Holding(s) in Company

North Atlantic Smlr Co Inv Tst PLC
15 December 2003

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company


     NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2)   Name of shareholder having a major interest


     HBOS plc


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


     AS ABOVE

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


            MORGAN STANLEY QUILTER NOMINEES LTD - 15,474 SHARES

            HSBC GLOBAL CUSTODY NOMINEES (UK) LTD - 634,000 SHARES

            NORTRUST NOMINEES LIMITED - 1,553,000 SHARES


5)   Number of shares/amount of stock acquired

     N/A

6)   Percentage of issued class

     N/A

7)   Number of shares/amount of stock disposed

     NOT DISCLOSED

8)   Percentage of issued class


     NOT DISCLOSED

9)   Class of security

     ORDINARY SHARES OF 5p



10)  Date of transaction


     NOT DISCLOSED



11)  Date company informed

     15 DECEMBER 2003



12)  Total holding following this notification

     2,202,474 ORDINARY SHARES

13)  Total percentage holding of issued class following this notification

     17.97%

14)  Any additional information


15)  Name of contact and telephone number for queries

     BONITA DRYDEN - 020 7747 5681

16)  Name and signature of authorised company official responsible for
     making this notification

     Date of notification ..15 DECEMBER.2003





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