Directorate Change

CAPITAL GEARING TRUST P.L.C. (the "Company")

Changes to the Board of Directors

The Company is pleased to announce that Miss Jean Matterson and Mr Robin
Archibald have today been appointed to the Board of the Company as independent
non-executive directors with immediate effect.

Jean Matterson is a partner of Rossie House Investment Management in Edinburgh
which specialises in private client portfolio management with particular
emphasis on investment trusts. She was previously with Stewart Ivory & Co Ltd
for 20 years, as an investment manager and director.

Robin Archibald was most recently head of corporate finance and broking at
Winterflood Investment Trusts. He qualified as a chartered accountant in 1983
and subsequently worked with Samuel Montagu, SG Warburg Securities, NatWest
Wood Mackenzie and as partner and corporate financier with the corporate
finance division of a Scottish accountancy firm.  Since the early nineties, he
has concentrated on advising and managing transactions in the UK closed-ended
funds sector.

In accordance with Listing Rule 9.6.13 (1), the Company discloses the following
information in respect of Miss Matterson:

Directorships held in publicly quoted companies in the five years prior to
appointment:

Current directorships:    Pacific Horizon Investment Trust PLC
                                      BlackRock Throgmorton Trust PLC

In accordance with Listing Rule 9.6.13 (1), the Company discloses the following
information in respect of Mr Archibald:

Directorships held in publicly quoted companies in the five years prior to
appointment:

Current directorships:    Albion Technology & General VCT PLC
                                      Ediston Property Investment Company PLC
Former directorships:    Albion Income & Growth VCT PLC (dissolved)

There is no information required to be disclosed in accordance with Listing
Rules 9.6.13 (2) to (6).

Both Miss Matterson and Mr Archibald will join the Company's audit committee
and management engagement committee.

The Board further reports that Mr Tony Pattison, having served as a director
since 1985 and as Chairman of the Board since 2005, has indicated that he will
not stand for re-election at the next AGM which will be held on 8 July 2015. Mr
Graham Meek will take over the Chairmanship with effect from that date.  Mr
George Prescott will take over from Mr Meek as Senior Independent Director,
also with effect from 8 July 2015.

Capital Gearing Trust P.l.c. operates as an investment company as defined under
section 833 of the 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 with a willingness to
hold cash, bonds, index-linked securities and commodities when appropriate.

Enquiries
Katherine Manson
TMF Nominees Limited
Company Secretary
Email: [e-mail]
28 May 2015