Top Ten Investments

Shires Income PLC
02 July 2004





SHIRES INCOME PLC



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

Company                                                   £         % of
                                                                Total Assets

Shires Smaller Companies                         11,882,067               12.6
RAC                                               4,639,850                4.9
Aviva                                             3,698,500                3.9
Vodafone                                          3,622,500                3.8
Severn Trent                                      3,582,000                3.8
General Accident (fixed interest stocks)          3,521,750                3.7
Peninsular & Oriental Deferred Stock              3,520,000                3.7
United Utilities                                  3,499,875                3.7
Lloyds TSB Group                                  3,454,000                3.7
Countrywide                                       3,347,316                3.5



Glasgow Investment Managers Limited

Secretaries

2 July 2004






                      This information is provided by RNS
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