Holding(s) in Company

North Atlantic Smlr Co Inv Tst PLC
20 March 2007



TR-1:               NOTIFICATION OF MAJOR INTERESTS IN SHARES 

1. Identity of the issuer or the underlying issuer of existing     North Atlantic Smaller Companies
shares to which voting rights are attached:                              Investment Trust PLC

2. Reason for the notification     (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights                                                (   )
An acquisition or disposal of financial instruments which may result in the acquisition    (   )
of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights                                           (   )
Other (please specify): Declaration of Major Shareholding as per FSA Transitional          ( X )
Provision 7

3. Full name of person(s) subject to the notification  Christopher Harwood Bernard Mills
obligation:

4. Full name of shareholder(s) (if different from 3):  1.      As above

                                                       2.      Eveswise Limited Retirement Benefit
                                                               Scheme

5. Date of the transaction (and date on which the                            n/a
threshold is crossed or reached if different):

6. Date on which issuer notified:                                       20 March 2007

7. Threshold(s) that is/are crossed or reached:                           Above 19%


8. Notified details:

A: Voting rights attached to shares
Class/type of     Situation previous to   Resulting situation after the triggering transaction(i)
shares            the Triggering
                  transaction
 if possible      Number of   Number of   Number of   Number of voting rights % of voting rights
using the ISIN    Shares      Voting      shares
CODE                          Rights      Direct      Direct      Indirect    Direct       Indirect
Ordinary Shares

0643900

Holder 1          2,127,0000  2,127,0000  2,127,0000  2,031,0000  96,000      14.74%       0.70%

Holder 2          500,000     500,000     500,000     500,000                 3.63%




B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument                           Period/ Date              that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.



Total (A+B)
Number of voting rights                            % of voting rights
2,627,000 SHARES                                   19.06%



9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively
held, if applicable:
Not Applicable


Proxy Voting:

10. Name of the proxy holder:                                      -

11. Number of voting rights proxy holder will cease to hold:       N/A

12. Date on which proxy holder will cease to hold voting rights:   N/A

13. Additional information:                  Christopher Mills is North Atlantic Smaller Companies Investment
                                             Trust PLC's Chief Executive and Investment Manager.  He controls
                                             the total holding of 19.06% as Holder 2 is his pension scheme.

14. Contact name:                            Bonita Guntrip

15. Contact telephone number:                020 7747 5681



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