Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY AND CONNECTED PERSONS

1.   Name of the issuer                                                        
                                                                               
     CAPITAL GEARING TRUST P.L.C.                                              
                                                                               
2.   State whether the notification relates to (i) a transaction notified in   
     accordance with DTR 3.1.2R, (ii) a disclosure made in accordance with LR  
     9.8.6R(1) or iii) a disclosure made in accordance with section 793 of the 
     Companies Act (2006)                                                      
                                                                               
     THE NOTIFICATION RELATES TO A TRANSACTION NOTIFIED IN ACCORDANCE          
     WITH DTR 3.1.2R                                                           
                                                                               
3.   Name of person discharging managerial responsibilities/director           
                                                                               
     MR ALASTAIR LAING (DIRECTOR)                                              
                                                                               
4.   State whether notification relates to a person connected with a person    
     discharging managerial responsibilities/director named in 3 and identify  
     the connected person                                                      
                                                                               
     MRS GEORGINA LAING (SPOUSE)                                               
                                                                               
5.   Indicate whether the notification is in respect of a holding of           
     the person referred to in 3 or 4 above or in respect of a non-beneficial  
     interest                                                                  
                                                                               
     NOTIFICATION IS IN RESPECT OF A HOLDING OF THE CONNECTED PERSON REFERRED  
     TO IN 4 ABOVE                                                             
                                                                               
6.   Description of shares (including class), debentures or derivatives or     
     financial instruments relating to shares                                  
                                                                               
     ORDINARY SHARES OF £0.25 EACH                                             
                                                                               
7.   Name of registered shareholders(s) and, if more than one, the number      
     of shares held by each of them                                            
                                                                               
     SMITH & WILLIAMSON NOMINEES LIMITED                                       
                                                                               
8.   State the nature of the transaction                                       
                                                                               
     ACQUISITION                                                               
                                                                               
9.   Number of shares, debentures or financial instruments relating            
     to shares acquired                                                        
                                                                               
     500                                                                       
                                                                               
10.  Percentage of issued class acquired (treasury shares of that class should 
     not be taken into account when calculating percentage)                    
                                                                               
     0.017%                                                                    
                                                                               
11.  Number of shares, debentures or financial instruments relating            
     to shares disposed                                                        
                                                                               
     N/A                                                                       
                                                                               
12.  Percentage of issued class disposed (treasury shares of that class should 
     not be taken into account when calculating percentage)                    
                                                                               
     N/A                                                                       
                                                                               
13.  Price per share or value of transaction                                   
                                                                               
     £32.98 PER SHARE                                                          
                                                                               
14.  Date and place of transaction                                             
                                                                               
     6 DECEMBER 2013, LONDON                                                   
                                                                               
15.  Total holding following notification and total percentage holding         
     following notification (any treasury shares should not be taken into      
     account when calculating percentage)                                      
                                                                               
     658 ORDINARY SHARES OF £0.25 EACH, 0.022%                                 
                                                                               
16.  Date issuer informed of transaction                                       
                                                                               
     6 NOVEMBER 2013                                                           
                                                                               
17.  Any additional information                                                
                                                                               
     N/A                                                                       
                                                                               
18.  Name of contact and telephone number for queries                          
                                                                               
     JOHANA WOODRUFF, TMF CORPORATE SECRETARIAL SERVICES LIMITED               
                                                                               
     TEL. [phone]                                                         
                                                                               
19.  Name of authorised official of issuer responsible for making notification 
                                                                               
     JOHANA WOODRUFF, FOR AND ON BEHALF OF TMF NOMINEES LIMITED, COMPANY       
     SECRETARY                                                                 
                                                                               
20.  Date of notification                                                      
                                                                               
     9 DECEMBER 2013