Net Asset Value(s)

Shires Smaller Companies PLC
18 October 2006


                           SHIRES SMALLER COMPANIES plc

The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 17 October 2006 was 263.7p.

This NAV has been prepared on the basis of guidance issued by the Association of
Investment Trust Companies (AITC). It includes the net income after expenses and
a pro-rata accrual for dividends payable for the nine months to 30 September
2006. The AITC recommends Investments be valued at bid price.

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



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