Directorate Change

Capital Gearing Trust PLC
8 July 2004


Capital Gearing Trust plc - Retirement of Chairman

Capital Gearing Trust plc ('Capital Gearing') announces the proposed retirement
of Mark Cornwall-Jones as Chairman and as a director of the Company with effect 
from 31 December 2004, as agreed at the Board meeting of the company held 
earlier today.

It is the intention of the board, that Tony Pattison, a current director, will 
assume the role of Chairman as of 1 January 2005.

Enquiries

Andrew Kane
Ernst & Young LLP
01582 643272


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