Net Asset Value(s)

Glasgow Income Trust PLC
21 December 2005





                              GLASGOW INCOME TRUST plc



The Net Asset Value of Glasgow Income Trust plc as at close of business on 20
December 2005 was 82.8p.

This NAV has been prepared under the Company's existing accounting policies and
not International Accounting Standards.


Glasgow Income Trust plc, an investment trust, is managed by Glasgow Investment
Managers Limited.



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