Statement re 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 31 March 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           2.73             
                                                            
Fisher (James) & Sons   Ordinary           2.46             
                                                            
CodaScisys              Ordinary           2.40             
                                                            
Wilmington Group        Ordinary           2.40             
                                                            
Ennstone                Ordinary           2.36             
                                                            
Countryside Properties  Ordinary           2.18             
                                                            
Care UK                 Ordinary           2.04             
                                                            
Simon Group             Ordinary           2.03             
                                                            
Dechra Pharmaceuticals  Ordinary           2.02             
                                                            
Hiscox                  Ordinary           2.02