Annual Report and Accounts

Capital Gearing Trust PLC
28 July 2003

CAPITAL GEARING TRUST plc

REPORT AND ACCOUNTS FOR THE YEAR ENDED 5th APRIL 2003

A copy of the above document has been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority 
25 The North Colonnade 
Canary Wharf 
London E14 5HS
Tel No 020 7676 1000



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