9 Mths Results to 30/09/2000

Shires Smaller Companies PLC 19 October 2000 Consolidated Statement of Total Return (incorporating the Revenue Account) for the nine months to 30 September 2000 Nine months to 30 Sep 00 (unaudited) Revenue Capital Total £000 £000 £000 Gains on investments - 5,188 5,188 Dividends and interest 1,597 - 1,597 receivable (note 1) Foreign income dividends - - - Profits less losses of 130 - 130 dealing subsidiary Underwriting commission 4 - 4 Investment management fee (199) (199) (398) Other administrative (141) - (141) expenses _____ _____ _____ Net return before finance costs 1,391 4,989 6,380 and taxation Finance costs of borrowings 346 346 692 _____ _____ _____ Return on ordinary activities before 1,045 4,643 5,688 taxation Taxation - - - _____ _____ _____ Return on ordinary activities after 1,045 4,643 5,688 taxation for the period Dividends on equity shares 1,061 - 1,061 _____ _____ _____ Transfer (from)/to reserves (16) 4,643 4,627 Return per share 5.06p 22.48p 27.54p - undiluted - fully diluted 4.94p 21.92p 26.86p Dividends per share 5.00p Nine months to 30 Sep 99 (unaudited) Revenue Capital Total £000 £000 £000 Gains on investments - 9,164 9,164 Dividends and interest 1,895 - 1,895 receivable (note 1) Foreign income dividends 70 - 70 Profits less losses of - - - dealing subsidiary Underwriting commission 17 - 17 Investment management fee (159) (159) (318) Other administrative expenses (135) - (135) _____ _____ _____ Net return before finance costs 1,688 9,005 10,693 and taxation Finance costs of borrowings 388 388 776 _____ _____ _____ Return on ordinary activities 1,300 8,617 9,917 before taxation Taxation - - - _____ _____ _____ Return on ordinary activities after 1,300 8,617 9,917 taxation for the period Dividends on equity shares 855 - 855 _____ _____ _____ Transfer (from)/to reserves 455 8,617 9,062 Return per share - undiluted 6.62p 43.85p 50.47p - fully diluted 6.29p 41.70p 47.99p Dividends per share 4.35p SHIRES SMALLER COMPANIES PLC Group Balance Sheet as at 30 September 2000 30 September 2000 (unaudited) £000 % Fixed assets Investments listed on the London Stock Exchange - ordinary shares 72,772 133.1 - convertibles 4,486 8.2 ______ ______ 77,258 141.3 Current assets 2,696 4.9 Debtors Creditors: amounts falling due within one 2,921 5.3 year ______ _____ Net current liabilities (225) (0.4) Creditors: amounts falling due after 22,358 40.9 more than one year Equity shareholders' funds 54,675 100.0 Capital and reserves 10,943 Called up share capital 11,490 Share premium account Capital redemption reserve 2,032 Share Warrants reserve - Realised capital reserve 16,688 Unrealised capital reserve 12,831 Revenue reserve 691 54,675 Net asset value per ordinary share (note 2) - undiluted 249.8p - fully diluted 249.8p 31 December 1999 (note 3) £000 % Fixed assets Investments listed on the London Stock Exchange - ordinary shares 54,467 113.9 - convertibles 4,649 9.7 ______ ______ 59,116 123.6 Current assets Debtors 460 0.9 Creditors: amounts falling due within one year 1,793 (3.7) ______ _____ Net current liabilities (1,333) (2.8) Creditors: amounts falling due after 9,968 20.8 more than one year ______ _____ Equity shareholders' funds 47,815 100.0 Capital and reserves 9,827 Called up share capital 9,509 Share premium account Capital redemption reserve 2,032 Share Warrants reserve 864 Realised capital reserve 10,410 Unrealised capital reserve 14,466 Revenue reserve 707 ______ Net asset value per ordinary share (note 2) 47,815 - undiluted 243.3p - fully diluted 228.7p Notes Dividends and interest receivable include special dividends totalling £nil (1999 - £487,000) All of the 2,233,417 remaining warrants to subscribe for ordinary shares were exercised on 1 June 2000, which was the final exercise date. Consequently, there is no difference between the fully diluted and undiluted net asset value as at 30 September 2000. These are not statutory accounts under section 240 of the Companies Act 1985 and are unaudited. The information as at 31 December 1999 is derived from the audited company balance sheet as at that date contained in the latest audited accounts which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. SHIRES SMALLER COMPANIES PLC REPORT FOR THE NINE MONTHS TO 30 SEPTEMBER 2000 Comments The total return on net assets in the third quarter of 2000 was 5.5%, which compares favourably with the return of 1.6% on the FTSE SmallCap Index (excluding Investment Companies). The Board has declared a third interim dividend of 2.0p per share (1999 - 1.45p per share) in respect of the year to 31 December 2000, payable on 29 December 2000 to shareholders on the register at close of business on 8 December 2000. Total dividends declared to date amount to 5.0p per share (1999 - 4.35p per share). The Company has now implemented its new strategy designed to raise the yield on net assets. During the quarter £12.0 million of zero coupon finance was raised at a financing cost of 7.2%, all of which will be charged to capital. Just after the end of the quarter £5 million of variable rate borrowing was also raised. Including the 9% secured loan, total gearing amounted to 50.7% of net assets at 10 October 2000. As a result of the new strategy, the Board intends to pay total dividends of not less than 7.5p per share in respect of the year to 31 December 2000 (1999 - 6.6p per share), indicating a final dividend of not less than 2.5p per share. For the year to 31 December 2001 the Board intends to pay total dividends of not less than 13.75p per share, which would represent a net yield of 6.9% on the share price of 199p as at 30 September 2000. For further information please contact: David Williams, Managing Director Glasgow Investment Managers 0141 572 2700

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