Top Ten Investments

Glasgow Income Trust PLC
02 April 2004


GLASGOW INCOME TRUST PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Glasgow Income Trust PLC
announces that at 31 Mar 2004 the ten largest investments held were as follows:

Company                                                     £             % of
                                                                  Total Assets

Pendragon                                           2,196,745              4.5
Intermediate Capital Group                          1,878,534              3.8
Balfour Beatty (includes fixed interest stocks)     1,521,916              3.1
BOC Group (includes fixed interest stocks)          1,484,270              3.0
Band of Scotland 8.117% Bond                        1,477,489              3.0
EMI Group                                           1,318,125              2.7
Liberty International                               1,281,542              2.6
Lloyds TSB Group                                    1,243,610              2.5
Gallaher Group                                      1,235,950              2.5
United Utilities                                    1,198,792              2.4

Glasgow Investment Managers Limited
Secretaries
2 April 2004


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