Portfolio Investments

GUINNESS FLIGHT GEARED INCOME & GROWTH TRUST PLC
20 July 1999


The company announces the following unaudited data relating to its portfolio
of investments as at 16 July 1999:

TOTAL ASSETS                              £67,280,209
TOTAL BANK DEBT                           £18,150,000
NET ASSETS                                £49,130,209

NAV PER ZERO DIVIDEND PREFRENCE SHARE          105.82p
NAV (EX INCOME) PER INCOME SHARE               100.00p
NAV (EX INCOME) PER GEARED ORDINARY SHARE      197.51p