Quarterly Portfolio Update

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

Quarterly Portfolio Update

In accordance with Listing Rule 15.6.8, the Company announces that as at 5
October 2013, it had 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                            1.00%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.92%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.90%        
                                                                               
Jupiter Second Split                                              0.82%        
                                                                               
Oryx International Growth                                         0.68%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.45%        
                                                                               
Dexion Trading                                                    0.22%        
                                                                               
Dexion Absolute GBP                                               0.16%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.16%        
                                                                               
Dexion Absolute USD                                               0.07%        
                                                                               
Advance Developing Markets                                        0.06%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             5.45%        


The Company also announces that as at 5 October 2013 the ten largest investments 
were as follows:

Name                                                          Percentage of     
                                                                portfolio       
                                                                               
UK Treasury 0.125% Index Linked 2024                              6.18%         
                                                                               
USA Treasury 2.0% Index Linked 2026                               4.63%         
                                                                               
Switzerland 3.0% 2018                                             4.25%         
                                                                               
North Atlantic Smaller Companies                                  3.73%         
                                                                               
USA Treasury 1.375% Index Linked 2018                             3.60%         
                                                                               
Sweden 0.5% Index Linked 2017                                     2.98%         
                                                                               
M&G High Income Investment Trust                                  2.76%         
                                                                               
USA Treasury 0.625% Index Linked 2021                             2.74%         
                                                                               
UK Treasury 1.25% Index Linked 2027                               2.72%         
                                                                               
Sweden 3.5% index-linked 2028                                     2.48%         
                                                                               
Total                                                            36.07%

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:
Johana J. Woodruff, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 11 October 2013