Investment Policy

Shires Smaller Companies PLC
24 October 2003



Stock Exchange Announcement

24 October 2003


                         Shires Smaller Companies plc

                              Investment Policy

The Board of Shires Smaller Companies plc ('SSC') has noted the recent
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003, which followed the Consultation Paper CP164. As a result the
Board wishes to announce SSC's stated investment policy which is to invest no
more than 15% of its gross assets in other listed investment companies.

Shires Smaller Companies is managed by Glasgow Investment Managers.


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