Issue of Equity

Glasgow Income Trust PLC
31 March 2006


RIS ANNOUNCEMENT

Glasgow Income Trust PLC

31 March 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 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 (the "Scheme") under
section 110 of the Insolvency Act 1986 of The City of Oxford Geared Income Trust
plc ("COGIT"). Earlier today, COGIT passed the resolutions proposed to wind it
up voluntarily, as planned under the Scheme, and the Scheme is now unconditional
and effective, subject only to admission ("Admission") of the New Shares to the
Official List of the UKLA and to trading on the London Stock Exchange.

The Board announces that, subject only to Admission, it has resolved to issue a
total of 11,032,449 New Shares, being 1,194,862 New Shares under the offer for
subscription, as set out in the Prospectus, and 9,837,587 New Shares in
connection with the Scheme, in each case at an issue price of 94.9p. 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 3 April 2006.

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

All enquiries

Mike Balfour
Glasgow Investment Managers Limited
Tel. [phone]

Kenneth Harper
Glasgow Investment Managers Limited
Tel. [phone]




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