August 14, 2001

GLOBAL INCOME FUND DECLARES QUARTERLY DIVIDEND

NEW YORK -- A monthly dividend distribution of $.0475 per share for August was declared today by Global Income Fund, Inc. (AMEX: GIF), payable August 31, 2001 to shareholders of record August 24, 2001.

The $.0475 per share monthly dividend distribution reflects the Fund's managed 10% distribution policy. The policy is intended to provide shareholders with a relatively stable cash flow and reduce or eliminate the Fund's market price discount to its net asset value per share. Monthly distributions of approximately 10% of the Fund's net asset value per share on an annual basis will be paid primarily from ordinary income and any net capital gains, with the balance representing return of capital. The amount of the distribution may vary depending on the net asset value per share at the time of declaration.

Particulars of the current declaration are as follows:

AMOUNT -- $.0475 per share
PERIOD -- Monthly
DECLARED -- 8/14/01
RECORD -- 8/24/01
PAYABLE - 8/31/01
AMEX TICKER Symbol: GIF