Substantial Acquisitions of Shares Disclosure

Capital Gearing Trust PLC
29 June 2000

DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ('SARS')

Following a reclassification of clients, Cazenove Fund Management Limited has an
interest in 427,018 Capital Gearing Trust ordinary 25p shares.  This represents
18.77% of the issued ordinary shares of the Company.

This interest arises as a result of Cazenove Fund Management Limited managing
these shares as an authorised investment manager.