Global Income Fund, Inc. Offers 1,396,252 Shares in Rights Offer

NEW YORK, May 13, 2004-- Global Income Fund, Inc. (AMEX: GIF) announced today that it had commenced an offering of its common stock in a rights offering to its shareholders of record as of May 21, 2004.

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 ("AMEX") on the Pricing Date and the four preceding trading days.

Rights holders exercising their rights to subscribe for shares will not know the purchase price at the time of exercise and will be required initially to pay for the shares at an estimated purchase price of $4.27 per share.  The Fund's NAV was $4.85 as of May 11, 2004 and the average of the volume-weighted average sales prices of a share on the AMEX on May 11, 2004 and the four preceding trading days was $4.49.  The Fund may increase the number of shares subject to subscription through an over-subscription privilege by up to 25%, or up to an additional 349,063 shares, for an aggregate total of 1,745,315 shares. The new shares will be listed for trading on the AMEX under the SYMBOL GIF.

The record date for determining those shareholders eligible to participate in the rights offering will be May 21, 2004. The 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 and became effective on May 12, 2004.  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.

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