Net Asset Value(s)

Montanaro European Smaller C.TstPLC
21 February 2008


Date:   21/02/2008

Below is shown the unaudited net asset value for the Company as at close of
business on 20/02/2008

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


Montanaro European Smaller Companies Trust plc                         374.9

Note: NAV is diluted, where appropriate.


                      This information is provided by RNS
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