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 16 March 2012, the
unaudited capital only net asset value per ordinary share, valued on a `bid
price' basis, was 2,880.08p.

Enquiries:

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

Date: 20 March 2012