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 29 June 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       
                                                                               
Genus                          Ordinary             2.72                       
                                                                               
WSP Group                      Ordinary             2.69                       
                                                                               
Fisher (James) & Sons          Ordinary             2.64                       
                                                                               
Scott Wilson Group             Ordinary             2.57                       
                                                                               
Chloride Group                 Ordinary             2.46                       
                                                                               
RPS Group                      Ordinary             2.40                       
                                                                               
Care UK                        Ordinary             2.28                       
                                                                               
White Young Green              Ordinary             2.24                       
                                                                               
Phoenix IT                     Ordinary             2.18                       
                                                                               
Latchways                      Ordinary             2.16