Director Shareholding

Capital Gearing Trust PLC
9 July 2004


                               SCHEDULE 11
     
         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

     
1)   NAME OF COMPANY

     CAPITAL GEARING TRUST PLC


2)   NAME OF DIRECTOR

     EDWIN GRAHAM MEEK


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

     SHAREHOLDER NAMED ABOVE


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

     EDWIN GRAHAM MEEK


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

     N/A


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

     PURCHASE OF SHARES


7)   Number of shares/amount of
     stock acquired

     2,500


8)   Percentage of issued Class

     0.09


9)   Number of shares/amount
     of stock disposed

     N/A


10)  Percentage of issued Class

     N/A


11)  Class of security

     ORDINARY SHARES OF £0.25 EACH


12)  Price per share

     1570P


13)  Date of transaction

     9 JULY 2004


14)  Date company informed

     9 JULY 2004


15)  Total holding following this notification

     2,500


16)  Total percentage holding of issued class following this notification
     
     0.09


     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

     KEITH HAWKINS 
     ERNST & YOUNG LLP
     01582 643 276     

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


     Date of Notification                                 
     
     9 JULY 2004


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