December 03, 2003

GLOBAL INCOME FUND DECLARES QUARTERLY DIVIDEND

NEW YORK -- A quarterly dividend distribution of $.08 per share for the quarter ending December 31, 2003 was declared today by Global Income Fund, Inc. (AMEX: GIF), payable December 31, 2003 to shareholders of record December 17, 2003.

The $.08 per share quarterly dividend distribution reflects a revised managed distribution policy of the Fund. 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. Distributions of approximately 7% 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.

Global Income Fund is a closed-end investment company whose primary objective is to provide its shareholders with a high level of current income and, secondarily, capital appreciation. The Fund seeks to achieve its objectives by investing primarily in foreign and domestic fixed income securities.  The Fund is non-diversified and normally invests at least 65% of its assets in investment grade fixed income securities, and may allocate up to 35% of its assets in below investment grade debt. More information about the Fund may be obtained at www.globalincomefund.net.

Contact:

William G. Vohrer

E-mail: wvohrer@globalincomefund.net
1-212-344-6310, ext. 279