Net Asset Value(s)

Glasgow Income Trust PLC
01 November 2006






                         GLASGOW INCOME TRUST plc





The Net Asset Value of Glasgow Income Trust plc as at close of business on 31
October 2006 was 93.9p.


This NAV has been prepared on the basis of guidance issued by the Association of
Investment Trust Companies (AITC). It includes the net income after expenses and
dividends in respect of the year ended 30 September 2006. The AITC recommends
Investments be valued at bid price.





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



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