Net Asset Value(s)

CAPITAL GEARING TRUST P.L.C (the "Company") Net Asset Values The Company announces that as at the close of business on 27 July 2012, the unaudited net asset values per ordinary share, valued on a `bid price' basis, were: Capital only - 2,923.46p Including income - 2,930.44p Enquiries: Keith Hawkins, TMF Corporate Secretarial Services Limited Email: company.secretary@capitalgearingtrust.com Date: 31 July 2012
UK 100