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 July
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                      1.39%        
                                                                               
Jupiter Second Split Zero Div Pref                          0.95%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                      0.94%        
                                                                               
Cayenne Trust 3.25% Conv 2016                               0.92%        
                                                                               
Oryx International Growth                                   0.79%        
                                                                              
BH Global EUR                                               0.62%        
                                                                               
Renewables Infrastructure                                   0.62%        
                                                                             
BlueCrest BlueTrend USD                                     0.58%        
                                                                               
Milton Worldwide Growth Trust                               0.47%        
                                                                               
BlueCrest BlueTrend GBP                                     0.45%        
                                                                               
John Laing Environmental Assets                             0.36%        
                                                                               
LMS Capital                                                 0.23%        
                                                                               
Dexion Absolute EUR                                         0.21%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                0.19%        
                                                                               
Dexion Absolute USD                                         0.16%        
                                                                               
BACIT                                                       0.07%        
                                                                               
Dexion Absolute GBP (redemption 2013)                       0.03%        
                                                                               
Dexion Absolute USD (redemption 2013)                       0.01%        
                                                                               
Total                                                       8.99%        
                                                                               

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

Name                                                    Percentage of         
                                                          portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                          6.15%         
                                                                               
North Atlantic Smaller Companies                            4.15%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                        4.02%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                         3.86%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                       3.38%         
                                                                               
M&G High Income Investment Trust                            3.22%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                         3.09%         
                                                                               
Sweden 0.5% Index-Linked 2017                               2.65%         
                                                                               
Ecofin Water & Power Opportunities                          2.64%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                       2.61%         
                                                                               
Total                                                      35.77%   
     

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: 8 July 2014