Issue of Equity

Capital Gearing Trust PLC
01 October 2003


Capital Gearing Trust p.l.c.

Issue of Equity

The Board of Capital Gearing Trust p.l.c. are pleased to announce the issue of
209,000 ordinary shares at a price of 1468.5p per share on 1 October 2003. 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 2,754,906 ordinary shares in issue.

Enquiries:

Peter Spiller
CG Asset Management 020 7776 5448

END




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