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 18 November 2011, the
unaudited capital only net asset value per ordinary share, valued on a `bid
price' basis, was 2,815.08p

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

Date: 22 November 2011