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 4 December 2014, the
unaudited net asset values per ordinary share, valued on a 'bid price' basis,
were:

Capital only: 3,183p
Including income: 3,195p

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

Date: 5 December 2014