Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
26 September 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS



1. Name of company


North Atlantic Smaller Companies Investment Trust PLC




2. Name of director


C H B Mills



3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest


As in 2 above



4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)






5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)






6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary






7. Number of shares / amount of stock acquired






8. Percentage of issued class






9. Number of shares/amount of stock disposed






10. Percentage of issued class






11. Class of security






12. Price per share






13. Date of transaction






14. Date company informed






15. Total holding following this notification






16. Total percentage holding of issued class following this notification






If a director has been granted options by the company please complete the
following boxes.



17. Date of grant


25 September 2003



18. Period during which or date on which exercisable


Between 25 September 2006 and 24 September 2013



19. Total amount paid (if any) for grant of the option


N/a



20. Description of shares or debentures involved: class, number


Options over 200,000 Ordinary shares of 5 pence each



21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise


663.8 pence



22. Total number of shares or debentures over which options held following this
notification


100, 000 options granted under the 1994 Executive Share Option scheme at an
exercise price of 677.57p between 30 October 2003 and 30 October 2010



300,000 options granted under the 2002 Executive Share Option Scheme at an
exercise price of 645.54p between 6 December 2005 and 5 December 2012



200,000 options granted on 25 September 2003 under the 2002 Executive Share
Option Scheme at an exercise

price of 663.8p between 25 September 2006 and 24 September 2103



Total = 600,000 options



23. Any additional information






24. Name of contact and telephone number for queries


Bonita Dryden - 020 7747 5681



25. Name and signature of authorised company official responsible for making
this notification






Date of Notification


26 September 2003



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