Director Shareholding

Capital Gearing Trust PLC
14 March 2002


Capital Gearing Trust plc (the Company) 

Director Shareholding

The Company has been advised that on 13th March 2002, Mr T R Pattison
transferred 3000 ordinary shares of the Company into a self invested pension
fund at a price of 1310 pence per share. The pension fund is administered
specifically for the benefit of Mr Pattison. However, beneficial interest in the
shares has been transferred to the provider of the fund. Accordingly, 
Mr Pattison's interest in the share capital of the Company has been reduced to 
2430 ordinary shares.


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