Portfolio Update

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

In accordance with UKLA Listing Rule 15.4.1l(2), the following list represents,
as at 31 March 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       
                                                                               
Datamonitor                    Ordinary             2.60                       
                                                                               
Fisher (James) & Sons          Ordinary             2.60                       
                                                                               
Scott Wilson Group             Ordinary             2.47                       
                                                                               
WSP Group                      Ordinary             2.46                       
                                                                               
Genus                          Ordinary             2.34                       
                                                                               
Chloride Group                 Ordinary             2.34                       
                                                                               
Wilmington Group               Ordinary             2.30                       
                                                                               
Detica Group                   Ordinary             2.19                       
                                                                               
RPS Group                      Ordinary             2.18                       
                                                                               
Latchways                      Ordinary             2.15