Holding(s) in Company

Capital Gearing Trust PLC
1 May 2003



                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     CAPITAL GEARING TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

      AXA S.A.

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

      NON-BENEFICIAL

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

      RBSTB NOMINEES DESIGNATION SUNPEN (A/C 776934) 
      (BENEFICIAL INTEREST OF SUN LIFE PENSIONS MANAGEMENT LTD)

5)   Number of shares/amount of stock acquired.

       UNKNOWN

6)     UNKNOWN      of issued Class

7)   Number of shares/amount of stock disposed

       N/A

8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY SHARES OF £0.25 EACH

10)  Date of transaction

      8 APRIL 2003

11)  Date company informed
 
      30 APRIL 2003

12)  Total holding following this notification

      262,801
               
13)  Total percentage holding of issued class following this notification

      10.32%

14)  Any additional information

     THE NOTIFICATION OF INTEREST IN SHARES FROM THE SHAREHOLDER TO THE
     COMPANY WAS DATED 9TH APRIL 2003 BUT AS IT WAS SENT TO THE COMPANY'S
     FORMER REGISTERED OFFICE ADDRESS, IT HAS ONLY NOW BEEN RECEIVED BY THE
     COMPANY.

15)  Name of contact and telephone number for queries

      MADELEINE CORDES, ERNST & YOUNG COMPANY SECRETARIAL GROUP.
      01582 643057

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ..1 MAY 2003.....



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