Transaction in Own Shares

31 March 2015

Transaction in Own Shares

Capital Gearing Trust P.l.c. ("Capital Gearing" or the "Company") announces
that it is entering into a close period in respect of its financial year ending
5 April 2015 until the preliminary announcement of the Company's annual
results.

The Company has given an irrevocable instruction to J.P. Morgan Securities plc
to purchase ordinary shares of 25p each on its own behalf during this close
period. It is intended that any shares purchased will be transferred into
treasury, rather than being cancelled. Whilst the shares are held in treasury,
no dividends will be paid on them and they will have no voting rights.

Any acquisitions will be effected within certain pre-set parameters, consistent
with the board's long term view that there should be no significant discount,
and in accordance with both the Company's general authority to repurchase
shares and Chapter 12 of the Listing Rules. Capital Gearing confirms that it
currently has no unpublished price-sensitive information.

Capital Gearing operates as an investment company as defined under s. 833
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, invested in equities or property, with a
willingness to hold cash, bonds, index-linked securities and commodities when
appropriate.

For further information, please contact:

Tony Pattison
Chairman
Direct: 020 7776 9888
Switchboard: 020 7600 0011
Email: [e-mail]

Alastair Laing
Director
Direct: 020 7131 4423
Email: [e-mail]