Portfolio Update - December 2012

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

Monthly Portfolio Update

Capital Gearing Trust p.l.c. announces that, as at 31 December 2012, 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      
                                                                               
Advance Developing Markets                                      1.74%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                          0.99%        
                                                                              
The Cayenne Trust 3.25% Conv 2016                               0.90%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                          0.88%        
                                                                               
Jupiter Second Split                                            0.75%        
                                                                               
Oryx International Growth                                       0.53%        
                                                                               
Goldman Sachs Dynamic Opportunities                             0.43%        
                                                                               
Miton Worldwide Growth Investment Trust                         0.41%        
                                                                               
Investors in Global Real Estate                                 0.23%        
                                                                               
Dexion Absolute                                                 0.21%        
                                                                               
Hansa Trust `A' (Non-Voting)                                    0.19%        
                                                                               
Henderson Private Equity Investment Trust                       0.01%        
                                                                               
Total                                                           7.27%        
                                                                               

Capital Gearing Trust p.l.c also announces that, as at 31 December 2012, 
the ten largest investments were as follows:

Name                                                        Percentage of     
                                                              portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                            5.75%         
                                                                               
USA Treasury 2.0% Index Linked 2026                             5.27%         
                                                                               
UK Treasury 1.25% Index Linked 2027                             4.53%         
                                                                               
Switzerland (Govt of) 3.0% 2018                                 4.35%         
                                                                               
UK Treasury 0.125% Index Linked 2029                            4.22%         
                                                                               
USA Treasury 1.375% Index Linked 2018                           3.81%         
                                                                               
North Atlantic Smaller Companies                                3.32%         
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                      3.02%         
                                                                               
USA Treasury 0.625% Index Linked 2021                           3.00%         
                                                                               
Sweden (Kingdom of) 3.5% I/L 2028                               2.78%         
                                                                               
Total                                                          40.05%        


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: [e-mail]

Date: 4 January 2013