Portfolio Update - January 2014

CAPITAL GEARING TRUST P.L.C. (the 'Company') Monthly Portfolio Update Capital Gearing Trust P.l.c. announces that, as at 31 January 2014, 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 portfolio Utilico Finance Ltd Zero Div Pref 2018 1.30% Jupiter Second Split 0.94% The Cayenne Trust 3.25% Conv 2016 0.92% Utilico Finance Ltd Zero Div Pref 2016 0.91% Oryx International Growth 0.79% Renewables Infrastructure 0.59% Miton Worldwide Growth Investment Trust 0.47% BH Global EUR 0.29% BH Global GBP 0.28% BACIT 0.24% Hansa Trust `A' (Non-Voting) 0.17% Dexion Absolute GBP 0.16% Dexion Trading 0.15% BH Global USD 0.09% Dexion Absolute USD 0.07% Geiger Counter 0.07% Total 7.44% Capital Gearing Trust P.l.c. also announces that, as at 31 January 2014, the ten largest investments were as follows: Name Percentage of portfolio Switzerland 3.0% 2018 4.16% UK Treasury 0.125% Index-Linked 2024 4.01% UK Treasury 1.25% Index-Linked 2017 3.92% North Atlantic Smaller Companies 3.82% USA Treasury 1.375% Index-Linked 2018 3.52% USA Treasury 2.0% Index-Linked 2026 3.51% M&G High Income Investment Trust 3.06% Sweden 0.5% Index-Linked 2017 2.87% USA Treasury 0.625% Index-Linked 2021 2.68% Ecofin Water & Power Opps. 2.46% Total 34.01% 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: company.secretary@capitalgearingtrust.com Date: 7 February 2014
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