Net Asset Value(s)

Shires Smaller Companies PLC
05 December 2007









SHIRES SMALLER COMPANIES plc





The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 4 December 2007 was 226.2p.



This NAV has been prepared on the basis of guidance issued by the Association of
Investment Companies (AIC). It includes the net income after expenses and a
pro-rata accrual for dividends in respect of the eleven months to 30 November
2007. The AIC recommends Investments be valued at bid price. The long term loan
is valued at book cost and the Zero Coupon Finance is valued at fair value.






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