Issue of New Shares etc

GUINNESS FLIGHT GEARED INCOME & GROWTH TRUST PLC
14 October 1999



ISSUE OF NEW SHARES IN CONNECTION WITH THE SCHEME OF RECONSTRUCTION OF THE
CITY OF OXFORD INVESTMENT TRUST PLC AND PLACING


Following the above, Guinness Flight Geared Income & Growth Trust PLC
('GFGIG') confirms the following balances of its three listed share classes:

5p Geared Ordinary shares:               17,349,886
5p Income shares:                        49,269,600
5p Zero Dividend Preference shares:      36,424,157

Since the Scheme and Placing, the following substantial interest notifications
have been received:


5p GEARED ORDINARY SHARES
=========================

ABERDEEN ASSET MANAGERS LIMITED
Aberdeen Preferred Income Trust PLC  1,570,241  Geared Ords (9.050% of class)
Danae Investment Trust Plc              82,198  Geared Ords (0.474% of class)
Jove Investment Trust Plc              201,052  Geared Ords (1.159% of class)
Leveraged Income Fund Limited        1,534,102  Geared Ords (8.842% of class)
                                     ---------
                                     3,387,593  Geared Ords (19.525% of class)


CGU plc                              3,700,000  Geared Ords (21.326% of class)


MURRAY JOHNSTONE LIMITED
Murray Extra Return Investment Trust   350,000  Geared Ords (2.017% of class)
Murray Global Return Trust           2,407,100  Geared Ords (13.874% of class)
                                     _________
                                     2,757,100  Geared Ords (15.891% of class)


National Westminster Bank PLC          750,000  Geared Ords (12.397% of class)


5p INCOME SHARES
================

ABERDEEN ASSET MANAGERS LIMITED
Aberdeen Preferred Income Trust PLC  3,300,000  Income Shs (6.698% of class)
Aberdeen High Income Trust PLC       1,400,000  Income Shs (2.842% of class)
Aberdeen Fund of Investment Trusts     350,000  Income Shs (0.710% of class)
Danae Investment Trust PLC             200,000  Income Shs (0.406% of class)
Jove Investment Trust PLC              250,000  Income Shs (0.507% of class)
Leveraged Income Fund Limited        2,400,000  Income Shs (4.871% of class)
                                     _________
                                     7,900,000  Income Shs (16.034% of class)


BFS Income & Growth Trust PLC        2,000,000  Income Shs (4.059% of class)


CGU plc                              3,000,000  Income Shs (6.089% of class)


EXETER ASSET MANAGEMENT LIMITED
Dartmoor Investment Trust            6,050,000  Income Shs (12.279% of class)
Exeter Enhanced Income Fund Limited  4,000,000  Income Shs (8.119% of class)
Exeter Preferred Cap. Invest. Trust  1,250,000  Income Shs (2.537% of class)
Exeter High Income Trust             2,100,000  Income Shs (4.262% of class)
Exeter Equity Income Fund              260,000  Income Shs (0.528% of class)
                                    __________
                                    13,660,000  Income Shs (27.725% of class)

Geared Income Investment Trust PLC   2,000,000  Income Shs (4.059% of class)


Investec Holdings (UK) Limited       2,000,000  Income Shs (4.059% of class)