Portfolio of Investments

Guinness Flight Geared Inc&Gwth Tst
27 June 2000



The company announces the following unaudited data relating to its portfolio
of investments as at 23 June 2000:

TOTAL ASSETS                              £155,893,744
TOTAL BANK DEBT                           £ 47,550,000
NET ASSETS                                £108,343,744

NAV PER ZERO DIVIDEND PREFERENCE SHARE         114.23p
NAV (EX INCOME) PER INCOME SHARE               100.00p
NAV (EX INCOME) PER GEARED ORDINARY SHARE      100.67p