Net Asset Value(s)

Shires Smaller Companies PLC
21 December 2005





                           SHIRES SMALLER COMPANIES plc


The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 20 December 2005 was 248.7p.

This NAV has been prepared under the Company's existing accounting policies and
not International Accounting Standards.


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



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