Portfolio Update - May 2015

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 29 May 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                           1.12%        
                                                                              
Utilico Finance Ltd Zero Div Pref 2016                           0.93%        
                                                                              
The Cayenne Trust 3.25% Conv 2016                                0.80%        
                                                                              
Miton Worldwide Growth Investment Trust                          0.47%        
                                                                              
LMS Capital                                                      0.40%        
                                                                              
Schroder Global Real Estates                                     0.24%        
                                                                              
Utilico Finance Ltd Zero Div Pref 2020                           0.23%        
                                                                              
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                                                            4.81%        
                                                                              

Capital Gearing Trust P.l.c. also announces that, as at 29 May 2015, the ten
largest investments were as follows:

Name                                                     Percentage of         
                                                         portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                               5.77%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                              4.66%         
                                                                               
North Atlantic Smaller Companies                                 3.29%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                            3.49%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                              3.29%         
                                                                               
M&G High Income Investment Trust                                 3.98%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                             2.92%         
                                                                               
Ecofin Water & Power Opportunities                               2.82%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                            2.75%         
                                                                               
Switzerland 3.0% Index-Linked 2018                               2.39%         
                                                                               
Total                                                            35.36%        

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: 03 June 2015