Top Ten Investments

Shires Income PLC
05 January 2004



SHIRES INCOME PLC

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

Company                                      £              % of
                                                         Total Assets

Shires Smaller Companies                 11,567,727         12.46
HSBC Holdings                             4,593,696          4.95
Aviva (includes fixed interest stocks)    4,409,125          4.75
RAC                                       4,019,025          4.33
Provident Financial                       3,903,000          4.20
Scottish Power                            3,722,500          4.01
BAE Systems 7.75% Cum Conv                3,660,000          3.94
Prudential                                3,541,875          3.81
Severn Trent                              3,370,500          3.63
Imperial Tobacco Group                    3,135,000          3.38


Glasgow Investment Managers Limited
Secretaries
5 January 2004


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