Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
02 October 2006



             NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC



                     UPLIFT IN VALUE OF UNQUOTED PORTFOLIO



The Board of North Atlantic Smaller Companies Investment Trust PLC announces an
uplift in value of its unquoted portfolio.


A significant number of the Trust's unquoted investments are currently in
various stages of discussions to be acquired at significantly higher than their
carrying values at 31st August 2006.


The Board have reviewed the unquoted portfolio in line with its obligations
under the Fair Value Accounting Standard and consequently have increased the
value of that unquoted portfolio by 112p per share as at 30th September 2006.



Contact:
Christopher H.B. Mills
Chief Executive
020 7747 5601




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