at close of
business on 03/10/2007

NAV per share (at bid market values) in £ sterling. Pence per share.


Montanaro European Smaller Companies Trust plc                          446.1

Note: NAVs are diluted, where appropriate.




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