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 2006, 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                2.95                      
                                                                             
DTZ Holdings               Ordinary                2.77                      
                                                                             
Genus                      Ordinary                2.37                      
                                                                             
Datamonitor                Ordinary                2.31                      
                                                                             
Chorion                    Ordinary                2.22                      
                                                                             
Euro Motor Holdings        Ordinary                2.18                      
                                                                             
Dignity                    Ordinary                2.16                      
                                                                             
Vanco                      Ordinary                2.04                      
                                                                             
White Young Green          Ordinary                2.03                      
                                                                             
Codascisys                 Ordinary                1.99