Top Ten Investments

Glasgow Income Trust PLC
04 April 2005


4 April 2005

GLASGOW INCOME TRUST PLC

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

Company                                                     £        % of
                                                                 Total Assets

Lloyds TSB (includes fixed interest stocks)         1,921,245              3.7
Balfour Beatty (includes fixed interest stocks)     1,748,525              3.3
Consolidated Minerals                               1,550,000              3.0
European Motor Holdings                             1,493,750              2.9
Severn Trent                                        1,419,440              2.7
Provident Financial                                 1,416,000              2.7
Dixons Group                                        1,374,750              2.6
BAE Systems 7.75% Cum Conv                          1,362,500              2.6
ATH Resources                                       1,349,012              2.6
Old Mutual                                          1,345,000              2.6

Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited



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