Issue of Equity

Glasgow Income Trust PLC
28 March 2006


RIS ANNOUNCEMENT

Glasgow Income Trust PLC

28 March 2006

Issue Price of New Shares

The Board of Glasgow Income Trust PLC (the "Company") refers to the prospectus
(the "Prospectus") published by the Company on 28 February 2006 in relation to
the proposed issue of new shares (the "New Shares") in connection with an offer
for subscription and the proposed scheme of reconstruction under section 110 of
the Insolvency Act 1986 of The City of Oxford Geared Income Trust plc. The issue
price of the New Shares has been calculated on the basis set out in Part 3 of
the Prospectus and will be 94.9p per share.

A further announcement will be made on 31 March 2006 as to the aggregate number
of New Shares to be issued. The issue of the New Shares is conditional upon the
admission of the New Shares to the Official List of the UK Listing Authority and
to trading on the main market of the London Stock Exchange.

All enquiries

Mike Balfour
Glasgow Investment Managers Limited
Tel. [phone]

Kenneth Harper
Glasgow Investment Managers Limited
Tel. [phone]




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