Holding in Company

Glasgow Income Trust PLC


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     GLASGOW INCOME TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     WILLBRO NOMINEES LTD

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     NON-BENEFICIAL INTEREST

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     WILLBRO NOM LTD A/C PEP 3   2,674,161
     WILLBRO NOM LTD A/C PAL       378,230
                                 ----------  
                                 3,052,391  

5)   Number of shares/amount of stock acquired.

      149,175

6)   (0.48 %) of issued Class

7)   Number of shares/amount of stock disposed

     214,752

8)   (0.69 %) of issued Class

9)   Class of security

     ORDINARY 25P SHARES

10)  Date of transaction

     12/1/99 TO 4/10/99

11)  Date company informed

      3 NOVEMBER 99

12)  Total holding following this notification

     3,052,391
               
              
13)  Total percentage holding of issued class following this notification

     9.83%

14)  Any additional information



15)  Name of contact and telephone number for queries

     F.A. McLEAN     0141 572 2700

16)  Name and signature of authorised company official responsible for 
     making this notification W G GARDINER

     Date of Notification ....3 NOVEMBER 1999....................