Holding(s) in Company

Capital Gearing Trust PLC
02 December 2004


                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1. Name of company

CAPITAL GEARING TRUST PLC


2. Name of shareholder having a major interest

CAZENOVE FUND MANAGEMENT LIMITED


3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18

SEE ADDITIONAL INFORMATION BELOW


4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them

NOT KNOWN


5. Number of shares / amount of stock acquired

N/A


6. Percentage of issued class

N/A


7. Number of shares / amount of stock disposed                   250,000


8. Percentage of issued class                                        9.07%


9. Class of security

ORDINARY 25p SHARES


10. Date of transaction

16 NOVEMBER 2004





11. Date company informed

2 DECEMBER 2004


12. Total holding following this notification                       146,390


13. Total percentage holding of issued class following this notification

                                                                          5.31%


14. Any additional information

INTEREST ARISES AS A RESULT OF CAZENOVE FUND MANAGEMENT LIMITED MANAGING THESE
SHARES AS AN AUTHORISED INVESTMENT MANAGER, EITHER DIRECTLY OR THROUGH ONE OF
THEIR ASSOCIATED COMPANIES


15. Name of contact and telephone number for queries

ANDREW KANE, ERNST & YOUNG COMPANY SECRETARIAL GROUP, TEL: [phone]


16. Name and signature of authorised company official responsible for making
this notification

ANDREW KANE, ERNST & YOUNG COMPANY SECRETARIAL GROUP, TEL: [phone]



Date of notification

2 DECEMBER 2004







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