ReDirectorate/Div.Declaration

GUINNESS FLIGHT GEARED INCOME & GROWTH TRUST PLC
18 October 1999


1.   Appointment of additional directors
     -----------------------------------

The directors of Guinness Flight Geared Income & Growth Trust PLC are pleased
to announce the appointment of Mr David Gibbs and Mr Peter Hambro as
additional directors.

2.   Third Interim Dividend
     ----------------------

The Board of Guinness Flight Geared Income & Growth Trust PLC has today
declared a Third Interim Dividend on its Geared Ordinary and Income shares in
issue prior to the placing of new shares in connection with the reconstruction
of The City of Oxford Investment Trust PLC.  The Third Interim Dividend is in
respect of the period ending 31 March 2000 and amounts to 3.38p net per Geared
Ordinary share.  The Income share dividend rate is 2.422757p per share,
calculated in accordance with the formula set out in the Company's Articles of
Association.

The dividend will be payable on 12 November 1999 to eligible shareholders on
the register at the close of business on 29 October 1999.    

Holders of the new Geared Ordinary and Income shares will therefore not
qualify to receive this Third Interim Dividend, but will qualify to receive
the next interim dividend, payable in February 2000.