Portfolio Update

Shires Income PLC
03 January 2008

SHIRES INCOME 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
Shires Smaller Companies                                                               7,280,000               8.84
General Accident Prefs                                                                 6,779,250               8.23
Pennon Group                                                                           5,665,800               6.88
Royal & Sun Alliance Prefs                                                             5,125,000               6.22
Ecclesiastical Insurance                                                               5,066,800               6.15
British American Tobacco                                                               4,912,500               5.97
Prudential                                                                             4,677,448               5.68
BAE Systems                                                                            4,448,574               5.40
HBOS (Ord & Prefs)                                                                     4,290,875               5.21
Mackintosh High Income Fund                                                            4,134,713               5.02

Top 10 Portfolio Assets
NAME                                                                                Market Value % Ttl Gross Assets
Shires Smaller Companies                                                               7,280,000               8.84
General Accident Prefs                                                                 6,779,250               8.23
Pennon Group                                                                           5,665,800               6.88
Royal & Sun Alliance Prefs                                                             5,125,000               6.22
Ecclesiastical Insurance                                                               5,066,800               6.15
British American Tobacco                                                               4,912,500               5.97
Prudential                                                                             4,677,448               5.68
BAE Systems                                                                            4,448,574               5.40
HBOS (Ord & Prefs)                                                                     4,290,875               5.21
Mackintosh High Income Fund                                                            4,134,713               5.02



END


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