Investment Policy

Glasgow Income Trust PLC
29 October 2003


29 October 2003


                            Glasgow Income Trust plc
          
                              Investment Policy



The Board of Glasgow Income Trust plc ("GIT") has noted the recent publication
of the Investment Entities (Listing Rules and Conduct of Business) Instrument
2003, which followed the Consultation Paper CP164. As a result the Board wishes
to announce GIT's stated investment policy which is not to invest more than 15%
of its gross assets in other UK listed investment companies. As at 30 September
2003, holdings in other investment companies accounted for less than 1.5% of
gross assets



Glasgow Income Trust is managed by Glasgow Investment Managers.






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