Quarterly 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 31 December 2021, 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 net assets
GCP Infrastructure Investments	0.87%
Residential Secure Income	0.75%
RIT Capital Partners	0.32%
Pershing Square Holdings	0.28%
BBGI Global Infrastructure	0.12%
Pantheon Infrastructure	0.07%
UIL Zero Div Pref 2022	0.04%
UIL Zero Div Pref 2024	0.02%
Total	2.47%

Capital Gearing Trust P.l.c. also announces that, as at 31 December 2021, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	4.42%
iShares MSCI Japan ESG Screened UCITS ETF	4.16%
Vonovia	2.25%
Grainger	2.14%
iShares Core FTSE 100 ETF	1.99%
Secure Income REIT	1.94%
North Atlantic Smaller Companies	1.76%
US Treasury 0.375% Index-Linked 2044	1.60%
Sweden 0.25% Index-Linked 2022	1.47%
Japan Treasury Index-Linked 0.1% 2029	1.40%
Total	23.13%

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:

Juniper Partners Limited, Company Secretary

Email: [e-mail]