Annual Report and Accounts

Capital Gearing Trust PLC
8 June 2004


REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2004

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

Enquiries

Andrew Kane 
Ernst & Young LLP 
01582 643272


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