CAPITAL GEARING TRUST P.L.C. (the 'Company') Monthly Portfolio Update Capital Gearing Trust P.l.c. announces that, as at 31 December 2013, 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 1.31% Jupiter Second Split 0.94% The Cayenne Trust 3.25% Conv 2016 0.93% Utilico Finance Ltd Zero Div Pref 2016 0.92% Oryx International Growth 0.77% Renewables Infrastructure 0.60% Miton Worldwide Growth Investment Trust 0.48% BACIT 0.35% BH Global GBP 0.29% BH Global EUR 0.29% Hansa Trust 'A' (Non-Voting) 0.17% Dexion Absolute GBP 0.16% Dexion Trading 0.15% BH Global USD 0.10% Dexion Absolute USD 0.07% Geiger Counter 0.06% Total 7.59% Capital Gearing Trust P.l.c. also announces that, as at 31 December 2013, the ten largest investments were as follows: Name Percentage of portfolio UK Treasury 0.125% Index-Linked 2024 6.15% USA Treasury 2.0% Index-Linked 2026 4.38% Switzerland 3.0% 2018 4.23% North Atlantic Smaller Companies 3.70% USA Treasury 1.375% Index-Linked 2018 3.50% UK Treasury 1.25% Index-Linked 2017 2.98% Sweden 0.5% Index-Linked 2017 2.93% M&G High Income Investment Trust 2.87% USA Treasury 0.625% Index-Linked 2021 2.63% Ecofin Water & Power Opps. 2.49% Total 35.86% 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
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