Proposed Share Issue

Glasgow Income Trust PLC
28 January 2005


Glasgow Income Trust plc

Proposed share issue

28 January 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 and
expects to make a further announcement on the proposals prior to the end of
February 2005.

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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