Issue of Equity

Glasgow Income Trust PLC
20 November 2001


GLASGOW INCOME TRUST PLC

20 November 2001

Application been made to the London Stock Exchange and the UK Listing
Authority for a listing of 500,000 Ordinary Shares of 25p each fully paid to
be admitted to the Official List. The new shares will rank pari passu with the
existing Ordinary Shares.

These shares were issued for cash on 20 November 2001 at a price of 78.5p per
share. The net asset value per Ordinary Share at the close of business on 19
November 2001 was 73.5p.

Enquiries:

David Williams - 0141 572 2700

Glasgow Investment Managers