Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
10 December 2002

On 6 December 2002, Mr C H B Mills was granted 300,000 options to acquire
ordinary Shares of North Atlantic Smaller Companies Investment Trust plc
pursuant to the 2002 share option scheme at a price per option of 645.54 pence
exercisable between 6 December 2005 and 5 December 2012.


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