Proposed Issue of Equity

Glasgow Income Trust PLC
23 October 2006



Glasgow Income Trust PLC

23 October 2006

For immediate release

New issue of shares

The Board of Glasgow Income Trust PLC (the "Company") refers to the announcement
made by it on 20 October 2006 and the announcement made by Gartmore High Income
Trust plc ("Gartmore") earlier today and announces that it has resolved to raise
new funds (the "Issue") through a placing and offer for subscription for new
ordinary shares in the Company and by offering new ordinary shares in the
Company as a rollover option in connection with a scheme of reconstruction (the
"Scheme") of Gartmore. The Scheme is conditional upon the appropriate
resolutions being passed by Gartmore shareholders to approve the Scheme.

The Company intends to issue a prospectus next week in connection with the
Issue. It is intended that the placing and offer for subscription will close in
mid-November and that there will then be a subsequent issue of new ordinary
shares in mid-December to shareholders of Gartmore opting to rollover their
investments into the Company, provided the Scheme is approved by Gartmore
shareholders.

Further details in relation to the Company's participation in the Scheme will be
included in the prospectus.

Further enquiries

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

Glasgow Investment Managers Limited
Mike Balfour
Mobile.[phone] 
Tel. [phone]



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