Statement re UKLA Listing Rule 21.20(l)(ii)

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 December 2003, 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

Ennstone Ordinary

DTZ Holdings Ordinary

White Young Green Ordinary

Comino Group Ordinary

Care UK Ordinary

Wyevale Garden Centres Ordinary

Linx Printing Technologies Ordinary

Fisher (James) & Sons Ordinary

Wilmington Group Ordinary

Countryside Properties Ordinary

05.01.04