Publication of Prospectus

Glasgow Income Trust PLC
08 November 2006


RNS ANNOUNCEMENT

Glasgow Income Trust PLC

8 November 2006

Publication of a prospectus and dividend announcement

Prospectus

The Board of Glasgow Income Trust PLC (the "Company") refers to the announcement
made on 23 October 2006 and announces that it has today published a prospectus
(the "Prospectus") in connection with the issue of up to 50 million new ordinary
shares (the "New Shares") by the Company. The New Shares will be issued pursuant
to (i) a placing (the "Placing"), (ii) an offer for subscription (the "Offer"),
and (iii) an issue in connection with the proposed scheme of reconstruction (the
"Scheme") of Gartmore High Income Trust plc ("GHIT") under which New Shares will
be offered to GHIT shareholders as a rollover option. The benefits of the issue
should be to increase further the liquidity in the ordinary shares and to spread
the fixed costs of the Company over a larger asset base.

Copies of the Prospectus will shortly be available for inspection at the
Document Viewing Facility, The Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS and, until 31 December 2006, will be
available for collection, free of charge, from the offices of Dickson Minto
W.S., Royal London House, 22/25 Finsbury Square, London EC2A 1DX and 16
Charlotte Square, Edinburgh EH2 4DF and from the Company's registered office at
Sutherland House, 149 St Vincent Street, Glasgow G2 5DR.

Placing and Offer

It is expected that the Placing and Offer will be open until 22 November 2006.
It is expected that New Shares under the Placing and the Offer will be issued on
27 November 2006.

It is expected that the issue price for the New Shares to be issued in the
Placing and Offer will be announced on 24 November 2006 and will be calculated
at close of business on 22 November 2006. The issue price will be calculated by
applying a premium equal to two per cent. to the net asset value per share at
the calculation date.

Scheme

It is expected that the Board of GHIT will publish their proposals for the
Scheme in the next couple of weeks. The Scheme, if approved by GHIT
shareholders, is expected to become effective in mid December 2006.

It is expected that the issue price for the New Shares to be issued in
connection with the Scheme will be announced shortly before the Scheme becomes
effective and will be calculated at close of business on the latest practicable
date prior to the Scheme becoming effective. The issue price will be calculated
by applying a premium equal to two per cent. to the net asset value per share at
the calculation date. The consideration for any New Shares issued under the
Scheme will be satisfied by the transfer to the Company of cash and short dated
gilts by the Liquidators of GHIT. The Company intends to invest such proceeds in
accordance with its investment policy.

Dividends

The Company has declared total dividends in respect of the year to 30 September
2006 of 5.05p. In the absence of unforeseen circumstances and assuming a
reasonable level of dividend growth in the equity portfolio, it is the
Directors' intention that the dividend paid by the Company will continue to grow
over time (this is not a forecast of profits).

The Directors intend to pay a first interim dividend of 0.6846p in respect of
the period from 1 October 2006 to the date of Admission of the New Shares to be
issued under the Placing and Offer ("First Admission"), expected to be on or
around 27 November 2006 (this is not a forecast of profits). This dividend will
be payable to those Shareholders on the register of members immediately prior to
First Admission and will be paid in January 2007. The New Shares will not be
entitled to that dividend.

The Directors intend to pay a second interim dividend of 0.4204p in respect of
the period from First Admission to 31 December 2006 (this is not a forecast of
profits). The dividend will be paid to those Shareholders on the register of
members immediately prior to the date of Admission of the New Shares to be
issued in connection with the Scheme ("Second Admission"), expected to be on or
around 21 December 2006. The New Shares issued in connection with the Placing
and Offer will rank in respect of the second interim dividend but New Shares
issued in connection with the Scheme will not rank for that dividend. The first
dividend paid in respect of New Shares issued under the Scheme will be the
interim dividend in respect of the period from 1 January 2007 to 31 March 2007.

The total interim dividends that are expected to be paid in respect of the
period from 1 October 2006 to 31 December 2006 will equal 1.105p per share (the
interim dividend in respect of the same period in 2005 was 1.03p). It is the
Directors' intention, in the absence of unforeseen circumstances, that the
interim dividends for the first three quarters of each financial year will be in
equal amounts (this is not a forecast of profits).

All enquiries

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

Glasgow Investment Managers Limited
Tel. [phone]
Mike Balfour
Kenneth Harper




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