Annual Report and Accounts

North Atlantic Smlr Co Inv Tst PLC
27 May 2005

North Atlantic Smaller Companies Investment Trust PLC
Annual Report for the year ended 31 January 2005

A copy of the above document, along with a copy of the Conversion Notice to Loan
Stockholders, has been submitted to the UK Listing Authority today, and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel. No. (0)20 7676 1000.


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