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
January 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                         1.08%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                         0.94%        
                                                                               
Cayenne Trust 3.25% Conv 2016                                  0.89%        
                                                                               
Miton Worldwide Growth Trust                                   0.46%        
                                                                               
John Laing Environmental Assets                                0.27%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2020                         0.23%        
                                                                               
LMS Capital                                                    0.20%        
                                                                               
Dexion Absolute EUR                                            0.20%        
                                                                               
Dexion Absolute USD                                            0.18%        
                                                                               
Hansa Trust `A' (Non-Voting)                                   0.13%        
                                                                               
BlueCrest BlueTrend                                            0.09%        
                                                                               
BACIT                                                          0.07%        
                                                                               
Dexion Absolute GBP (redemption 2013)                          0.02%        
                                                                               
Dexion Absolute USD (redemption 2013)                          0.01%        
                                                                               
Total                                                          4.77%        
                                                                               

The Company also announces that as at 5 January 2015 the ten largest
investments were as follows:

Name                                                       Percentage of         
                                                             portfolio             
                                                                               
UK Treasury 2.0% Index-Linked 2016                             5.94%         
                                                                               
North Atlantic Smaller Companies                               4.08%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                            3.74%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                           3.70%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                          3.54%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                            3.35%         
                                                                               
M&G High Income Investment Trust                               3.05%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                          2.77%         
                                                                               
Ecofin Water & Power Opportunities                             2.62%         
                                                                               
Sweden 0.5% Index-Linked 2017                                  2.46%         
                                                                               
Total                                                          35.25%        

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: 07 January 2015