Net Asset Value(s)

RNS Number : 0628Y

Montanaro European Smaller C.TstPLC

01 July 2008

From: Michael Campbell - F&C Asset Management plc

To: RNS

Date of Announcement: 01/07/2008

Montanaro European Smaller Companies Trust plc - Net Asset Values per share as at close of business on 30 June 2008

The unaudited net asset value (NAV) of the Company is noted below in pence per share. NAVs are calculated in accordance with stated policies of the Company. Applicable accounting standards and AIC recommendations are followed.

Pence per Share

Cum Ex

Income Income

386.61 385.94

The unaudited NAVs on an ex-income basis for the rest of the month of June 2008 and for 30 May 2008 (not previously released) were as follows:

	Pence per share
30/05/2008	423.23
02/06/2008	419.18
03/06/2008	422.00
04/06/2008	421.27
05/06/2008	424.77
06/06/2008	422.26
09/06/2008	416.25
10/06/2008	409.92
11/06/2008	403.31
12/06/2008	403.27
13/06/2008	401.64
16/06/2008	405.03
17/06/2008	410.62
18/06/2008	402.95
19/06/2008	396.43
20/06/2008	395.58
23/06/2008	391.43
24/06/2008	387.56
25/06/2008	394.23
26/06/2008	385.65
27/06/2008	384.61