May 11, 2004

Global Income Fund, Inc. Announces Intention To Issue Rights to its Shareholders of Record As of May 21, 2004

NEW YORK -- Global Income Fund, Inc. (AMEX: GIF) (the "Fund") announced today its intention to issue to its shareholders of record May 21, 2004 non-transferable rights to purchase additional shares of the Fund.  The rights offering to subscribe for a limited number if new shares of the Fund (the "Offer") will be made only by means of a prospectus that will be delivered to record date shareholders.

The Fund proposes to offer shareholders of record one non-transferable right for each whole share of common stock held on the record date. Four rights will entitle the holder of such rights to subscribe for one share of the Fund's common stock at the purchase price.  Shareholders exercising their rights in full may subscribe for additional shares pursuant to an over-subscription privilege, subject to certain limitations and allotment.  

The purchase price will be 95% of the lower of (a) the Fund's net asset value per share ("NAV") or (b) the market price per share.  For this purpose, the NAV will be determined as of June 22, 2004 (the "Pricing Date"), and the market price per share will be the average of the volume-weighted average sales price of a share on the American Stock Exchange on the Pricing Date and the four preceding trading days.

Proposed Timetable

As states above, the record date for determining those shareholders eligible to participate in the rights offering will be May 21, 2004. The proposed subscription period will expire on June 21, 2004, subject to extension.  It is expected that subscription certificates evidencing the right to subscribe, together with a prospectus, will be mailed to shareholders of record promptly following the record date. Shareholders who hold their shares in bank or broker name will receive the rights materials from their bank or broker.

The Fund is a non-diversified, closed-end management investment company, which invests primarily in investment grade fixed income securities issued by governments and corporations throughout the world.  The Fund's primary investment objective is to provide for its shareholders a high level of income, with capital appreciation as a secondary objective. 

A Registration Statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers be accepted prior to the time the Registration Statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Shareholders with inquiries should call the Information Agent, N.S. Taylor & Associates, Inc., toll-free 1-866-470-4100.

-end-