Director Shareholding

Capital Gearing Trust PLC
01 October 2002

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company
Capital Gearing Trust plc

2. Name of director
J C Morton

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 a non-beneficial
interest
Spouse - non-beneficial holding

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 A G Morton

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 A G Morton

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
1000

8. Percentage of issued class
0.042

9. Number of shares/amount of stock disposed
None

10. Percentage of issued class
Not applicable

11. Class of security
Ordinary

12. Price per share
1175p

13. Date of transaction
01.10.2002

14. Date company informed
01.10.2002

15. Total holding following this notification
1000

16. Total percentage holding of issued class following this notification
0.042

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant




18. Period during which or date on which exercisable




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




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




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




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




23. Any additional information
None

24. Name of contact and telephone number for queries
Ian Sutton 020 7002 4000

25. Name and signature of authorised company official responsible for making
this notification
Ian Sutton

Date of Notification
01.10.2002

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for loss of business or loss of profits) arising in contract, tort or otherwise
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