Net Asset Value(s)

Montanaro European Smaller C.TstPLC
14 February 2008


Date:   14/02/2008

Below is shown the unaudited net asset value for the Company as at close of
business on 13/02/2008

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


Montanaro European Smaller Companies Trust plc                        365.19

Note: NAVs are diluted, where appropriate.



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