Net Asset Value(s)

Montanaro European Smaller C.TstPLC
03 October 2006

NAV as at close of business on 02/10/06

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                                350.63


Note: NAV is diluted, where appropriate.


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