Montanaro UK Smlrcos Net Asset Value(s)

    MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

The fair value net asset value per Ordinary 10p Share of the Company as at 8
May 2008, with debt at par, was 316.12 pence.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
May 2008, with debt at fair value, was 316.12 pence.

9 May 2008

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