Portfolio Update August 2015

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 August 2015, it held the

following investments in other listed closed-ended investment funds, which do

not have a stated investment policy to invest no more than 15% of their total

assets in other listed closed-ended investment funds:

Name                                                                           Percentage of     
                                                                                    portfolio         

Utilico Finance Ltd Zero Div Pref 2018                             1.10%      

Utilico Finance Ltd Zero Div Pref 2016                             0.94%      

John Laing Environmental Asset Group                            0.75%

Schroder Global Real Estates                                          0.48%                                                                            

Miton Worldwide Growth Investment Trust                        0.47%

LMS Capital                                                                   0.38%                                                                     

P2P Global Investments                                                  0.29%

Utilico Finance Ltd Zero Div Pref 2020                              0.25%      

VPC Specialty Lending Investments                                 0.21%      

SQN Asset Finance Income                                             0.19%      

Dexion Absolute EUR                                                       0.19%

Alliance Trust                                                                   0.17%      

Dexion Absolute USD                                                       0.15%      

Hansa Trust 'A' (Non-Voting)                                              0.12%      

BACIT                                                                              0.07%      

Total                                                                                 5.76%      

Capital Gearing Trust P.l.c. also announces that, as at 31 August 2015, the ten

largest investments were as follows:

Name                                                                               Percentage of   
                                                                                        portfolio           

UK Treasury 2.0% 2016                                                     5.84%       

UK Treasury 1.25% Index-Linked 2017                                4.69%       

North Atlantic Smaller Companies                                       4.57%       

USA Treasury 1.375% Index-Linked 2018                            3.48%       

USA Treasury 2.0% Index-Linked 2026                                3.25%       

M&G High Income Investment Trust                                    3.06%       

UK Treasury 0.125% Index-Linked 2024                               2.94%       

Ecofin Water & Power Opportunities                                    2.87%       

USA Treasury 0.625% Index-Linked 2021                            2.74%       

Switzerland 3.0% 2018                                                       2.34%       

Total                                                                                 35.78%      

There were no additional investments with a value greater than 5% of the

Company's portfolio.

It should be noted that the above percentages are calculated using 'bid'

prices.

Enquiries:
Steven Cowie, Company Secretary
Email: [e-mail]