Issue of Equity

Glasgow Income Trust PLC
20 December 2006


RIS Announcement

Glasgow Income Trust plc

For immediate release

Issue of New Equity

Glasgow Income Trust plc (the "Company") refers to the prospectus published by
the Company on 8 November 2006 (the "Prospectus") in relation to the issue of
new shares, inter alia, in connection with a scheme of reconstruction of
Gartmore High Income Trust plc ("GHIT") under section 110 of the Insolvency Act
1986. Earlier today, GHIT passed the resolutions proposed to wind it up
voluntarily, as planned under the Scheme, and the Scheme is now unconditional
and effective, subject only to admission ("Admission") of the New Shares to the
Official List of the UKLA and to trading on the London Stock Exchange.

The Board announces that, subject only to Admission, it has resolved to issue a
total of 6,149,915 New Shares at an issue price of 102.3p per share. It is
expected that the New Shares will be admitted to the Official List of the UKLA
and to trading on the London Stock Exchange at 8.00 a.m. on Thursday 21 December
2006.

The Company intends to invest the proceeds of the issue in accordance with its
investment policy.


Enquiries

Glasgow Investment Managers Limited
Kenny Harper
0141 572 2700






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