Change to Investment Management Team

7 October 2026

Capital Gearing Trust P.l.c.

(the "Company")

Change to Investment Management Team

Legal Entity Identifier: 213800T2PJTPVF1UGW53

Capital Gearing Trust (LSE: CGT), the FTSE 250 investment trust focused on preserving and, over time, growing shareholders' real wealth, is pleased to announce that its Investment Manager, CG Asset Management ("CGAM"), has promoted Emma Moriarty to named Fund Manager across its multi-asset funds, including the Company, with immediate effect.

Emma's appointment formalises and builds upon the influential role she already plays within the investment team, acting as recognition of the important expertise and perspective she has brought since joining CGAM four years ago, following eight years as a senior economist at the Bank of England. Notably, Emma has been a named manager of the three CGAM bond funds for the past two years.

In her expanded role, Emma will manage Capital Gearing Trust and CGAM's other multi-asset funds collectively with Chris Clothier and Peter Spiller, with all three having the same level of decision-making responsibility. The increased depth of the fund management team will also enable Alastair Laing to step back from his formal role as Co-Manager and focus further on his CEO duties. He will remain an active contributor to Capital Gearing Trust as a member of the Asset Allocation Committee where he will continue to contribute to discussions around asset allocation, investment strategy and the broader market environment. Peter Spiller and Chris Clothier will continue in their roles as Co-Chief Investment Officers.

While Emma's day-to-day involvement in the investment process will remain broadly consistent, she will take on greater formal responsibility for the management of the portfolios. As a named Fund Manager, Emma will have formal oversight responsibilities in approving investments for inclusion within the portfolios and will play a central role in setting the agenda and managing the Asset Allocation Committee.

Alastair Laing, CEO of CGAM, said, "Since joining CG Asset Management, Emma has become an increasingly important member of our investment team and has made a significant contribution to both our investment thinking and the management of our portfolios. Her macroeconomic experience and particular expertise in fixed income and index-linked bonds complement the skills already within the team.

Emma's appointment as a named Fund Manager is a natural recognition of the role she is already playing within the business. Peter, Chris and Emma bring highly complementary experience and perspectives to the management of Capital Gearing Trust, and her appointment further strengthens the depth and resilience of the team for the long term."

Emma Moriarty, Fund Manager to Capital Gearing Trust, said, "I am really pleased to take on the role of named Fund Manager of Capital Gearing Trust. In the current environment, where geopolitical risks are elevated, inflation remains persistent, and equity valuations appear stretched, the Company's defensive mandate and unparalleled long-term track record continue to stand out as an important offering in a volatile investment landscape. Having worked closely with Peter and Chris since 2022, I am delighted to take on a greater role in executing the disciplined, long-term investment philosophy that has underpinned the Company's management to date. I look forward to continuing to work with Peter, Chris and the wider CG Asset Management team to deliver on Capital Gearing Trust's investment objectives of preserving and growing shareholders' real wealth over time."

For further information contact:

CG Asset Management Limited

Investment Manager

Tel:     [phone]

Frostrow Capital LLP

Company Secretary

[e-mail]       

Tel: [phone]

SEC Newgate UK

Financial Communications

[e-mail]

Tel: [phone]

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