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

Capital only: 3,219p
Including income: 3,245p

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

Date: 19 May 2015