Top 10 Holdings

Shires Income PLC
04 October 2004



SHIRES INCOME PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Income PLC announces
that at 30 September 2004 the ten largest investments held were as follows:

Company                                                   £            % of
                                                                   Total Assets

Shires Smaller Companies                         12,007,803               12.7
RAC                                               4,463,405                4.7
Peninsular & Oriental Deferred Stock              4,208,000                4.4
Severn Trent                                      3,951,000                4.2
Royal & Sun Alliance 7 3/8% Pref shares           3,781,425                4.0
Aviva                                             3,558,750                3.8
Legal & General                                   3,473,750                3.7
Lloyds TSB Group                                  3,452,000                3.6
BBA Group                                         3,261,375                3.4
BPB                                               3,210,000                3.4

Glasgow Investment Managers Limited
Secretaries
4 October 2004



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