Updated Terminal Asset Value

GUINNESS FLIGHT GEARED INCOME & GROWTH
15 September 1999

    Guinness Flight Geared Income & Growth ('GFGIGT)
 City of Oxford Investment Trust PLC ('City of Oxford')
                            
              Updated Terminal Asset Value
                            
The recommended Scheme for the reconstruction of City  of
Oxford was announced on 27 August 1999.

Based  on  net  assets at the close  of  business  on  13
September  1999  and the assumptions set out  below,  the
indicative Terminal Asset Value per City of Oxford  Share
was  30.32p  and the estimated Issue Price  of  a  GFGIGT
Geared Ordinary Shares calculated in accordance with  the
Formula  Issue Price would be 120.81p.  This Issue  Price
compares  to the assumed NAV at the Calculation  Date  of
145.81p  and  market price of 134.5p  per  GFGIGT  Geared
Ordinary Share, at 13 September 1999.

The  latest  date for receipt of Forms of  Election  from
City  of  Oxford Shareholders is 10:00am on 19  September
1999.   The  placing of new GFGIGT Shares  closes  on  24
September 1999.

Enquiries:

Investec  Guinness Flight Chris  Burvill   0171  597 2000
                          Andrew Martin Smith

HSBC  Investment Bank plc Ravi  Anand      0171  336 2234

Assumptions

The  principal bases and assumptions used in deriving the
illustrative statistics set out in this announcement  are
set out below:

1.   City of Oxford has total assets of £52.05 million on
  the  Calculation Date and the City of Oxford's Ordinary
  Shares TAV is 30.32p per share.  GFGIGT has total assets
  of  £64.58 million as at the Calculation Date including
  GFGIGT revenue reserves amounting to £214,859.

2.    60 per cent. of City of Oxford Shareholders and  40
  per  cent.  of City of Oxford Zero Dividend  Preference
  Shareholders elect to receive GFGIGT Shares  under  the
  Scheme resulting in £5.52 million of assets received in
  consideration  of  the  issue of  4.57  million  Geared
  Ordinary Shares at a Formula Issue Price of 120.81p and
  £16.88 million of assets received in consideration of the
  issue of 15.21 million Zero Dividend Preference Shares at
  111p,  the Placing raises £39.86 million, being  £36.10
  million by the issue of 33.12 million Income Shares  at
  109p each and £3.75 million by the issue of 3.38 million
  Zero  Dividend  Preference Shares  at  111p  each.   In
  addition  a £29.33 million bank loan will be taken  out
  with an interest rate fixed at 7.50 per cent. per annum.
  The proceeds are invested immediately.

3.    GFGIGT's issue expenses will amount to 2.10 million
  excluding  the costs of investing the proceeds  of  the
  Placing  and  the Scheme, stamp duty and excluding  the
  benefit of any transfer of securities from City of Oxford
  at  mid-market price which are compatible with GFGIGT's
  investment policy.

4.   The other assumptions numbered 4 to 17 in the GFGIGT
  Prospectus dated 27 August 1999 remain applicable.

The  definitions in the announcement shall have the  same
meaning  as  set  out in the Prospectus dated  27  August
1999.