Holding(s) in Company

Capital Gearing Trust PLC
10 February 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

     AXA S.A.


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

     NON-BENEFICIAL


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

     BNY (OCS) NOMINEES LIMITED (A/C 70001375117)


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

     252,200


8)   Percentage of issued Class

     9.1%


9)   Class of security

     ORDINARY SHARES OF £0.25 EACH


10)  Date of transaction

     23RD JANUARY 2004


11)  Date company informed
     
     26TH JANUARY 2004


12)  Total holding following this notification

     23,337

               
13)  Total percentage holding of issued class following this notification

     0.8%


14)  Any additional information



15)  Name of contact and telephone number for queries

     ANDREW KANE, ERNST & YOUNG COMPANY SECRETARIAL GROUP 
     01582 643272


16)  Name and signature of authorised company official responsible for 
     making this notification
     
     ANDREW KANE, ERNST & YOUNG COMPANY SECRETARIAL GROUP 
     01582 643272


     Date of Notification      10 FEBRUARY 2004


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