Global Income Fund Declares Quarterly Dividend

New York, New York, UNITED STATES


NEW YORK, Dec. 1, 2006 (PRIME NEWSWIRE) -- A quarterly dividend distribution of $.07 per share for the quarter ending December 31, 2006 was declared today by Global Income Fund, Inc. (AMEX:GIF), payable December 29, 2006 to shareholders of record December 18, 2006.

The $.07 per share quarterly dividend distribution reflects a managed distribution policy of the Fund. 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. The amount of the distribution may vary depending on the net asset value per share at the time of declaration and the policy may be changed or discontinued without notice.

Under the managed distribution policy, distributions of approximately 6% of the Fund's net asset value per share on an annual basis are paid primarily from ordinary income and any net capital gains, with the balance representing return of capital. As of December 1, 2006, the date of this press release, the current distribution of $.07 per share would include approximately 41%, 0%, and 59% from ordinary income, capital gains, and return of capital, respectively. This is only an estimate based on information available at this time and is subject to change. The estimated components of the distribution are provided to shareholders of record in a notice accompanying the distribution. Actual amounts may be re-characterized for tax purposes after year end 2006. In January, shareholders receive information concerning the taxable status of the dividend distributions that were paid to shareholders of record in the 12 months ended December 31.

The primary investment objective of Global Income Fund, Inc. is to provide for its shareholders a high level of income, with capital appreciation as a secondary objective. The Fund pursues its investment objectives by investing primarily in a global portfolio of investment grade fixed income securities. The Fund is managed by CEF Advisers, Inc., a subsidiary of Winmill & Co. Incorporated, which is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds, and closed end funds. More information about the Fund may be obtained at www.globalincomefund.net.


        

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