Issue of Equity

Glasgow Income Trust PLC
15 December 2005


                                RNS Announcement

                            GLASGOW INCOME TRUST PLC

                            Further issue of equity

                                15 December 2005

The board of Glasgow Income Trust plc (the "Company") today announces that it
has raised additional capital through a placing of 3,811,878 ordinary shares,
being 4.8% of the ordinary shares currently in issue. It is proposed to issue
the ordinary shares at 84.3p per share, a premium to the net asset value of an
ordinary share as calculated at close of business on 12 December 2005. It is
expected that the new ordinary shares will be admitted to listing on the
Official List of the UK Listing Authority and to trading on the main market of
the London Stock Exchange on Friday, 16 December 2005. The Company intends to
invest the proceeds of the issue in accordance with its investment policy.

Enquiries:

Mike Balfour
Glasgow Investment Managers Limited
0141 572 2700

Nigel Russell
G&N Collective Funds Services Limited
0131 226 4411






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