Director Shareholding

Capital Gearing Trust PLC
4 January 2001


                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    CAPITAL GEARING TRUST PLC

2)  NAME OF DIRECTOR

    T R PATTISON

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 or in respect of an non-beneficial interest

    SELF

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

    T R PATTISON

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    -

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    PURCHASE

7)  Number of shares/amount of
    stock acquired

    715

8)   (0.03%)
    of issued Class


9)  Number of shares/amount
    of stock disposed

    -

10)  ( - %)
    of issued Class


11) Class of security

    ORDINARY 

12) Price per share

    973P

13) Date of transaction

    28.12.2000

14) Date company informed

    03.01.2001

15) Total holding following this notification

    3715

16) Total percentage holding of issued class following this notification

    0.16

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

    N/A

18) Period during which or date on which exercisable

    N/A

19) Total amount paid (if any) for grant of the option

    N/A

20) Description of shares or debentures involved: class, number.

    N/A

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    N/A

22) Total number of shares or debentures over which options held
    following this notification

    N/A

23) Any additional information

    N/A

24) Name of contact and telephone number for queries

    N/A

25) Name and signature of authorised company official responsible for
    making this notification

   Date of Notification      4 JANUARY 2001                           




                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    CAPITAL GEARING TRUST PLC

2)  NAME OF DIRECTOR

    T R PATTISON

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 or in respect of an non-beneficial interest

    WIFE OF DIRECTOR

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

    MRS C M PATTISON

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    MRS C M PATTISON

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    PURCHASE

7)  Number of shares/amount of
    stock acquired

    715

8)   (0.03%)
    of issued Class


9)  Number of shares/amount
    of stock disposed

    -

10)  ( - %)
    of issued Class


11) Class of security

    ORDINARY 

12) Price per share

    973P

13) Date of transaction

    28.12.2000

14) Date company informed

    03.01.2001

15) Total holding following this notification

    1,715

16) Total percentage holding of issued class following this notification

    0.07

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

    N/A

18) Period during which or date on which exercisable

    N/A

19) Total amount paid (if any) for grant of the option

    N/A

20) Description of shares or debentures involved: class, number.

    N/A

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    N/A

22) Total number of shares or debentures over which options held
    following this notification

    N/A

23) Any additional information

    N/A

24) Name of contact and telephone number for queries

    N/A

25) Name and signature of authorised company official responsible for
    making this notification

   Date of Notification      4 JANUARY 2001