EGM Statement

North Atlantic Smlr Co Inv Tst PLC
17 June 2002



North Atlantic Smaller Companies Investment Trust PLC


The Board announces that the following resolutions were passed at the
Extraordinary General Meeting held today (17 June 2002).


Ordinary Resolution- Approval of the 2002 Share Option Scheme


1.   That the North Atlantic Smaller Companies Investment Trust 2002 Share
     Option Scheme (the 'Scheme'), in the form produced at the Meeting and 
     initialled by the Chairman for the purposes of identification, be hereby 
     approved and adopted and that the Directors be and they are hereby 
     authorised to do all acts and things which they may consider necessary or 
     expedient to carry the Scheme into effect.


The following amendment to the resolution was agreed:

     That the Directors be authorised after consultation with major shareholders 
     of the company to amend the terms of the Scheme (refer to Resolution 1) to 
     approve a more onerous performance criteria related to a market index 
     provided in any event that options may only be exercised if the fully
     diluted net asset value of the trust (ignoring dilution on the exercise of 
     share options) has grown at a compound rate of five per cent. per annum 
     over a period of at least three years following the grant of options.

Special Resolution- Directors' authority to allot shares and disapply
pre-emption rights


2.         That:

            (A)     the Directors be authorised to exercise all powers of the
                    Company to allot relevant securities generally and 
                    unconditionally pursuant to Section 80 of the Companies Act 
                    1985 (the 'Act') up to an aggregate nominal amount of 
                    £50,000 in connection with the Scheme referred to in 
                    resolution 1 above during the period from the date of this 
                    resolution until 16th June, 2007 at which time such 
                    authority will expire except that the Company may before the
                    expiry of such period make an offer or agreement in 
                    connection with the Scheme which would or might require 
                    relevant securities to be allotted after the expiry of such 
                    period and the Directors may allot relevant securities in 
                    pursuance of such offer or agreement as if the power 
                    conferred hereby had not expired (this authority shall be in 
                    addition to all existing authorities under Section 80 of
                    the Act); and

             (B)    the Directors be authorised to allot equity securities (as 
                    defined by Section 94 of the Act) in connection with the 
                    Scheme pursuant to the authority conferred on them by virtue 
                    of paragraph (A) of this resolution as if Section 89 of the 
                    Act did not apply to any such allotment.


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