Directorate Change

CAPITAL GEARING TRUST P.L.C. 6 November 2013 Directorate Change/Appointment of Director Capital Gearing Trust P.l.c. ("CGT" and the "Company") is pleased to announce that Mr Alastair Laing has today been appointed to the Board as a non-executive director. Since joining CG Asset Management Limited ("CGAM") in November 2010, Mr Laing has worked alongside Mr Peter Spiller as CGT's investment manager. A chartered accountant, Mr Laing, aged 36, joined CGAM from Hg Capital LLP (a pan-European private equity fund) and previously worked with the mergers and acquisitions team at Deloitte LLP. He is a graduate of Edinburgh University and was an MBA Scholar at London Business School. The Board further reports that Mr Spiller, having served as a director since 1986, has indicated that he will not stand for re-election at the next AGM which will be held on 11 July 2014. He remains in his role as co-investment manager with Mr Laing and as Chief Executive of CGAM. The Board's aim is to refresh the governance of the Company; there will be no change in the investment management. Mr Spiller continues to enjoy actively managing the trust and his day-to-day role will remain unchanged. Mr Laing has confirmed that he has no information to be disclosed under paragraph 9.6.13 of the Listing Rules with regard to his appointment. Capital Gearing Trust P.l.c. operates as an investment company as defined under section 833 of the Companies Act 2006. Its investment objective is to achieve capital growth in absolute terms principally through investment in quoted closed-ended and other collective investment vehicles, which invest in equities or property, and which have a willingness to hold cash, bonds, index-linked securities and commodities when appropriate. For further information, please contact: Tony Pattison Chairman Tel: 020 776 9888 Email: tony@fieldingsim.co.uk CG Asset Management Limited Investment Manager Tel: 020 7131 4423 Johana J. Woodruff TMF Nominees Limited Company Secretary Email: company.secretary@capitalgearingtrust.com 6 November 2013
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