Net Asset Value(s)

Montanaro European Smaller C.TstPLC
09 November 2007


Below is shown the unaudited net asset value for the Company as at close of
business on 08/11/2007

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

Montanaro European Smaller Companies Trust plc                             445.1


Note: NAVs are diluted, where appropriate.



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