Portfolio Update - November 2014

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 November 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                       1.09%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                       0.95%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                0.88%        
                                                                               
Miton Worldwide Growth Investment Trust                      0.46%        
                                                                               
John Laing Environmental Assets                              0.36%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2020                       0.23%        
                                                                               
LMS Capital                                                  0.21%        
                                                                               
Dexion Absolute EUR                                          0.20%        
                                                                               
Dexion Absolute USD                                          0.18%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                 0.13%        
                                                                               
BlueCrest Blue Trend                                         0.09%        
                                                                               
BACIT                                                        0.07%        
                                                                               
Dexion Absolute GBP (redemption 2013)                        0.03%        
                                                                               
Dexion Absolute USD (redemption 2013)                        0.01%        
                                                                               
Total                                                        4.89%        
                                                                               

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

Name                                                     Percentage of         
                                                           portfolio             
                                                                               
UK Treasury 2.0% 2016                                        5.97%         
                                                                               
North Atlantic Smaller Companies                             4.07%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                          3.77%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                         3.69%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                        3.52%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                          3.28%         
                                                                               
M&G High Income Investment Trust                             3.05%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                        2.74%         
                                                                               
Ecofin Water & Power Opportunities                           2.63%         
                                                                               
Sweden 0.5% Index-Linked 2017                                2.58%         
                                                                               
Total                                                       35.30%        

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 December 2014