Net Asset Value(s)

Shires Smaller Companies PLC
23 August 2006




                         SHIRES SMALLER COMPANIES plc


The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 22 August 2006 was 251.5p.

This NAV has been prepared on the basis of guidance issued by the Association of
Investment Trust Companies (AITC). The AITC recommends Investments be valued at
bid price.

Shires Smaller Companies plc, an investment trust, is managed by Glasgow
Investment Managers Limited.



                      This information is provided by RNS
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