Top Ten Holdings

Glasgow Income Trust PLC
04 January 2006


4 January 2006

GLASGOW INCOME TRUST PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Glasgow Income Trust PLC
announces that at 31 December 2005 the ten largest investments held were as
follows:

Company                                                     £            % of
                                                                    Total Assets

BAE Systems 7.75% Cum Conv                          3,524,850              3.5
HSBC (includes fixed interest stocks)               3,403,380              3.4
Pendragon                                           2,995,200              3.0
Lloyds TSB (includes fixed interest stocks)         2,830,545              2.8
Balfour Beatty (includes fixed interest stocks)     2,800,049              2.8
Severn Trent                                        2,664,017              2.6
European Motor Holdings                             2,385,957              2.4
Bradford & Bingley Ord                              2,282,388              2.3
Wolverhampton & Dudley                              2,281,784              2.3
ATH Resources                                       2,232,100              2.2

Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited



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