Net Asset Value(s)

Shires Smaller Companies PLC
11 January 2006





SHIRES SMALLER COMPANIES plc


The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 10 January 2006 was 256.7p.

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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