Interim Management Statement

North Atlantic Smlr Co Inv Tst PLC
20 December 2007

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC





INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 2007





Investment Objective

The objective of North Atlantic Smaller Companies Investment Trust PLC ('the
Company') is to provide capital appreciation through investment in a portfolio
of smaller companies principally based in countries bordering the North Atlantic
Ocean.





Financial Highlights


                                                      Cumulative performance
                                As at        3 months   6 months   1 year     3 years     5 years
                                  31October          %          %           %           %           %
                                       2007

NAV *
  Basic                             1,753p       (0.2)      (1.0)        1.1        40.6        65.1
  Diluted                           1,312p       (0.2)       7.0        10.3        63.0       103.1

Mid-market price                  1,196.0p        2.2        4.9         6.5        60.5       165.8

Discount to diluted NAV *             8.8%

Standard & Poor's 500                745.8        4.1        0.6         3.2        20.9        31.7
Composite Index **
Russell 2000 **                      398.6        4.4       (2.1)       (0.9)       25.1        67.0
FTSE All-Share Index               3,454.1        5.0        2.9        10.0        50.3        78.2
US Dollar/Sterling exchange         2.0774       (2.2)      (3.9)       (8.9)      (13.4)      (32.8)
rate



* Excluding retained revenue for the period.

** Sterling adjusted.





Material Events

There were no material events to report during the period under review.





Material Transactions

There were no material transactions during the quarter ended 31October 2007.





TWENTY LARGEST INVESTMENTS AT 31 OCTOBER 2007


                                                                                                       %

Castle Support Services PLC                                        UK Quoted on AIM                   9.5
Oryx International Growth Fund Limited *                                  UK Listed                   8.6
Nationwide Accident Repair Services PLC                            UK Quoted on AIM                   5.5
Inspired Gaming Group PLC                                          UK Quoted on AIM                   5.3
Gleeson (MJ) Group PLC                                                    UK Listed                   4.6
BBA Aviation Group PLC                                                    UK Listed                   4.5
Hampton Trust Group                                                     UK Unquoted                   4.1
Motherwell Bridge Limited                                               UK Unquoted                   3.8
W-H Energy Services Inc.                                                 USA Listed                   3.2
Georgica PLC                                                       UK Quoted on AIM                   3.0
Ashtead Group PLC                                                         UK Listed                   2.9
Trident Private Equity II LP                                Cayman Islands Unquoted                   2.5
Worldport Communications Inc.                                          USA Unquoted                   2.5
Sterling Construction Inc.                                               USA Listed                   2.2
Cardpoint PLC**                                                    UK Quoted on AIM                   2.1
Communisis PLC                                                            UK Listed                   2.1
RPC Group PLC                                                             UK Listed                   2.1
Martley                                                             France Unquoted                   2.1
Whatman PLC                                                               UK Listed                   2.0
Rileys Press                                                            UK Unquoted                   1.6

% of total portfolio                                                                                 74.2




* Incorporated in Guernsey

**Now known as Payzone PLC following merger



SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2007


                                                    United       United
                                                    States      Kingdom       Europe        Total
                                                         %            %            %            %
Support Services                                        0.8         12.7            -         13.4
Investment Companies                                    0.2         12.0            -         12.2
General Industrials                                       -         11.6            -         11.6
Real Estate                                               -          6.6          2.1          8.7
Travel & Leisure                                          -          8.3            -          8.3
Construction & Materials                                2.2          4.6            -          6.9
Industrial Engineering                                  0.5          6.0            -          6.5
Healthcare, Equipment & Services                        0.4          4.4            -          4.8
Industrial Transportation                                 -          4.5            -          4.5
General Financial                                       4.2            -            -          4.2
Oil & Gas                                               3.2          0.7            -          3.9
Consumer Cyclical                                         -          1.6            -          1.6
Media                                                     -          1.3            -          1.3
Communications                                            -          1.2            -          1.2
Technology Hardware & Equipment                         0.8            -            -          0.8
Food Producers                                            -          0.5            -          0.5
Manufacturing                                           0.1          0.1            -          0.2

                                                       12.4         76.1          2.1         90.6
Treasury Bills                                          9.4                                    9.4
                                                       21.8         76.1          2.1        100.0
Total at 30 April 2007                                 36.4         63.3          0.3



The financial information for the quarter ended 31 October 2007 contained within
this Interim Management Statement has not been audited.

By order of the Board



Jenny Hogg for and on behalf of

J O Hambro Capital Management Limited as Company Secretary



20 December 2007






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