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 5 July
2013, 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      
                                                                               
Advance Developing Markets                                        1.03%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                            1.00%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.89%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.89%        
                                                                               
Jupiter Second Split                                              0.82%        
                                                                               
Oryx International Growth                                         0.58%        
                                                                               
Dexion Absolute GBP                                               0.50%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.43%        
                                                                               
Dexion Absolute USD                                               0.23%        
                                                                               
Dexion Trading                                                    0.22%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.16%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             6.76%        


The Company also announces that as at 5 July 2013 the ten largest investments
were as follows:

Name                                                          Percentage of     
                                                                portfolio       
                                                                               
USA Treasury 2.0% Index Linked 2026                              4.93%         
                                                                               
USA Treasury 1.75% Index Linked 2028                             4.36%         
                                                                               
Switzerland 3.0% 2018                                            4.35%         
                                                                               
UK Treasury 0.125%Index Linked 2024                              4.03%         
                                                                               
USA Treasury 1.375% Index Linked 2018                            3.85%         
                                                                               
North Atlantic Smaller Companies                                 3.52%         
                                                                               
Sweden 0.5% Index Linked 2017                                    3.04%         
                                                                               
USA Treasury 0.625% Index Linked 2021                            2.91%         
                                                                               
UK Treasury 1.25% Index Linked 2027                              2.78%         
                                                                               
M&G High Income Investment Trust                                 2.74%         
                                                                               
Total                                                           36.51%

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: 12 July 2013