Net Asset Value

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

Net Asset Values

The Company announces that, as at the close of business on 17 December 2014,
the unaudited net asset values per ordinary share, valued on a 'bid price'
basis, were:

Capital only: 3,167p
Including income: 3,180p

Enquiries:
Katherine Manson, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 18 December 2014