Global Income Fund Rights Offering Oversubscribed

NEW YORK -- Global Income Fund, Inc. (AMEX: GIF) announced today that it had received subscriptions for approximately 4,713,000 shares of 1,396,252 offered shares of its common stock pursuant to its rights offering, which expired at 5:00 p.m., New York City time, on June 21, 2004.

In accordance with the terms of the rights offering, 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 prices of a share on the American Stock Exchange on the Pricing Date and the four preceding trading days.

Since sufficient shares are not available to honor all requests for over-subscriptions, the Fund is currently considering whether to issue shares of common stock up to an additional 25% of the shares available pursuant to the rights offering (up to 349,063 shares) in order to satisfy over-subscription requests. 

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.  The Fund is managed by CEF Advisers, Inc., a wholly-owned subsidiary of Winmill & Co. Incorporated.

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

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