Top Ten Investments

Shires Smaller Companies PLC
02 April 2004

SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 March 2004 the ten largest investments held were as
follows:

Company                                            £         % of Total Assets

Fisher (James)                                3,123,450                    4.6
Pendragon                                     2,852,130                    4.2
Anglian Water 7.882% Bond                     2,704,050                    4.0
Woolworths (includes fixed interest stock)    2,627,424                    3.9
Luxfer Holdings 10.125% Bond                  2,050,000                    3.0
Dawson Holdings                               1,881,000                    2.8
DFS Furniture                                 1,724,000                    2.5
British Vita                                  1,709,500                    2.5
RWE Finance 4.625% Bond                       1,624,244                    2.4
Carnival 7.125% Bond                          1,527,974                    2.2

Glasgow Investment Managers Limited
Secretaries
2 April 2004



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