Issue of Equity

Glasgow Income Trust PLC
10 January 2006


Announcement

Glasgow Income Trust plc (the "Company")

Issue of shares

10 January 2006

The Board of the Company today announces that it is proposing to issue shares in
connection with a scheme of reconstruction of The City of Oxford Geared Income
Trust plc ("COGIT") under section 110 of the Insolvency Act 1988 (the "Scheme")
that was announced by COGIT today. It is intended that the Scheme will be
effective on 31 March 2006, the planned winding up date of COGIT, and that
shares in the Company will be admitted to trading on 1 April 2006.

Under the Scheme, shareholders in COGIT will have the opportunity to roll-over
their investment into either the Company or Investec Capital Accumulator Trust
Limited, a closed-ended Guernsey domiciled investment company listed in London
managed by Investec Investment Management Limited. The Company will be the
default option for geared ordinary shareholders and income shareholders in
COGIT. Ordinary shares in the Company will be issued to shareholders in COGIT at
a small premium to their net asset value in order to cover the costs incurred by
the Company in participating in the Scheme. Such premium will not exceed 2%. The
Company will only receive cash or cash equivalent assets from COGIT under the
Scheme. The shares will be issued under the existing shareholder authorities.

The issue of ordinary shares resulting from the Company's participation in the
Scheme will not be dilutive to the net asset value of an ordinary share in the
Company.

Further details on the Company's participation in the Scheme will be announced
next month when a prospectus relating to the Company will be published.

Enquiries
Mike Balfour
Glasgow Investment Managers
Tel. [phone]

Kenneth Harper
Glasgow Investment Managers
Tel. [phone]




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