Issue of Equity

Glasgow Income Trust PLC
24 November 2006


RIS ANNOUNCEMENT

Glasgow Income Trust PLC

24 November 2006

Issue of New Shares


The Board of Glasgow Income Trust PLC (the "Company") refers to the prospectus
(the "Prospectus") published by the Company on 8 November 2006 in relation to
the proposed issue of new shares (the "New Shares") in connection with a
placing, an offer for subscription and the proposed scheme of reconstruction
(the "Scheme") under section 110 of the Insolvency Act 1986 of Gartmore High
Income Trust plc ("GHIT").

The Board announces that, subject only to admission of the New Shares to the
Official List of the UKLA and to trading on the main market of the London Stock
Exchange, it has resolved to issue a total of 18,298,151 New Shares, being
1,961,307 New Shares under the offer for subscription and 16,336,844 New Shares
under the placing, in each case at an issue price of 98.5p. The aggregate gross
proceeds of the issue will be just over £18 million. It is expected that the New
Shares will be admitted to the Official List of the UKLA and to trading on the
London Stock Exchange at 8.00 a.m. on Monday 27 November 2006.

The Company intends to invest the proceeds of the issue in accordance with its
investment policy.

As set out in the Prospectus, if GHIT shareholders approve the Scheme, it is
expected that the Company will issue further shares in connection with the
Scheme, on the terms set out in the Prospectus, on or around 21 December 2006.

All enquiries
G&N Collective Funds Services Limited
Tel. [phone]
Graeme Caton
Graham Reaves
Nigel Russell

Glasgow Investment Managers Limited
Tel. [phone]
Mike Balfour
Kenneth Harper




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