Notice of EGM

Glasgow Income Trust PLC
07 November 2005


                                RNS Announcement

                            GLASGOW INCOME TRUST PLC

  Recommended Proposals for a Placing and Offer for Subscription of New Shares

                    Notice of Extraordinary General Meeting

                                7 November 2005

The board of Glasgow Income Trust plc (the "Company") today announces that it is
seeking to raise additional capital through a placing and offer for subscription
of ordinary shares, subject to market conditions. It is expected that the
placing and offer will be priced at a modest premium to the net asset value of
an ordinary share. The Company, through its investment manager and advisers,
will be seeking commitments under the placing over the forthcoming weeks.

The Company has today posted a circular relating to the proposed placing and
offer for shares. An Extraordinary General meeting has been called for 10.00
a.m. on 30 November 2005 at Glasgow Investment Managers Limited, 149 St. Vincent
Street, Glasgow G2 5DR to pass the necessary resolution. A prospectus will be
issued in due course after this resolution has been passed.

Under paragraph 9.6.1 of the Listing Rules, the circular and proxy card sent out
to shareholders will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Telephone: [phone]

Enquiries:
Mike Balfour
Glasgow Investment Managers Limited
0141 572 2700

Nigel Russell
G&N Collective Funds Services Limited
0131 226 4411






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