Net Asset Value(s)

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

Net Asset Value

The Company announces that as at the close of business on 16 December 2011, the
unaudited capital only net asset value per ordinary share, valued on a `bid
price' basis, was 2,834.86p

Enquiries:

Keith Hawkins, TMF Corporate Secretarial Services Limited
Email: [e-mail]
Date: 20 December 2011