Net Asset Value(s)

Montanaro European Smaller C.TstPLC
03 July 2007

Below is shown the unaudited net asset value for the Company as at close of
business on 02/07/2007

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

Montanaro European Smaller Companies Trust plc                           460.95




Note: NAVs are diluted, where appropriate.


                      This information is provided by RNS
            The company news service from the London Stock Exchange