Issue of Equity

Glasgow Income Trust PLC
28 April 2005


                    Glasgow Income Trust plc (the "Company")
     Announcement of Issue Price for and number of New Shares being issued

The Company refers to the publication by it of a prospectus on 18 April 2005
(the "Prospectus") in respect of a placing and offer for subscription for
further ordinary shares in the Company ("New Shares").

                                  Issue Price

The Company announces that the price at which the New Shares are to be issued
under the placing and offer (the "Issue Price") is 72p per share, having been
calculated and approved by the Company's directors in accordance with Part III
of the Prospectus.

                              Number of New Shares

The placing and offer having now closed, the Company announces that it has
received applications under the placing and offer with an aggregate subscription
value (before costs) of £15,120,000 (or 21,000,000 New Shares at the Issue
Price).

Admission of the 21,000,000 New Shares is expected to take place on 5 May 2005.
Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited.

Enquiries: Graeme McDonald/Kenneth Harper
           Glasgow Investment Managers Ltd
           0141 572 2700

28 April 2005



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