Net Asset Value(s)

Shires Smaller Companies PLC
08 March 2006



                         SHIRES SMALLER COMPANIES plc


The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 7 March 2006 was 269.7p.

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. This has had the effect of reducing the NAV by 0.7p. In addition the
Zero Coupon Finance the Company holds is now marked to market instead of being
measured at a constant cost to capital. This has had the effect of reducing the
NAV by 2.0p.


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



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