Top Ten Investments

Shires Smaller Companies PLC
05 January 2004



SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 December 2003 the ten largest investments held were as
follows:

Company                                                     £         % of
                                                                    Total Assets

Pendragon                                               3,071,250      4.74
Anglian Water 7.882% Bond                               2,984,040      4.61
Woolworths (includes fixed interest stock)              2,649,232      4.09
Fisher (James)                                          2,608,650      4.03
Northumbrian Water 6% Bond                              2,568,250      3.96
Bank of Scotland 8.117% Bond                            2,341,510      3.61
Scottish Mutual 7.25% Bond                              2,294,710      3.54
National Westminster Bank 7.625% Bond                   2,266,070      3.50
Luxfer Holdings 10.125% Bond                            2,062,500      3.18
Dawson Holdings                                         2,026,200      3.13


Glasgow Investment Managers Limited
Secretaries
5 January 2004



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