TO: PR Newswire

    FROM: CAPITAL GEARING TRUST P.L.C.

    DATE: 24 JANUARY 2017

    ADDITIONAL LISTING OF SHARES

    The Board announces that an application has been made to the UK Listing
    Authority and the London Stock Exchange for the block listing of 412,544
    ordinary shares of 25 pence each in the capital of the Company which will, when
    issued, rank pari passu with the existing ordinary shares of the Company. The
    block listing will be used for the purposes of operating the premium control
    policy of the Company and it is expected that this block listing will become
    effective at 8.00 a.m. on 25 January 2017.

    Any shares issued in connection with this block listing application will be
    issued at prices which shall be a premium to net asset value and therefore will
    not result in a dilution of the net asset value per share of the Company.

    All enquiries

    Steven Cowie (Company Secretary)
    Tel: 0131 538 6604