Directorate Change

CAPITAL GEARING TRUST P.L.C.

6 November 2013

Directorate Change/Appointment of Director

Capital Gearing Trust P.l.c. ("CGT" and the "Company") is pleased to announce
that Mr Alastair Laing has today been appointed to the Board as a non-executive
director.

Since joining CG Asset Management Limited ("CGAM") in November 2010, Mr Laing
has worked alongside Mr Peter Spiller as CGT's investment manager. A chartered
accountant, Mr Laing, aged 36, joined CGAM from Hg Capital LLP (a pan-European
private equity fund) and previously worked with the mergers and acquisitions
team at Deloitte LLP. He is a graduate of Edinburgh University and was an MBA
Scholar at London Business School.

The Board further reports that Mr Spiller, having served as a director since
1986, has indicated that he will not stand for re-election at the next AGM
which will be held on 11 July 2014. He remains in his role as co-investment
manager with Mr Laing and as Chief Executive of CGAM.

The Board's aim is to refresh the governance of the Company; there will be no
change in the investment management. Mr Spiller continues to enjoy actively
managing the trust and his day-to-day role will remain unchanged.

Mr Laing has confirmed that he has no information to be disclosed under
paragraph 9.6.13 of the Listing Rules with regard to his appointment.

Capital Gearing Trust P.l.c. operates as an investment company as defined under
section 833 of the 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
Tel: [phone]
Email: [e-mail]

CG Asset Management Limited
Investment Manager
Tel: [phone]

Johana J. Woodruff
TMF Nominees Limited
Company Secretary
Email: [e-mail]

6 November 2013