Largest Holdings

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

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents, as at 30 June 2004, 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

DTZ Holdings Ordinary 2.14

Dignity Ordinary 2.04

Dechra Pharmaceuticals Ordinary 1.96

Fisher (James) & Sons Ordinary 1.91

Tullow Oil Ordinary 1.91

Wilmington Group Ordinary 1.89

Yates Group Ordinary 1.87

Simon Group Ordinary 1.86

Dana Petroleum Ordinary 1.85

White Young Green Ordinary 1.81