Portfolio Update - January 2015

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 January 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                         1.09%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                         0.93%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                  0.87%        
                                                                               
Miton Worldwide Growth Investment Trust                        0.46%        
                                                                               
LMS Capital                                                    0.36%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2020                         0.23%        
                                                                               
Dexion Absolute EUR                                            0.19%        
                                                                               
Dexion Absolute USD                                            0.18%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                   0.12%        
                                                                               
BlueCrest Blue Trend                                           0.10%        
                                                                               
BACIT                                                          0.07%        
                                                                               
Dexion Absolute GBP (redemption 2013)                          0.02%        
                                                                               
Dexion Absolute USD (redemption 2013)                          0.01%        
                                                                               
Total                                                          4.63%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 30 January 2015, the
ten largest investments were as follows:

Name                                                       Percentage of         
                                                             portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                             5.84%         
                                                                               
North Atlantic Smaller Companies                               4.15%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                            3.66%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                          3.58%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                           3.47%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                            3.46%         
                                                                               
M&G High Income Investment Trust                               2.98%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                          2.84%         
                                                                               
Ecofin Water & Power Opportunities                             2.58%         
                                                                               
Switzerland 3.0% Index-Linked 2018                             2.52%         
                                                                               
Total                                                         35.08%        

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: 05 February 2015