Investment Portfolio Valuation

Guinness Flight Geared Income & Growth Trust Plc
30 November 1999


The company announces the following unaudited data relating to its portfolio
of investments as at 26 November 1999:

TOTAL ASSETS                              £156,333,263
TOTAL BANK DEBT                           £ 47,550,000
NET ASSETS                                £108,783,263

NAV PER ZERO DIVIDEND PREFERENCE SHARE         108.99p
NAV (EX INCOME) PER INCOME SHARE               100.00p
NAV (EX INCOME) PER GEARED ORDINARY SHARE      114.20p