Global Income Trust 8-K Regulation FD Disclosure

Net Asset Valuation Presentation

January 2015

Exhibit 99.3

General Notices

Global Income Trust filed a registration statement on Form S-11 (including a prospectus) with the

Securities and Exchange Commission (“SEC”) on Apr. 8, 2009, and the registration statement became

effective on Apr. 23, 2010 for the offering to which this communication relates. You should read the

prospectus in the registration statement, as supplemented, and other documents the REIT has filed with

the SEC for more complete information about the REIT and this offering. You may get these documents

for

free

by

visiting

EDGAR

on

the

SEC

website

at

SEC.gov

or

at

IncomeTrust.com.

The information herein does not supplement or revise any information in the REIT's public filings made

with the U.S. Securities & Exchange Commission. To the extent information herein conflicts with the

prospectus, as supplemented, the information in the public filings shall govern.

This piece is for general information purposes only and does not constitute legal, tax, investment or other

professional advice on any subject matter. Information provided is not all-inclusive and should not be

relied upon as being all-inclusive.

This presentation may include forward-looking statements. Forward-looking statements are based on

current expectations and may be identified by words such as “believes,” “expects,” “may,” “could” and

terms of similar substance, and speak only as of the date made. Actual results could differ materially from

those expressed or implied in the REIT’s forward-looking statements. Important factors, among others,

that could cause the REIT's actual results to differ materially from those in its forward-looking statements

include those identified in the Risk Factors described below. Investors should not place undue reliance on

forward-looking statements. The REIT is under no obligation to, and expressly disclaims any obligation to,

update or alter its forward-looking statements, whether as a result of new information, subsequent events

or otherwise.

An investment in the REIT is subject to significant risks, some of which are summarized below in the “Risk

Factors” section of this piece. See also, “Risk Factors”, in the REIT’s prospectus for a more detailed

description.

Risk Factors

Investing in a non-traded REIT is a higher-risk, longer term investment and is not suitable for all investors.

Due to the risks involved in the ownership of real estate, there is no guarantee of any return on investment.

The shares may lose value or investors could lose their entire investment. The shares are not FDIC-insured,

nor bank guaranteed.

Non-traded REITs are illiquid, there is no public trading market for the shares. The REIT has no obligation to

list on any public securities market and does not expect to list the shares in the near future.

The REIT is obligated to pay substantial fees to its advisor, managing dealer, property manager and their

respective affiliates based upon agreements which have not been negotiated at arm’s length, and some of

which are payable based upon factors other than the quality of services. These fees could influence their

advice and judgment in performing services. In addition, certain officers and directors of the advisor also

serve as the REIT’s officers and directors, as well as officers and directors of competing programs, resulting

in conflicts of interest. Those persons could take actions more favorable to other entities.

The REIT has made and it may continue to make distributions to its stockholders in the form of cash. Cash

distributions will cause the interests of later investors to be diluted as a result of the distributions made to

earlier investors. The REIT may make, or have made distributions to investors from sources other than from

its cash flows or funds from operations, such as from borrowings and/or the proceeds of its public offering. To

the extent the REIT pays cash distributions from such sources, it will reduce the cash available for investment

in properties and other real estate-related assets, and lower investors’ overall return on investment. The REIT

has not established a limit on the extent to which it may use borrowings, or the proceeds of this offering to

pay distributions. There is no assurance that the REIT’s current distribution rate will not change, or that it can

be sustained at any level. The amount or basis of distributions will be determined by and at the discretion of

the REIT’s board of directors and is dependent upon a number of factors, including but not limited, to

expected and actual net cash flow from operations, funds from operations, the REIT’s financial condition,

capital requirements, and avoidance of volatility of distributions.

Risk Factors

If the REIT fails to maintain its qualification as a REIT for any taxable year, it will be subject to federal

income tax on taxable income at regular corporate rates. In such event, net earnings available for

investment or distributions would be reduced.

The REIT has invested primarily in income-oriented commercial real estate and real estate-related assets

on a global basis with properties located in the United States and Germany. An investment in the REIT’s

shares may be subject to greater risk to the extent that the REIT has limited diversification in its portfolio

of investments.

Valuation Disclosures

Our share price is primarily based on the estimated net asset value per share value of our shares, but is also

based upon subjective judgments, assumptions and opinions which may or may not turn out to be correct.

Therefore, our share price may not reflect the amount that might be paid to you for your shares in a market

transaction.

In determining our estimated net asset value per share, we primarily relied upon a valuation of our portfolio of

properties as of Dec. 31, 2014. Valuations and appraisals of our properties are estimates of fair value and

may not necessarily correspond to realizable value upon the sale of such properties, therefore our estimated

net asset value per share may not reflect the amount that would be realized upon a sale of each of our

properties.

We may not perform a subsequent calculation of our net asset value per share for our shares, therefore, you

may not be able to determine the net asset value of your shares on an ongoing basis.

This valuation represents the estimated net asset value per share at a snapshot in time and will likely change

over the Company's lifecycle. The estimated net asset value per share does not necessarily represent the

amount an investor could expect to receive if the Company were to list its shares or liquidate its assets, now

or in the future. The estimated net asset value per share is only an estimate and is based on a number of

assumptions and estimates which may not be complete. CBRE Cap, the independent valuation firm, made

numerous assumptions with respect to industry, business, economic and regulatory conditions, all of which

are subject to changes beyond the control of CBRE Cap or the Company. CBRE Cap is not responsible for

our estimated net asset value per share as of Dec. 31, 2014, and did not participate in the determination of

the offering price of our shares. Throughout the valuation process, the valuation committee, our advisor and

senior members of management reviewed, confirmed and approved the processes and methodologies and

their consistency with real estate industry standards and best practices.

Global Income Trust

Global Income Trust is a non-traded real estate investment trust (REIT)

strategically designed to acquire and operate a diverse portfolio of

income-oriented commercial real estate and commercial real estate-

related assets.

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1

There is no assurance these objectives will be met.

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Highlights

Commenced public offering April 2010

Commenced operations October 2010

Closed offering April 23, 2013

Raised approximately $83.7 million in equity since initial offering

Invested in nine assets

Four properties in the United States

Five properties in Germany

Assets Held-for-Sale

Five German assets

Distribution Policy, Distribution Reinvestment Plan, Redemption Plan

Distribution Policy –

cash only distributions beginning May 2013

Distribution Reinvestment Plan (DRP) terminated as of April 2013

Redemption Plan suspended as of April 2013

Completed independent valuation of portfolio as of December 31, 2014

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Potential Sale of German Portfolio

Entered Share Purchase Agreement December 29, 2014

Five Properties Located in Germany

94.9% of equity interests being sold

Acquisition price: €18.3 million before acquisition costs

Includes equity and approximately €10.9 million third party debt

Proceeds to Global Income Trust €

7.7 million before transaction costs

Global Income Trust retains 5.1% equity interest in the portfolio

Expected Closing: January 30, 2015

Purchaser: German Retail Income 4 S.á.r.l., and

German Retail Income 2 S.á.r.l.

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Estimated Net Asset Value (“NAV”)

Consistent with methodologies prescribed by IPA

Valuation

Guidelines

1

Individual MAI property appraisals on U.S. properties (no

enterprise/portfolio adjustments)

Use of independent investment banking firm

Engaged CBRE Capital Advisors, Inc. (“CBRE Cap”), an independent

investment banking firm as valuation expert

Disclosure of key assumptions & methodology

Utilized discounted cash flow method for wholly owned U.S.

properties

Range provided by stressing key assumptions

Discount rates, terminal capitalization (“terminal cap”) rates

Provided estimate of value as of December 31, 2014

1

There is no assurance that the IPA Guidelines are acceptable to FINRA or under ERISA for compliance

with reporting requirements.

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Methodology

The Company’s real estate properties were categorized into two

classes:

1) Wholly owned U.S. Assets (4 properties)

2) Wholly owned German Assets (5 properties)

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Valuation based on unlevered, ten year (expected holding period)

discounted cash flow analysis for each property from actual cash

flow analysis for each property, deducting lease-up discounts and

deferred maintenance, where applicable

Terminal capitalization rate was used to calculate terminal value

(stabilized NOI/terminal capitalization rate) of the assets at

stabilization

Terminal capitalization rate sourced from MAI appraisals and vary by

location, asset quality and supply/demand metrics

Utilized purchase price within Share Purchase Agreement as the

portfolio’s asset value translated at Dec. 31, 2014 FX rate

Valuation Summary

CBRE Cap created a valuation range by varying the discount rate

utilized and the terminal cap rate of each wholly owned U.S. real

estate asset

The range was set at 80bps on the discount rate and 80bps on

the terminal capitalization rate of each asset

Represents an approximate +/-

5% sensitivity on the discount

rate and terminal cap rate ranges as directed by the IPA

guidelines

CBRE Cap utilized a December 31, 2014, share count of 8,257,410

CBRE Cap Valuation (discount and terminal cap rates based on

CBRE Appraisals)

Weighted avg. discount rate: 8.47%

Weighted avg. terminal capitalization rate: 8.07%

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Estimated NAV Per Share Build-Up

Table of Value Estimates for Components of Net Asset Value

(as of Dec. 31, 2014)

Value

($ in 000’s)

Per Share

Present Value of  U.S. Assets

$103,887

$12.58

Purchase

Price

from

SPA

for

German

Assets

1

$  22,502

$2.73

Cash

and

Other

Assets

2

10,108

$1.22

Fair

Market

Value

of

Debt

3

(72,168)

($8.74)

Accounts Payable and Other Liabilities and

Accrued Expenses

(2,957)

($0.36)

Estimated

NAV

4

$  61,373

$7.43

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1

Based on purchase price from SPA for Germany assets of €18.6 million converted to $22.5 million based on 1.21x EURO/US exchange rate as of

Dec.31, 2014.

2

Based on the Company’s preliminary balance sheet as of Dec. 31, 2014.

3

4

The estimated NAV per share is a snapshot in time and is not necessarily indicative of the value the company or stockholders may receive if

the company were to list its shares or liquidate its assets, now or in the future.

Debt amount based on management’s estimate of the fair market value of mortgages and other notes payable under GAAP as of Dec. 31, 2014.

Re-pricing of Shares

On January 13, 2015, the Board determined an estimated NAV per

share of $7.43 as of December 31, 2014

Distribution Policy

There is no anticipated change in the distribution policy at this time.

Annualized distribution rate per share of common stock of 6.5%, based

on a 365 days calendar year, and a $10.00 per share offering price.

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Looking Ahead

Continue to engage SunTrust Robinson

Humphrey, Inc. as financial advisor on possible

strategic alternatives

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For More Information

Investors

To obtain additional information about Global Income Trust,

please consult your Financial Advisor or visit IncomeTrust.com.

Financial Professionals

For more information about Global Income Trust, please contact

our managing dealer, CNL Securities, Member FINRA/SIPC at

866-650-0650 or CNLSecurities.com.

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This is not an offer.  Dissemination to investors is prohibited.  Investments in non-traded real estate investment trusts (REITs) are subject to

significant risks. These risks include limited operating histories, reliance on the advisors, conflicts of interests, use of leverage, payment of

substantial fees to the advisors and their affiliates, illiquidity and liquidations at less than the original amounts invested. 

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license from CNL Intellectual Properties, Inc.

Questions & Answers

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