Holding(s) in Company

North Atlantic Smlr Co Inv Tst PLC
21 March 2007


TR-1(i):               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(ii):                            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): Initial notification under Transparency Directive                    (  )

3. Full name of person(s) subject to the notification obligation                    HBOS plc
(iii):

4. Full name of shareholder(s) (if different from 3.)(iv):                  See Section 9.

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

6. Date on which issuer notified:                                                20 March 2007

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

8. Notified details:




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


Ord 5p Shares     n/a         n/a          7            7            1,035,852    0          7.516%

ISIN

GB0006439003


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


N/A


Total (A+B)
Number of voting rights                            % of voting rights


1,035,859                                          7.517%





9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively
held, if applicable xv:
Insight Investment Management (Global) Limited* ('IIMGL') - (Indirect) - 1,034,000 (7.503%)

(* - wholly owned subsidiaries of HBOS plc.)


Proxy Voting:

10. Name of the proxy holder:                                                       N/A

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:                        Notification using the total voting rights figure of

                                                                        13,780,945

                                             First notification under DTR Sourcebook

14. Contact name:                                 Kenny Melville

15. Contact telephone number:                     0131 243 8671

Annex Notification Of Major Interests In Shares xvi

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