Timetable for the Sale and Purchase Facility

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

                                                      17 October 2008

SALE AND PURCHASE FACILITY

In the Annual Report and Accounts for the year ended 5 April 2008,
the Chairman of the Company indicated that the Board would be writing
to shareholders with proposals to meet its longstanding commitment to
provide shareholders with an opportunity to realise their investment
in the Company. The Company intends to do this by setting up a Sale
Facility under which shareholders will have the opportunity to sell
their shares at close to underlying NAV. It is also intended that
those shareholders who wish to increase their holding will be able to
buy any shares which are sold through the Sale Facility.

The expected timetable is as follows:


Circular posted to shareholders                           17 November

Latest time for return of Sale and Purchase   1.00 p.m.on 10 December
Request Forms

Calculation of NAV for the purpose of the       the close of business
Sale and Purchase Facility                             on 10 December

 Sales and purchases effected                             11 December

Cheques despatched in respect of sale                  by 19 December
proceeds and any balance purchase monies

CREST accounts credited and Share                      by 19 December
certificates despatched in respect of Shares
purchased pursuant to the Purchase Facility

Balance certificates (if applicable)                   by 19 December
despatched to Shareholders using the Sale
Facility



It should be noted that the above expected timetable assumes that
sales and purchases of Shares under the Sale and Purchase Facility
will be undertaken on 11 December 2008. However, depending on market
conditions at the time, sales and purchases of Shares may take place
on a later date within a reasonable timeframe, in which case the
above timetable will be adjusted accordingly.


TMF Nominees Limited
Company Secretary

telephone:          [phone]
e-mail:               company.secretary @capitalgearingtrust.com

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