Interim Management Statement

CAPITAL GEARING TRUST P.l.c.

Interim Management Statement

for the period 6 April 2013 to 5 July 2013

In accordance with the UK Listing Authority's Disclosure and Transparency Rule
4.3, Capital Gearing Trust P.l.c. (the "Company") announces its interim
management statement which relates to the period from 6 April 2013 to 5 July
2013 and contains information that covers this period and up to the date of
publication of this interim management statement, unless otherwise specified.

Investment objective

The Company aims to achieve capital growth in absolute terms principally
through investment in quoted closed-ended and other collective investment
vehicles, invested in equities or property, with a willingness to hold cash,
bonds, index-linked securities and commodities when appropriate.

Review of the period

  * Over the period from 6 April 2013 to 5 July 2013, the Company's net asset
    value ("NAV"), inclusive of income, decreased by 2.6% to 3,082p. As a
    comparator, the FTSE Equity Investment Instruments Index increased by 3.4%,
    although as an absolute return fund, the actual performance benchmark is
    cash.
   
  * The share price fell to 3,410p per Ordinary share as at 5 July 2013, a
    decrease of 0.4% from 5 April 2013.
   
  * The Company released the Preliminary Announcement of its full year results
    on 30 May 2013 and published its Annual Report for the twelve months ended
    5 April 2013 on 7 June 2013.
   
  * On 19 July 2013, the Company held its 50th Annual General Meeting. Fifteen
    resolutions were proposed and all were passed on a show of hands.
   
  * A dividend of 16p per Ordinary share was paid to shareholders on 25 July
    2013.
   
Material events and transactions

  * Government bonds had a poor period, with the potential tightening of
    monetary policy in the US causing long bond yields to rise globally.
   
  * The investment trust holdings performed well relative to broader equity
    markets due to a number of corporate actions in our larger holdings.
   
  * Jupiter Green Investment Trust PLC adopted a zero discount policy leading
    to strong share price performance.
   
  * Impax Asian Environmental Markets PLC announced its intention to liquidate
    having previously traded on a substantial discount.
   
  * The asset allocation remained essentially unchanged in the period, broadly
    spread and defensively positioned.

 
Ten Largest Investments

Name                                                          % of         % of
                                                         portfolio    portfolio
                                                         at 5 July   at 5 April
                                                              2013         2013          
                
USA Treasury 2.0% Index Linked 2026                           4.93         5.33
                                                                               
USA Treasury 1.75% Index Linked 2028                          4.36         4.80
                                                                               
Switzerland 3.0% 2018                                         4.35         4.25
                                                                               
UK Treasury 0.125%Index Linked 2024                           4.03         3.44
                                                                               
USA Treasury 1.375% Index Linked 2018                         3.85         3.84
                                                                               
North Atlantic Smaller Companies                              3.52         3.31
                                                                               
Sweden 0.5% Index Linked 2017                                 3.04         3.06
                                                                               
USA Treasury 0.625% Index Linked 2021                         2.91         3.04
                                                                               
UK Treasury 1.25% Index Linked 2027                           2.78         2.78
                                                                               
M&G High Income Investment Trust                              2.74         2.53
                                                                               
The ten largest investments at 5 July 2013 represented 33.51% of the portfolio 
compared to 36.38% at 5 April 2013.                                            


Distribution of Investment Funds of £91,304,586 at 5 July 2013

Name                          UK    North  Europe  Elsewhere     5 July 5 April
                                  America                          2013    2013       
                                                                  Total   Total
                               %        %       %          %          %       %
                                                                               
Investment Trust Assets:                                                       
                                                                               
Ordinary shares                -        -       -          -       31.5      33
                                                                               
Zero dividend preference       -        -       -          -       12.9      13
shares                                                                         
                                                                               
Other Assets:                                                                  
                                                                               
Index linked                 9.8     21.6     9.2        1.7       42.3    43.5
                                                                               
Fixed interest                 -        -     5.2          -        5.2     5.1
                                                                               
Gold                           -        -       -          -        1.5     1.8
                                                                               
Cash                           -        -       -          -        6.6     3.6


Performance

                                             At 5      At 5      At 5      At 5
                                             July     April       Jan       Oct
                                             2013      2013      2013      2012
                                                                               
NAV per Ordinary share                   3,083.1p  3,198.9p  3,035.8p  2,977.7p
                                                                               
Share price per Ordinary share           3,410.0p  3,425.0p  3,490.0p  3,440.0p
                                                                               
FTSE Equity Investment                   6,855.6p  6,683.5p  6,325.9p  6,057.8p
Instruments Index                                                              


Past performance is not a guide to future performance. The Board is not aware
of any significant events or transactions which have occurred between the 'as
at' date of the financial information and the date of publication of the IMS
which would have a material impact on the financial position of the Company.

For enquiries, please contact [e-mail] or CG
Asset Management Limited at 25 Moorgate, London, EC2R 6AY.

Further information is available on the Company's website: 
www.capitalgearingtrust.com.

Disclaimer: Neither the contents of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website (or any other
website) is incorporated into, or forms part of, this announcement.


Date: 19 August 2013