Directors' Notification of Dealing in Shares

North Atlantic Smlr Co Inv Tst PLC
1 June 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2)  NAME OF DIRECTOR

    C H B MILLS

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

    HOLDING OF SPOUSE AND CHILDREN UNDER 18

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

    NOT DISCLOSED

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

    SPOUSE AND 3 CHILDREN UNDER 18

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

    ACQUISITION

7)  Number of shares/amount of
    stock acquired

    20,000

8)   (0.002%)
    of issued Class

9)  Number of shares/amount
    of stock disposed

    N/A

10)  (N/A% )
   of issued Class

11) Class of security

    ORDINARY 5P SHARES

12) Price per share

    548P

13) Date of transaction

    31-5-00

14) Date company informed

    1-6-00

15) Total holding following this notification

    1,219,108

16) Total percentage holding of issued class following this notification

     11.31%

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

17) Date of grant



18) Period during which or date on which exercisable



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



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



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



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



23) Any additional information



24) Name of contact and telephone number for queries

    RACHEL BUTLIN 
    020 7526 0306

25) Name and signature of authorised company official responsible for
    making this notification

    FOR AND ON BEHALF OF JO HAMBRO CAPITAL MANAGEMENT LIMITED AS COMPANY        
   SECRETARY 
    
    Date of Notification  1 JUNE 2000