Portfolio of Investments

GUINNESS FLIGHT GEARED INCOME & GROWTH TRUST PLC
27 July 1999


The company announces the following unaudited data relating to its portfolio
of investments as at 23 July 1999:

TOTAL ASSETS                              £65,331,306
TOTAL BANK DEBT                           £18,150,000
NET ASSETS                                £47,181,306

NAV PER ZERO DIVIDEND PREFERENCE SHARE         105.99p
NAV (EX INCOME) PER INCOME SHARE               100.00p
NAV (EX INCOME) PER GEARED ORDINARY SHARE      164.89p