Issue of Equity

Capital Gearing Trust PLC
05 December 2002


Capital Gearing Trust p.l.c.

Issue of Ordinary Shares

The Board of Capital Gearing Trust p.l.c. are pleased to announce the issue of
120,000 ordinary shares at a price of 1231p per share on 5 December 2002. The
shares were allotted for cash at a premium to the net asset value under Section
95 (disapplication of pre-emption provisions) of the Companies Act 1985.
Following the issue, there will be 2,545,906 ordinary shares in issue.


Enquiries:

Peter Spiller
CG Asset Management
020 7776 5448

END


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