Investment Manager

Capital Gearing Trust PLC
4 January 2001

  
Capital Gearing Trust p.l.c. (the 'Company')

Peter Spiller will be leaving Cazenove & Co in April 2001 to set up a new fund
management company.

The board of Capital Gearing Trust p.l.c. wishes to continue to have the
assets of the Company managed by Mr Spiller and is discussing with him how
this may be achieved.

Enquiries:

Peter Spiller 020 7588 2828