Director Shareholding

Glasgow Income Trust PLC
24 September 2002

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company: Glasgow Income Trust

2) Name of director: Norman Murray Esq

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest. - Director

4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified) - Lloyds TSB Registrars Scotland

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary:
Reinvestment of shares in savings scheme

7) Number of shares/amount of stock acquired: 239

8) Percentage of issued class: 0.00%

9) Number of shares/amount of stock disposed

10) Percentage of issued class

11) Class of security: Ordinary 25p shares

12) Price per share: 65p

13) Date of transaction: 20 September 2002

14) Date company informed: 23 September 2002

15) Total holding following this notification: 15,366(all beneficial)

16) Total percentage holding of issued class following this notification: 0.04%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

18) Period during which or date on which exercisable

19) Total amount paid (if any) for grant of the option

20) Description of shares or debentures involved: class, number

21) Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

22) Total number of shares or debentures over which options held following this
notification

23) Any additional information

24) Name of contact and telephone number for queries: Fiona McLean - 0141 572
2700

25) Name and signature of authorised company official responsible for making
this notification: Michael A Carney

Date of Notification: 24 September 2002


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