Top Ten Investments

Shires Income PLC
02 April 2004



SHIRES INCOME PLC

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

Company                                                     £        % of
                                                                 Total Assets

Shires Smaller Companies                           11,316,254             12.3
RAC                                                 4,571,233              5.0
Abbey National (includes fixed interest stocks)     3,694,550              4.0
Peninsular & Oriental Deferred Stock                3,584,000              3.9
United Utilities                                    3,503,250              3.8
Aviva                                               3,432,000              3.7
Severn Trent                                        3,424,500              3.7
Legal and General                                   3,316,250              3.6
Lloyds TSB Group                                    3,308,000              3.6
BBA Group (includes fixed interest stocks)          3,112,250              3.4

Glasgow Investment Managers Limited
Secretaries
2 April 2004



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