Issue of Equity

Capital Gearing Trust PLC
2 October 2003


Issue of Ordinary shares

The Board of Capital Gearing Trust plc are pleased to announce the issue of
209,000 Ordinary shares at a price of 14685p per share on 1 October 2003. The
shares were allotted for cash at a premium to the net asset value under Article
90 (disapplication of pre-emption provisions) of the Companies (Northern
Ireland) Order 1986. Following the issue, there will be 2,754,906 Ordinary
shares in issue.

Enquiries
Andrew Kane
Ernst & Young LLP
01582 643272


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