Net Asset Value(s)

Montanaro European Smaller C.TstPLC
31 December 2007




Below is shown the unaudited net asset value for the Company as at close of
business on 28/12/2007

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


Montanaro European Smaller Companies Trust plc           414.72



Note: NAVs are diluted, where appropriate.



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