Statement -Investment Update

North Atlantic Smlr Co Inv Tst PLC
14 June 2004


INVESTMENT UPDATE - North Atlantic Smaller Companies Investment Trust PLC


There have been a number of preliminary approaches to acquire several of the
unquoted investments owned by the company.  Although there can be no assurance
that any of these approaches will materialise, the effect upon the net asset
value of the company, if such bids do materialise around their indicated levels,
would be to increase the NAV per share of the company by between 40-50 pence.


Christopher Mills
Chief Executive
North Atlantic Smaller Companies Investment Trust PLC

14 June 2004


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