Portfolio Update - July 2014

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 July 2014, 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                        1.05%        
                                                                               
Jupiter Second Split Zero Div Pref                            0.94%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                        0.94%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                 0.91%        
                                                                               
Oryx International Growth                                     0.79%        
                                                                               
BH Global EUR                                                 0.62%        
                                                                               
Renewables Infrastructure                                     0.61%        
                                                                               
Milton Worldwide Growth Trust                                 0.47%        
                                                                               
John Laing Environmental Assets                               0.35%        
                                                                               
LMS Capital                                                   0.23%        
                                                                               
BlueCrest BlueTrend GBP                                       0.21%        
                                                                               
Dexion Absolute EUR                                           0.20%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                  0.19%        
                                                                               
Dexion Absolute USD                                           0.16%        
                                                                               
BACIT                                                         0.07%        
                                                                               
Dexion Absolute GBP (redemption 2013)                         0.03%        
                                                                               
Dexion Absolute USD (redemption 2013)                         0.01%        
                                                                               
Total                                                         7.78%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 31 July 2014, the ten
largest investments were as follows:

Name                                                      Percentage of         
                                                            portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                            6.11%         
                                                                               
North Atlantic Smaller Companies                              4.11%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                          4.03%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                           3.84%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                         3.40%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                           3.16%         
                                                                               
M&G High Income Investment Trust                              3.10%         
                                                                               
Sweden 0.5% Index-Linked 2017                                 2.66%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                         2.64%         
                                                                               
Ecofin Water & Power Opportunities                            2.63%         
                                                                               
Total                                                        35.68%        


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: 6 August 2014