Conversion of Securities

North Atlantic Smlr Co Inv Tst PLC
18 June 2002

North Atlantic Smaller Companies Investment Trust plc



The Registrars have advised that on 9 June 2002 (the Conversion Date) 466,229
units of Convertible Unsecured Loan Stock 2013 were converted into 466,229
Ordinary Shares of 5p per share.  466,229 Ordinary Shares were allotted on 17
June 2002 and application is being made for the listing of these shares on the
Official List.



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