December 4, 2002

GLOBAL INCOME FUND DECLARES QUARTERLY DIVIDEND

NEW YORK -- A quarterly dividend distribution of $.12 per share for the quarter ending December 31, 2002 was declared today by Global Income Fund, Inc. (AMEX: GIF), payable December 31, 2002 to shareholders of record December 16, 2002.

The $.12 per share quarterly 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. 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.