SAR - Primary Health Properti

North Atlantic Smlr Co Inv Tst PLC
16 January 2002


                                    FORM SAR 5

Lodge with Company Announcements Office and the Panel.  A copy must also be
sent to the company the shares of which are being sold.

Date of disclosure.16 JANUARY 2002...

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')


Date of sale..15 JANUARY 2002...........................................

Sale of..  PRIMARY HEALTH PROPERTIES PLC...................(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ..ORDINARY SHARES ..      ..200,000.......shares    ...N/A.............
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    ..3,400,000....(21.66%)   ...N/A.........(    %)    ...21.66%.....(    %)


(3) Party making disclosure..NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST
    PLC.......................

(4)  (a)  Name of person selling shares or rights over shares as above.....
          and, if different, beneficial owner...............................

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)..N/A.......................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)..BONITA DRYDEN............................

Telephone and extension number..020 7747 5681..............................


or full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.