Net Asset Value(s)

Montanaro European Smaller C.TstPLC
06 December 2007


Date of Announcement: 06/12/2007

Below is shown the unaudited net asset value for the Company as at close of
business on 05/12/2007

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


Montanaro European Smaller Companies Trust plc                    414.87

Note: NAVs are diluted, where appropriate.


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