Portfolio Update

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

LEI: 213800T2PJTPVF1UGW53

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 October 2018, 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
Pershing Square 5.5% 2022 1.38%
Residential Secure Income 1.37%
Utilico Finance Ltd Zero Div Pref 2020 0.81%
Utilico Finance Ltd Zero Div Pref 2018 0.65%
P2P Global Investments 0.60%
Ranger Direct Lending Zero Div Pref 2021 0.44%
Ecofin Global Utilities and Infrastructure 0.30%
BBGI SICAV SA 0.27%
John Laing Infrastructure Fund 0.07%
Hansa Trust 'A' (Non-Voting) 0.05%
Total 5.94%

Capital Gearing Trust P.l.c. also announces that, as at 5 October 2018, the ten

largest investments were as follows:

Name Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019 8.70%        
USA Treasury 2.0% Index-Linked 2026 3.43%        
USA Treasury 0.25% Index-Linked 2025 3.37%        
Vonovia 2.57%
North Atlantic Smaller Companies 2.40%
Vanguard FTSE Japan UCITS ETF 2.26%        
USA Treasury 3.875% Index-Linked 2029 2.24%
USA Treasury 2.375% Index-Linked 2025 2.22%
Investor 2.07%
Deutsche Wohnen 1.81%
Total 31.07%

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:

Steven Cowie, Company Secretary

Email: company.secretary@capitalgearingtrust.com

UK 100

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