Guinness Flight Venture Capital Trust Plc                   

The Company announces that as at the close of business on 31 May 2005 the 10
largest investments in the Company's portfolio were:

Top Ten                              % Gross Assets  
                                                     
Mawdsley's GNS Limited              13.76            
                                                     
Higher Nature Limited               11.29            
                                                     
Pearl Products Limited              9.80             
                                                     
Bridgefilms Limited                 9.53             
                                                     
Offstump Limited                    8.88             
                                                     
Linguaphone Group Plc               6.33             
                                                     
LFR Plc                             5.65             
                                                     
Fine Art Logistics                  5.29             
                                                     
Espresso Broadband                  5.17             
                                                     
International Diagnostics Group     3.94             
                                                     
                                    79.64            

Enquiries please contact:

Heather Williams 020 7597 2000

Investec Investment Management Limited



END
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