Portfolio Update

MONTANARO UK SMALLER COMPANIES IT PLC (the "Company")

In accordance with UKLA Listing Rule 15.6.8R(2), the following list represents,
as at 30 September 2007, the Company's 10 largest investments and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                Class of share       Percentage Weighting       
                                                                               
Fisher (James) & Sons          Ordinary             2.81                       
                                                                               
Chloride Group                 Ordinary             2.65                       
                                                                               
Genus                          Ordinary             2.61                       
                                                                               
WSP Group                      Ordinary             2.56                       
                                                                               
Scott Wilson Group             Ordinary             2.47                       
                                                                               
BPP Holdings                   Ordinary             2.41                       
                                                                               
Dignity                        Ordinary             2.40                       
                                                                               
White Young Green              Ordinary             2.26                       
                                                                               
Wilmington Group               Ordinary             2.19                       
                                                                               
Fenner                         Ordinary             2.11