Net Asset Value

CAPITAL GEARING TRUST P.L.C (the "Company")

Net Asset Value

The Company announces that as at the close of business on 13 January 2012, the
unaudited capital only net asset value per ordinary share, valued on a `bid
price' basis, was 2,881.05p

Enquiries:

Keith Hawkins, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 17 January 2012