Issue of Equity

Capital Gearing Trust PLC
20 September 2005


REGULATORY ANNOUNCEMENT

CAPITAL GEARING TRUST plc

Issue of Ordinary Shares

The Board of Capital Gearing Trust plc are pleased to announce the issue of
10,000 Ordinary shares at a price of 2,083p per share on 20 September 2005. The
shares were allotted for cash at a premium to the net asset value in accordance
with the authority given to the directors at the 2005 Annual General Meeting to
allot shares on a non pre-emptive basis. Following the issue, there will be
2,794,906 Ordinary shares in issue.


Enquiries
Andrew Kane
Ernst & Young LLP
01582 643 272


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