Issue of Equity

Glasgow Income Trust PLC
09 June 2005


9 June 2005
Glasgow Income Trust plc

Proposed share issue

The board of Glasgow Income Trust plc (the "Company") today announces that it is
seeking to raise additional capital through a placing of up to 7,190,000
ordinary shares, being 9.99% of the ordinary shares currently in issue. It is
proposed to issue the ordinary shares at 75.75p, a premium to the current net
asset value of an ordinary share. The Company, through its investment manager
and advisers, will be seeking commitments under the placing over the forthcoming
days and it is expected that that the new ordinary shares will be admitted to
listing on the Official List of the UK Listing Authority and to trading on the
main market of the London Stock Exchange on Tuesday 14 June 2005. The Company
intends to invest the proceeds of the issue in accordance with its investment
policy.

Enquiries:

Mike Balfour
Glasgow Investment Managers Limited
0141 572 2700

Graham Reaves
G&N Collective Funds Services Limited
0131 226 4411




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