Top 10 Holdings

Shires Income PLC
04 July 2005


4 July 2005

SHIRES INCOME PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Income PLC announces
that at 30 June 2005 the ten largest investments held were as follows:

Company                                                                   % of    
                                                           £      Total Assets

Shires Smaller Companies                          14,616,829              13.9
Peninsular & Oriental Deferred Stock               5,076,000               4.8
Royal & Sun Alliance                               4,672,500               4.5
Severn Trent                                       4,576,500               4.4
Legal & General                                    4,025,000               3.8
BPB                                                3,967,500               3.8
Friends Provident                                  3,918,009               3.7
Lloyds TSB Group                                   3,784,000               3.6
BBA Group                                          3,747,889               3.6
General Accident 7 7/8% Cum Irr Pref Shares        3,542,000               3.4

Shires Income plc is managed by Glasgow Investment Managers Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange