Net Asset Value(s)

Montanaro European Smaller C.TstPLC
23 March 2007


NAV as at close of business on 22/03/07

F & C Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

(Pence per share).  Investments valued on a bid price basis.


Montanaro European Smaller Companies Trust                              427.01

Note: NAV is diluted, where appropriate.



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