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 20 January 2015, the
unaudited net asset values per ordinary share, valued on a 'bid price' basis,
were:

Capital only: 3,236p
Including income: 3,252p

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

Date: 21 January 2015