Issue of Equity

Glasgow Income Trust PLC
10 December 2001

STOCK EXCHANGE ANNOUNCEMENT

GLASGOW INCOME TRUST PLC



10 December 2001


Application has been made to the London Stock Exchange and the UK Listing
Authority for a listing of 600,000 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 7 December 2001 at a price of 78.25p per
share. The net asset value per Ordinary Share at the close of business on 6
December 2001 was 74.5p.



Enquiries:

David Williams - 0141 572 2700

Glasgow Investment Managers