Issue of Equity

Glasgow Income Trust PLC
22 January 2002

GLASGOW INCOME TRUST PLC

22 January 2002


Application has been made to the London Stock Exchange and the UK Listing
Authority for a listing of 400,000 Ordinary Shares of 25p each fully paid to be
admitted to the Official List. The new shares will rank pari passu with the
existing Ordinary Shares.

These shares were issued for cash on 17 January 2002 at a price of 79.75p per
share. The net asset value per Ordinary Share at the close of business on 16
January 2002 was 74.5p.

Dealings in the above shares are expected to commence on 24 January 2002.

Enquiries:

David Williams - 0141 572 2700

Glasgow Investment Managers



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