Net Asset Value(s)

Montanaro European Smaller C.TstPLC
22 May 2007

Below is shown the unaudited net asset value for the Company as at close of
business on 21/05/07

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


Montanaro European Smaller Companies Trust plc                    467.56



Note: NAVs are diluted, where appropriate.



                      This information is provided by RNS
            The company news service from the London Stock Exchange