Portfolio Update

Shires Smaller Companies PLC
03 January 2008

SHIRES SMALLER COMPANIES PLC - 10 LARGEST INVESTMENTS





The company announces that the ten largest investments as at close of business
on 31 December 2007 were as follows:




Assets With Values Over 5% of Gross Assets
NAME                                                                                Market Value % Ttl Gross Assets
Aviva & General Accident Prefs                                                         7,027,075              10.78




Top 10 Portfolio Assets
NAME                                                                                Market Value % Ttl Gross Assets
Aviva & General Accident Prefs                                                         7,027,075              10.78
Fisher (James)                                                                         2,628,000               4.03
Chesnara                                                                               2,505,000               3.84
Menzies (John)                                                                         2,376,000               3.65
Highway Insurance Holdings                                                             2,190,000               3.36
Hill & Smith                                                                           1,932,593               2.97
ATH Resources                                                                          1,903,271               2.92
F&C Asset Management                                                                   1,814,313               2.78
Impax Group                                                                            1,735,089               2.66
Dawson Holdings                                                                        1,511,400               2.32



END


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