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 30 June 2022, 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	0.83%
Residential Secure Income	0.60%
Pershing Square Holdings	0.35%
AVI Global Trust	0.27%
UIL Zero Div Pref 2022	0.10%
UIL Zero Div Pref 2024	0.08%
Pantheon Infrastructure	0.04%
Total	2.27%

Capital Gearing Trust P.l.c. also announces that, as at 30 June 2022, the ten largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	8.85%
iShares MSCI Japan ESG Screened UCITS ETF	3.44%
SPDR MSCI Europe UCITS ETF	2.40%
US Treasury 0.75% Index-Linked 2045	2.24%
Vonovia	2.13%
Grainger	1.91%
US Treasury 0.375% Index-Linked 2044	1.80%
Greencoat UK Wind	1.50%
Secure Income REIT	1.41%
North Atlantic Smaller Companies	1.32%
Total	27.00%

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]