Net Asset Value(s)

Shires Income PLC
01 August 2007


                                                            Shires Income plc







The Net Asset Value of Shires Income plc as at close of business on 31 July 2007
was 310.1p.



This NAV has been prepared on the basis of guidance issued by the Association of
Investment Companies (AIC). It includes the net income after expenses and a
pro-rata accrual for dividends payable in respect of the three months to 30 June
2007. The AIC recommends Investments be valued at bid price. The index linked
debenture is valued at book cost.



Shires Income plc, an investment trust, is managed by Glasgow Investment
Managers Limited.


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