Net Asset Value(s)

Shires Smaller Companies PLC
19 September 2007









SHIRES SMALLER COMPANIES plc





The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 18 September 2007 was 261.2p.



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 eight months to 31 August 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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