Holdings in Investment Cos

Glasgow Income Trust PLC
05 January 2005


5 January 2005

GLASGOW INCOME TRUST PLC

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

Company                                                     £             % of
                                                                  Total Assets

Balfour Beatty (includes fixed interest stocks)     1,738,590              3.2
BOC Group (includes fixed interest stocks)          1,550,599              2.9
Severn Trent                                        1,500,107              2.8
Consolidated Minerals                               1,491,000              2.8
Bank of Scotland Bond                               1,475,110              2.7
Lloyds TSB Group                                    1,422,557              2.6
Dixons                                              1,368,000              2.5
Bradford & Bingley                                  1,346,364              2.5
Provident Financial                                 1,344,000              2.5
European Motor Holdings                             1,334,375              2.5

Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited



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