Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
3 November 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC


2)  NAME OF DIRECTOR

C H B HILLS

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

IN RESPECT OF PERSON NAMES IN 2

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

N/A

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

N/A

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

GRANT OF OPTIONS

7)  Number of shares/amount of
    stock acquired



8)   (N/A %)
    of issued Class


9)  Number of shares/amount
    of stock disposed



10)  ( N/A %)
    of issued Class


11) Class of security




12) Price per share



13) Date of transaction



14) Date company informed



15) Total holding following this notification



16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

30 OCTOBER 2000

18) Period during which or date on which exercisable

BETWEEN 30 OCTOBER 2003 AND 30 OCTOBER 2010

19) Total amount paid (if any) for grant of the option

N/A

20) Description of shares or debentures involved: class, number.

100,000 ORDINARY 5P SHARES

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

677.57 PENCE

22) Total number of shares or debentures over which options held
    following this notification

900,000

23) Any additional information

N/A

24) Name of contact and telephone number for queries

RACHEL BUTLIN
020 7747 5680

25) Name and signature of authorised company official responsible for
    making this notification
    FOR AND ON BEHALF OF J O HAMBRO CAPITAL MANAGEMENT LIMITED AS COMPANY 
    SECRETARY OF NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

   Date of Notification      3 NOVEMBER 2000