Close Period Share Repurchase Programme

3 October 2014

Close Period Share Repurchase Programme

Capital Gearing Trust P.l.c. ("Capital Gearing" or the "Company") announces
that it is entering into a close period in respect of its financial year ending
5 October 2014 until the announcement of the Company's half year results.

The Company has entered into an irrevocable, non-discretionary arrangement with
its broker, J.P. Morgan Securities Plc ("JP Morgan Cazenove"), to purchase
ordinary shares of £0.25 each on its own behalf during this close period. JP
Morgan Cazenove will arrange for market purchases of the Company's shares
should they be available at a discount of between 1% and 1.25% of net asset
value, consistent with the Board's long-term view that there should be no
significant discount. It is intended that any shares purchased will be
transferred into treasury, rather than being cancelled. Whilst the shares are
held in treasury, no dividends will be paid on them and they will have no
voting rights.

Any acquisitions will be effected within certain pre-set parameters, and in
accordance with both the Company's general authority to repurchase shares and
Chapter 12 of the Listing Rules. Capital Gearing confirms that it currently has
no unpublished price-sensitive information.

Capital Gearing Trust P.l.c. operates as an investment company as defined under
s833 Companies Act 2006. Its investment objective is to achieve capital growth
in absolute terms principally through investment in quoted closed-ended and
other collective investment vehicles, which invest in equities or property, and
which have a willingness to hold cash, bonds, index-linked securities and
commodities when appropriate.

For further information, please contact:

Tony Pattison
Chairman
Direct: 020 7776 9888
Switchboard: 020 7600 0011
Email: [e-mail]

Alastair Laing
Director
020 7131 4423
[e-mail]