Top Ten Investments

Glasgow Income Trust PLC
05 January 2004



GLASGOW INCOME TRUST PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Glasgow Income Trust PLC
announces that at 31 December 2003 the ten largest investments held were as
follows:

Company                                                 £          % of
                                                                Total Assets

Intermadiate Capital Group                         1,628,679        3.80
Pendragon                                          1,540,350        3.59
Bank of Scotland 8.117% Bond                       1,484,860        3.46
BOC Group 6.5% Bond                                1,462,601        3.41
Lloyds TBS Group                                   1,347,369        3.14
Imperial Tobacco Group                             1,249,798        2.91
HSBC Holdings                                      1,229,929        2.87
Bradford & Bingley                                 1,223,056        2.85
Anglian Water 7.882% Bond                          1,215,720        2.83
Severn Trent                                       1,161,924        2.71


Glasgow Investment Managers Limited
Secretaries
5 January 2004


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