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

Net Asset Values

The Company announces that, as at the close of business on 31 December 2014,
the unaudited net asset values per ordinary share, valued on a 'bid price'
basis, were:

Capital only: 3,182p
Including income: 3,196p

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

Date: 02 January 2015