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 3
January 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                       1.30%        
                                                                               
Jupiter Second Split                                         0.94%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                            0.93%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                       0.92%        
                                                                               
Oryx International Growth                                    0.76%        
                                                                               
Renewables Infrastructure                                    0.60%        
                                                                               
Miton Worldwide Growth Investment Trust                      0.48%        
                                                                             
BACIT                                                        0.35%        
                                                                             
BH Global EUR                                                0.30%         
                                 
BH Global GBP                                                0.29%        
                                                                             
Hansa Trust 'A' (Non-Voting)                                 0.17%        
                                                                               
Dexion Absolute GBP                                          0.16%        
                                                                               
Dexion Trading                                               0.15%        
                                                                               
BH Global USD                                                0.10%        
                                                                               
Dexion Absolute USD                                          0.07%        
                                                                               
Geiger Counter                                               0.06%        
                                                                               
Total                                                        7.58%        

The Company also announces that as at 3 January 2014 the ten largest
investments were as follows:

Name                                                     Percentage of     
                                                           portfolio       
                                                                               
UK Treasury 0.125% Index Linked 2024                         6.11%         
                                                                               
USA Treasury 2.0% Index Linked 2026                          4.43%         
                                                                               
Switzerland 3.0% 2018                                        4.18%         
                                                                               
North Atlantic Smaller Companies                             3.69%         
                                                                               
USA Treasury 1.375% Index Linked 2018                        3.52%         
                                                                               
M&G High Income Investment Trust                             3.04%         
                                                                               
UK Treasury 1.25% Index Linked 2027                          2.97%         
                                                                               
Sweden 0.5% Index Linked 2017                                2.90%         
                                                                               
USA Treasury 0.625% Index Linked 2021                        2.66%         
                                                                               
Ecofin Water & Power Opps.                                   2.48%         
                                                                               
Total                                                       35.98%

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: 08 January 2014