Directorate Change

Capital Gearing Trust PLC
04 January 2005


Capital Gearing Trust plc- Retirement of Chairman

Further to an announcement made on 8 July 2004, Capital Gearing Trust plc
('Capital Gearing') confirm the resignation of Mark Cornwall-Jones as Chairman
and as a director of the Company with effect from 31 December 2004.

It is further confirmed that Tony Pattison, a current director of the company,
will assume the position of Chairman with effect from 1 January 2005.


Enquries

Andrew Kane
Ernst & Young LLP
01582 643 272



                      This information is provided by RNS
            The company news service from the London Stock Exchange