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 21 October 2011, the
unaudited capital only net asset value per ordinary share, calculated on a `bid
price' basis was: 2,795p

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

Date: 24 October 2011