Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

North Atlantic Smaller Companies 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 qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Disclosure of holdings following the sale of Insight Investment Management Limited on 2 November 2009. This notification supersedes any notifications previously issued by Lloyds Banking Group plc.

X

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

Lloyds Banking Group plc

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

See Section 9.

5. Date of the transaction and date on which the threshold is crossed or reached:

2 November 2009

6. Date on which issuer notified:

4 November 2009

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

Reduction to below Direct/Indirect 11%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

Ord 5p Shares

1,426,202

1,426,202

2

2

1,326,201

N/A

8.946%

GB0006439003

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

Convertible Unsecured Loan Stock

GB0006439110

31/05/13

30/04/05 - 30/04/13

256,000 

1.727% 

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

1,582,203

10.673%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Equities

1,322,023 shares (8.918%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc (Indirect Interests).

Convertible Unsecured Loan Stock 2013

256,000 (1.727%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc (Indirect Interests).

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 14,824,227

14. Contact name:

Matthew Wilson

15. Contact telephone number:

0113 235 7729