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: [e-mail]

Date: 31 July 2012