Holding(s) in Company

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

North Atlantic Smaller Companies Investment Trust

2. Reason for the notification  (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights

ü

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Transitional provision

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

CG Asset Management Limited

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

Nortrust Nominees and Smith & Williamson Nominees

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

22nd June 2011

6. Date on which issuer notified:

23rd June 2011

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

8%

8. Notified details:

Nominee Holdings

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[i]

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Indirect

Direct

Indirect

Ordinary

GB0006439003

1,084,859

1,208,627

8.67%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period/ Date

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

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

1,208,627

8.67%

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

Nortrust Nominees for CG Portfolio Fund Ltd - 4.01%

Nortrust Nominees for CG Portfolio Fund Plc - 3.05%

Smith & Williamson Nominees for Capital Gearing Trust Plc - 1.61%

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

14. Contact name:

Bonita Guntrip on behalf of North Atlantic Smaller Companies Investment Trust PLC

Tel: 00 7747 5681