Interim Management Statement

Glasgow Income Trust PLC
23 January 2008

Glasgow Income Trust PLC
Interim Management Statement - 3 months to 31 December 2007

To the members of Glasgow Income Trust PLC

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 October 2007 to
31 December 2007, and contains information that covers this period, and up to
the date of publication of this interim management statement, unless otherwise
specified.

Investment objective

To provide shareholders achieve a high level of income and to obtain growth in
both income and capital over the longer term.

Benchmark

FTSE All-Share Index

Material events

On 19 December 2007, the Company held its Annual General Meeting. All proposed
resolutions were passed at the Meeting.

Ten largest equity holdings at 31 December 2007
                                       % of net assets
BAE Systems                                        3.3
FirstGroup                                         3.2
Scottish & Southern Energy                         2.7
Rio Tinto                                          2.5
Prudential                                         2.1
BT                                                 2.1
First Quantum Minerals                             2.0
Intermediate Capital                               1.8
Severn Trent                                       1.8
Premier Oil                                        1.8
Total                                             23.3
Total number of investments                         78


Sector allocation as at 31 December 2007
                                          %
Financials                             24.2
Industrials                            21.4
Consumer Services                      18.8
Oil & Gas                              12.5
Basic Materials                         8.5
Utilities                               6.9
Telecommunications                      4.0
Consumer Goods                          3.7

Total                                 100.0


General description of Company's financial position and performance as at 31
December 2007

                                                     £m
Gross Assets                                         167.0
Net assets                                           107.5

Equity Gearing                                       (1.5)%
Total gearing                                        42.7%


Cumulative performance (%)*
                                as at     1 month     3 months     6 months    1 year   3 years   5 years
                           31/12/2007
Share Price                     76.5p        -2.5        -14.7        -24.2     -25.5      20.1      90.8
NAV                             87.8p        -0.1         -3.0         -9.1     -10.0      46.3     135.5
FTSE All-Share                                0.3         -0.3         -2.1       5.3      50.1     104.6



Discrete performance (%)*
                                             31/12/07     31/12/06     31/12/05     31/12/04     31/12/03
Share Price                                     -25.5         30.8         23.2         24.0         28.2
NAV                                             -10.0         27.9         27.1         26.3         27.5
FTSE All-Share                                    5.3         16.8         22.0         12.8         20.9



Total Return; NAV to NAV net income reinvested.  GBP.  Share price total return
is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and
Fundamental Data

Other than as set out above, the Board is not aware of any significant events or
transactions which have occurred between 31 December 2007 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company. For latest performance
information, please refer to the Company's website,
www.glasgowincometrust.co.uk.

Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.

For Glasgow Income Trust PLC
Glasgow Investment Managers Limited, Secretary
23 January 2007




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