Holding(s) in Company

Capital Gearing Trust PLC
19 April 2004

To: RNS

CAPITAL GEARING TRUST plc

ARTICLE 220 INVESTIGATIONS UNDER THE COMPANIES (NORTHERN IRELAND) ORDER 1986

Please note that the above named Company carried out company investigations
under Article 220 of the Companies (Northern Ireland) Order 1986 requiring a
person whom the company had reasonable cause to believe to be interested in
shares comprised in the company's relevant share capital to confirm that fact
and to give particulars of that interest.

I can confirm that the following notifications have been received that would be 
recognised as being notifiable interests:

Registered Name             Beneficial Owner             Holding       Percentage 

Mrs V H I Maunder-Taylor    Mrs V H I Maunder-Taylor     170,586       6.19% 

Euroclear Nominees Ltd      Pictet & Cie Banquiers       148,000       5.37% 

NCL Nominees Ltd            A Tyser                      122,068       4.43%

From: Andrew Kane
      Company Secretarial Group
      Ernst & Young LLP


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