Portfolio Update - February 2013

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 28 February 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      
                                                                               
Advance Developing Markets                                        1.84%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                            0.97%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.86%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.85%        
                                                                               
Jupiter Second Split                                              0.73%        
                                                                               
Oryx International Growth                                         0.53%        
                                                                               
Dexion Absolute GBP                                               0.49%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.43%        
                                                                               
Goldman Sachs Dynamic Opportunities                               0.41%        
                                                                               
Investors in Global Real Estate                                   0.24%        
                                                                               
Dexion Absolute USD                                               0.22%        
                                                                               
Dexion Trading                                                    0.20%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.16%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             7.94%        
                                                                               

Capital Gearing Trust p.l.c also announces that, as at 28 February 2013, the
ten largest investments were as follows:

Name                                                         Percentage of     
                                                               portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                             5.74%         
                                                                               
USA Treasury 2.0% Index Linked 2026                              5.30%         
                                                                               
Switzerland 3.0% 2018                                            4.33%         
                                                                               
USA Treasury 1.375% Index Linked 2018                            3.90%         
                                                                               
North Atlantic Smaller Companies                                 3.36%         
                                                                               
UK Treasury 0.125%Index Linked 2024                              3.34%         
                                                                               
UK Treasury 1.25% Index Linked 2027                              3.26%         
                                                                               
Sweden 0.5% Index Linked 2017                                    3.08%         
                                                                               
USA Treasury 0.625% Index Linked 2021                            3.05%         
                                                                               
Sweden 3.5% I/L 2028                                             2.72%         
                                                                               
Total                                                            38.08%        


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: 7 March 2013