Holding in Investment Cos

Shires Income PLC
05 January 2005


5 January 2005

SHIRES INCOME PLC

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

Company                                                   £               % of
                                                                    Total Assets

Shires Smaller Companies                         14,176,752               13.8
Aviva (includes fixed interest stocks)            6,155,750                6.0
Peninsular & Oriental Deferred Stock              4,760,000                4.6
Severn Trent                                      4,351,500                4.2
HBOS Non Cumulative Preference Shares             4,214,250                4.1
Royal & Sun Alliance 7 3/8% Pref shares           4,069,250                3.9
Legal & General                                   3,850,000                3.7
Lloyds TSB Group                                  3,784,000                3.7
BPB                                               3,549,375                3.4
Imperial Tobacco Group                            3,496,150                3.4

Shires Income plc is managed by Glasgow Investment Managers Limited




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