Director/PDMR Shareholding

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1.	Name of the issuer CAPITAL GEARING TRUST P.L.C.	2.	State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance with section 793 of the Companies Act (2006)  or (iii) in accordance with paragraph 26 of the Model Code (i)
3.	Name of person discharging managerial responsibilities/director ALASTAIR LAING (DIRECTOR)	4.	State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person  ALASTAIR LAING AND HIS CONNECTED PERSONS (SPOUSE AND CHILDREN)
5.	Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a nonbeneficial interest1 BENEFICIAL INTEREST	6.	Description of shares (including class), debentures or derivatives or financial instruments relating to shares ORDINARY SHARES
7.	Name of registered shareholders(s) and, if more than one, the number of shares held by each of them BREWIN NOMINEES LTD – 4,232 SMITH & WILLIAMSON NOMINEES LTD – 975 JIM NOMINESS LTD - 366	8.	State the nature of the transaction ACQUISITION
9.	Number of shares, debentures or financial instruments relating to shares acquired 22 SEPTEMBER 2015 – 2,109	10.	Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 0.07%
11.	Number of shares, debentures or financial instruments relating to shares disposed	12.	Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
13.	Price per share or value of transaction 22 SEPTEMBER 2015 1268 SHARES AT   3,255.5p PER SHARE 841 SHARES AT 3,250.25p PER SHARE	14.	Date and place of transaction 22 SEPTEMBER 2015

15.	Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) ORDINARY SHARES 5,573 (0.19%)	16.	Date issuer informed of transaction 22  SEPTEMBER 2015

If a person discharging managerial responsibilities has been granted options by the issuer

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 and number)
21.	Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise	22.	Total number of shares or debentures over which options held following notification
23.	Any additional information	24.	Name of contact and telephone number for queries STEVEN COWIE 0131 538 6604

Name of authorised official of issuer responsible for making notification STEVEN COWIE Date of notification ________22 SEPTEMBER 2015 ___________________________________

Notes:This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1)	An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)	An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
(3)	An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4)	An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.