Investment Policy

Shires Income PLC
19 November 2003


19 November 2003


                               Shires Income plc

Investment Policy


The Board of Shires Income plc ('Shires') has noted the recent publication of
the Investment Entities (Listing Rules and Conduct of Business) Instrument 2003,
which followed the Consultation Paper CP164 and confirms that no change will be
made to the Company's investment objective which is 'To provide for shareholders
a high level of income together with growth of both income and capital from a
portfolio substantially invested in UK equities.' As a result Shires may invest
more than 15% of its gross assets in other UK listed investment companies. As at
30 September 2003, holdings in other investment companies accounted for 13.2% of
gross assets. 12.1% of gross assets related to a holding in Shires Smaller
Companies plc ('SSC'). The investment in SSC provides both an exposure to
smaller companies and an above average yield. SSC announced on 24 October 2003
the Company's stated investment policy which is to invest no more than 15% of
its gross assets in other listed investment companies.


Shires Income plc is managed by Glasgow Investment Managers.



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