Directors' Dealings

Capital Gearing Trust PLC
13 January 2000



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    CAPITAL GEARING TRUST PLC


2)  NAME OF DIRECTOR

    M R CORNWALL-JONES


3)  Please state whether notification indicates that it is in respect of
    holding of the Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a 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)

    M R CORNWALL-JONES

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

    1,000

8)   (0.04%)
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (    % )
   of issued Class


11) Class of security

    ORDINARY


12) Price per share

    968P


13) Date of transaction

    10.1.2000


14) Date company informed

    12.1.2000


15) Total holding following this notification

    6,000


16) Total percentage holding of issued class following this notification

    0.26%


     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



24) Name of contact and telephone number for queries



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

    Date of Notification..... 13 JANUARY 2000 ............



                       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 Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a 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

    1,000

8)   (0.04%)
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (    % )
   of issued Class


11) Class of security

    ORDINARY


12) Price per share

    968P


13) Date of transaction

    10.1.2000


14) Date company informed

    12.1.2000

15) Total holding following this notification

    1,000

16) Total percentage holding of issued class following this notification

    0.04%


     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



24) Name of contact and telephone number for queries



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

    Date of Notification..... 13 JANUARY 2000 ............




                       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 Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a 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

    1,000

8)   (0.04%)
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (    % )
   of issued Class


11) Class of security

    ORDINARY


12) Price per share

    968P


13) Date of transaction

    10.1.2000


14) Date company informed

    12.1.2000


15) Total holding following this notification

    3,000


16) Total percentage holding of issued class following this notification

    0.08%


     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



24) Name of contact and telephone number for queries



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

    Date of Notification..... 13 JANUARY 2000 ............