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

Net Asset Values

The Company announces that, as at the close of business on 22 January 2015, the
unaudited net asset values per ordinary share, valued on a 'bid price' basis,
were:

Capital only: 3,248p
Including income: 3,264p

Enquiries:
Katherine Manson, TMF Corporate Secretarial Services Limited
Email: company.secretary@capitalgearingtrust.com

Date: 23 January 2015