Issue of Equity

CAPITAL GEARING TRUST plc (the 'Company')

Issue of Ordinary Shares

In accordance with its stated intention to operate an informal discount/premium
control mechanism to satisfy major market supply and demand imbalances, the
Board reports that to satisfy market demand the Company issued 2,000 ordinary 
shares of 25p each (the `Shares') at a price per share of 3,395.72p on 
26 September 2012.

The Shares were allotted for cash at a premium of 15% to the unaudited income
inclusive net asset value as at 25 September 2012 and in accordance with the
authority given to the Directors at the 2012 Annual General Meeting to allot
shares on a non pre-emptive basis.

The Company would also like to notify the market that, following the issue of 
the Shares, the Company's issued share capital consists of 2,921,906 ordinary 
shares of 25p each with voting rights. The Company holds no shares in Treasury.

Therefore, the total number of voting rights in the Company following the issue
of the Shares is 2,921,906.

The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FSA's 
Disclosure and Transparency Rules.

Enquiries:

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

Date: 26 September 2012