Portfolio Update - February 2015

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 27 February 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                      1.14%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                      0.95%        
                                                                               
Cayenne Trust 3.25% Conv 2016                               0.90%        
                                                                               
Miton Worldwide Growth Investment Trust                     0.47%        
                                                                               
LMS Capital                                                 0.35%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2020                      0.23%        
                                                                               
Schroder Global Real Estates                                0.20%        
                                                                               
Dexion Absolute EUR                                         0.18%        
                                                                               
Dexion Absolute USD                                         0.15%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                0.12%        
                                                                               
BlueCrest Blue Trend                                        0.10%        
                                                                               
BACIT                                                       0.07%        
                                                                               
Total                                                       4.86%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 27 February 2015, the
ten largest investments were as follows:

Name                                                    Percentage of         
                                                          portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                          5.89%         
                                                                               
North Atlantic Smaller Companies                            4.24%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                         3.68%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                       3.50%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                        3.43%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                         3.33%         
                                                                               
M&G High Income Investment Trust                            3.02%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                       2.76%         
                                                                               
Ecofin Water & Power Opportunities                          2.61%         
                                                                               
Switzerland 3.0% Index-Linked 2018                          2.40%         
                                                                               
Total                                                      34.86%        

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:
Katherine Manson, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 04 March 2015