Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST

5p Ordinary Shares

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

P

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):

3. Full name of person(s) subject to thenotification obligation: iii

RATHBONE BROTHERS PLC

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

RATHBONE BROTHERS PLC

Rathbone Investment Management Limited

Rathbone Investment Management International Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

31st May 2014

6. Date on which issuer notified:

3rd June 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

5p Ordinary Shares

749,053

749,053

N/A

N/A

760,228

N/A

5.07%

GB0006439003

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

N/A

N/A

N/A

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

760,228

5.07%

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

RATHBONE BROTHERS PLC*

Rathbone Investment Management Limited 5.063%

Rathbone Investment Management International Limited 0.01%

* Rathbone Brothers Plc is the holding company of the following.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Total shares in issue used as denominator:

14,985,736

14. Contact name:

COMPLIANCE DEPARTMENT

15. Contact telephone number:

020 7399 0000

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

RATHBONE BROTHERS PLC

Contact address

(registered office for legal entities)

1 CURZON STREET, LONDON

W1J 5FB

Phone number & email

020 7399 0000

Other useful information

(at least legal representative for legal persons)

COMPLIANCE DEPARTMENT

B: Identity of the notifier, if applicable

Full name

N/A

Contact address

N/A

Phone number & email

N/A

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

N/A

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.