Portfolio Update July 2013

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 July 2013, 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                            0.99%        
                                                                               
Advance Developing Markets                                        0.97%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.88%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.88%        
                                                                               
Jupiter Second Split                                              0.82%        
                                                                               
Oryx International Growth                                         0.60%        
                                                                               
Dexion Absolute GBP                                               0.49%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.45%        
                                                                               
Dexion Absolute USD                                               0.23%        
                                                                               
Dexion Trading                                                    0.22%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                      0.15%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             6.69%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 31 July 2013, the ten
largest investments were as follows:

Name                                                          Percentage of         
                                                                portfolio             
                                                                               
USA Treasury 2.0% Index-Linked 2026                               4.88%         
                                                                               
Switzerland 3.0% 2018                                             4.35%         
                                                                               
USA Treasury 1.75% Index-Linked 2028                              4.32%         
                                                                               
UK Treasury 0.125%Index-Linked 2024                               3.94%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                             3.78%         
                                                                               
North Atlantic Smaller Companies                                  3.65%         
                                                                               
Sweden 0.5% Index-Linked 2017                                     3.07%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                             2.88%         
                                                                               
UK Treasury 1.25% Index-Linked 2027                               2.73%         
                                                                               
M&G High Income Investment Trust                                  2.71%         
                                                                               
Total                                                            36.31%        

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:
Johana J. Woodruff, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 2 August 2013