Conversion of Securities

North Atlantic Smlr Co Inv Tst PLC
21 June 2001

The Registrars have advised that on 14 June 2001 (the Conversion Date) holders
of 479,281 units of Convertible Unsecured Loan Stock 2013 requested to convert
into 479,281 Ordinary Shares of 5p per share.  Application will be made to the
UK Listing Authority for these shares to be admitted to the Official List.