Portfolio Update - June 2014

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 June 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                            1.39%        
                                                                               
Jupiter Second Split Zero Div Pref                                0.94%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.94%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                     0.92%        
                                                                               
Oryx International Growth                                         0.79%        
                                                                               
BH Global EUR                                                     0.64%        
                                                                               
Renewables Infrastructure                                         0.61%        
                                                                               
BlueCrest BlueTrend USD                                           0.58%        
                                                                               
Milton Worldwide Growth Trust                                     0.47%        
                                                                               
BlueCrest BlueTrend GBP                                           0.45%        
                                                                               
John Laing Environmental Assets                                   0.36%        
                                                                               
LMS Capital                                                       0.23%        
                                                                               
Dexion Absolute EUR                                               0.21%        
                                                                               
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                                                             8.99%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 30 June 2014, the ten
largest investments were as follows:

Name                                                         Percentage of         
                                                               portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                               6.13%         
                                                                               
North Atlantic Smaller Companies                                 4.13%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                             4.03%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                              3.85%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                            3.39%         
                                                                               
M&G High Income Investment Trust                                 3.21%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                              3.13%         
                                                                               
Sweden 0.5% Index-Linked 2017                                    2.71%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                            2.63%         
                                                                               
Ecofin Water & Power Opportunities                               2.51%         
                                                                               
Total                                                            35.72%        

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: 4 July 2014