Net Asset Values

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

Net Asset Values

The Company announces that as at the close of business on 20 April 2012, the
unaudited net asset values per ordinary share, valued on a `bid price' basis,
were:

Capital only - 2,868.27p

Including income - 2,886.03p

Enquiries:

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

Date: 24 April 2012