Guinness Flight Venture Capital Trust Plc                   

The Company announces that as at the close of business on 30 November 2003 the
10 largest investments in the Company's portfolio were:

Top Ten                              % Gross Assets  
                                                     
Offstump Limited                          12.81      
                                                     
Bridgefilms Limited                       11.01      
                                                     
Pearl Products Limited                    10.40      
                                                     
Mawdsley's Limited                        7.73       
                                                     
Higher Nature Limited                     6.57       
                                                     
Fine Art Logistics                        6.37       
                                                     
Linguaphone Group Plc                     5.50       
                                                     
LFR Plc                                   5.49       
                                                     
Henry J Bean's Limited                    5.25       
                                                     
Espotting Media                           3.47       

Enquiries please contact:

Martin Slade 020 7597 2000

Investec Investment Management Limited



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