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 18 May 2012, the
unaudited net asset values per ordinary share, valued on a `bid price' basis,
were:

Capital only - 2,880.59p
Including income - 2,903.45p  


Enquiries:

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

Date: 22 May 2012