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

LEI: 213800T2PJTPVF1UGW53

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 March 2022, 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:

NamePercentage of net assets
GCP Infrastructure Investments 0.84%
Residential Secure Income 0.71%
Pershing Square Holdings 0.47%
RIT Capital Partners 0.19%
UIL Zero Div Pref 2022 0.10%
UIL Zero Div Pref 2024 0.08%
AVI Global Trust 0.05%
Total2.44%

Capital Gearing Trust P.l.c. also announces that, as at 31 March 2022, the ten

largest investments were as follows:

NamePercentage of net assets
UK Treasury 0.125% Index-Linked 2024 5.87%
iShares MSCI Japan ESG Screened UCITS ETF 3.60%
Vonovia 2.44%
Grainger 1.97%
SPDR MSCI Europe UCITS ETF 1.76%
North Atlantic Smaller Companies 1.55%
US Treasury 0.75% Index-Linked 2045 1.48%
Secure Income REIT 1.48%
US Treasury 0.375% Index-Linked 2044 1.40%
Sweden 0.25% Index-Linked 2022 1.38%
Total22.93%

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:

Juniper Partners Limited, Company Secretary

Email: company.secretary@capitalgearingtrust.com