Net Asset Value(s)

Montanaro European Smaller C.TstPLC
14 December 2007


Date of Announcement: 14/12/2007


Below is shown the unaudited net asset value for the Company as at close of
business on 13/12/2007

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


Montanaro European Smaller Companies Trust plc                   410.81

Note: NAV is diluted, where appropriate.



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