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 2
April 2015, 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                         1.11%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                         0.93%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                  0.80%        
                                                                               
Miton Worldwide Growth Trust                                   0.47%        
                                                                               
LMS Capital                                                    0.40%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2020                         0.24%        
                                                                               
Schroder Global Real Estates                                   0.24%        
                                                                               
Dexion Absolute EUR                                            0.18%        
                                                                               
Dexion Absolute USD                                            0.15%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                   0.12%        
                                                                               
BlueCrest BlueTrend                                            0.10%        
                                                                               
BACIT                                                          0.07%        
                                                                               
Total                                                          4.81%        
                                                                               

The Company also announces that as at 2 April 2015 the ten largest investments
were as follows:

Name                                                       Percentage of         
                                                             portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                             5.77%         
                                                                               
North Atlantic Smaller Companies                               4.26%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                            3.61%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                          3.57%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                            3.40%         
                                                                               
M&G High Income Investment Trust                               2.98%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                           2.93%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                          2.82%         
                                                                               
Ecofin Water & Power Opportunities                             2.72%         
                                                                               
Switzerland 3.0% Index-Linked 2018                             2.42%         
                                                                               
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:
Katherine Manson, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 09 April 2015