Substantial Shareholding

Shires Smaller Companies PLC
05 September 2007

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company:  Shires Smaller Companies

2)   Name of shareholder having a major interest: Aberdeen Asset Management
     PLC's Fund Management Operating Subsidiaries


3)   Please state whether notification indicates that it is in respect of
     holding of the shareholder named in 2 above or in respect of a
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18:  as above

4)   Name of the registered holder(s) and, if more than one holder, the
     number of voting rights held by each of them

      Shires Income Plc         4,000,000


5)   Number of voting rights of stock acquired:  Disclosure made under
Transparency Directive

6)   Percentage of issued class:

7)   Number of voting rights of stock disposed

8)   Percentage of total voting rights

9)   Class of security: Ordinary 50p shares

10)  Date of transaction:  24 August 2007

11)  Date company informed:  5 September 2007

12)  Total holding following this notification:     4,000,000

13)  Total percentage holding of voting rights following this notification:

18.1%

14)  Any additional information: Aberdeen's holding has increased due to the
acquisition of Glasgow Investment Managers Limited.

15)  Name of contact and telephone number for queries:  Kirsty Hussain - 0141
572 2700

16)  Name and signature of authorised company official responsible for
     making this notification: Graeme McDonald



     Date of notification:  5 September 2007





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