Global Income Fund Declares Quarterly Dividend

NEW YORK, NY , payable December 31, 2007 to shareholders of record December 18, 2007.

The $0.055 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 5% 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 3, 2007, the date of this press release, the current distribution of $0.055 per share would include approximately 45%, 0%, and 55% 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 2007. In January, shareholders receive information concerning the taxable status of the dividend distributions that were paid in the 12 months ended December 31 to shareholders of record.

The primary and fundamental objective of Global Income Fund is to provide a high level of income. The Fund's secondary, non-fundamental, investment objective is capital appreciation. The Fund pursues its investment objectives by investing primarily in a global portfolio of investment grade fixed income securities and closed end funds that invest significantly in income producing 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/.

CUSIP 37934Y108

Contact: Thomas O'Malley E-mail: Email Contact 1-212-344-6310, ext. 267