Global Income Fund Announces Completion of Successful Rights Offering

NEW YORK -- Global Income Fund, Inc. (AMEX: GIF) announced today the completion of its rights offering to holders of the Fund's common stock.

In the primary subscription and pursuant to the over-subscription privilege approximately 5,117,000 shares were requested of 1,396,252 offered shares pursuant to the offering, which expired at 5:00 p.m., New York City time, on June 21, 2004. Pursuant to terms of the offer, the Fund will allocate available shares remaining after fulfilling exercises of rights pursuant to the primary subscription on a pro rata basis, based on the number of rights issued to persons requesting over-subscriptions. Under the terms of the offer, the Fund was authorized to issue additional shares of common stock (up to 349,063 shares) in order to satisfy over-subscription requests. The Fund exercised its sole discretion to issue the additional shares.

The purchase price is $4.05, which is 95% of the lower of (a) the Fund's net asset value per share ("NAV"), $4.83, or (b) the market price per share, $4.26. For this purpose, the NAV was determined as of June 22, 2004 (the "Pricing Date"), and the market price per share was 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. Rights holders exercising their rights to subscribe for shares did not know the purchase price at the time of exercise and were required initially to pay for the shares at an estimated purchase price of $4.27 per share.

The Fund currently is in the process of issuing approximately 1,745,315 additional shares of common stock as a result of its rights offering. This increases the outstanding shares to approximately 7,330,326 shares. The proceeds to the Fund, after deduction of expenses incurred by the Fund in connection with the rights offering, were approximately $7 million. These proceeds increase the Fund's net assets to approximately $34 million.

On June 25, 2004, a confirmation will be sent by the Subscription Agent to each record date shareholder (or, if the shareholder's shares are held by Cede or any other depository or nominee, to Cede or such other depository or nominee), showing (i) the number of shares acquired in the primary subscription, (ii) the number of shares, if any, acquired pursuant to the over-subscription privilege, (iii) the per share and total purchase price for the shares, and (iv) any additional amount payable by such shareholder to the Fund or any excess to be refunded by the Fund to such shareholder, in each case based on the purchase price.

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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