Result of AGM

Capital Gearing Trust PLC
8 July 2004


Capital Gearing Trust plc - Special Business Resolution

At the Annual General Meeting of Capital Gearing Trust plc ('capital Gearing') 
held earlier today ('The Meeting'), the ordinary and special resolutions set out 
in the notice of the said meeting were proposed and passed.

At the Meeting the following resolution, which is deemed to be special business 
under the Listing Rules, was proposed and passed as an ordinary resolution.

'That, in accordance with Article 102.1 of the Articles of Association of the 
company, the upper limit of aggregate fees that the directors (other than 
alternate directors) shall be entitled to receive by way of fees for their 
services as directors be increased from £40,000 to £50,000 per annum.'


Enquires
Andrew Kane 
Ernst& Young LLP 
01582 643272 

END


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