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 4
April 2014, 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                            1.29%        
                                                                               
Jupiter Second Split Trust                                        0.93%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.92%        
                                                                               
Cayenne Trust 3.25% 08/08/2016                                    0.91%        
                                                                               
Oryx International Growth                                         0.83%        
                                                                               
BH Global EUR                                                     0.67%        
                                                                               
Renewables Infrastructure                                         0.58%        
                                                                               
Bluecrest Bluetrend                                               0.56%        
                                                                               
Miton Worldwide Growth Trust                                      0.45%        
                                                                               
John Laing Enviromental Assets                                    0.35%        
                                                                               
Hansa Trust "A" (Non-Voting)                                      0.18%        
                                                                               
Dexion Absolute GBP (redemption 2013)                             0.11%        
                                                                               
Dexion Trading                                                    0.09%        
                                                                               
Bacit                                                             0.07%        
                                                                               
Dexion Absolute USD                                               0.06%        
                                                                               
Dexion Absolute USD (redemption)                                  0.05%        
                                                                               
Dexion Absolute GBP                                               0.04%        
                                                                               
Total                                                             8.09%        


The Company also announces that as at 4 April 2014 the ten largest investments
were as follows:

Name                                                          Percentage of     
                                                                portfolio       
                                                                               
SWITZERLAND 3.00% 08/01/2018                                      4.10         
                                                                               
UK Treasury 0.125% Index-Linked 22/03/2024                        4.00         
                                                                               
NORTH Atlantic Smaller Companies                                  3.97         
                                                                               
UK Treasury 1.25% Index-Linked 22/11/2017                         3.87         
                                                                               
USA Treasury 2.00% Index-Linked 15/01/2026                        3.42         
                                                                               
USA Treasury 1.375% Index-Linked 15/07/2018                       3.41         
                                                                               
UK Treasury 2.00% Index-Linked 22/01/2016                         3.25         
                                                                               
M&G High Income Investment Trust                                  3.04         
                                                                               
SWEDEN 0.5% Index-Linked 01/06/2017                               2.81         
                                                                               
USA Treasury 0.625% Index-Linked 15/07/2021                       2.61         
                                                                               
Total                                                            34.48%

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 April 2014