Portfolio Update May 2013

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 May 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                                        1.08%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                            0.98%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.86%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.86%        
                                                                               
Jupiter Second Split                                              0.82%        
                                                                               
Oryx International Growth                                         0.56%        
                                                                               
Dexion Absolute GBP                                               0.48%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.44%        
                                                                               
Goldman Sachs Dynamic Opportunities                               0.40%        
                                                                               
Dexion Absolute USD                                               0.22%        
                                                                               
Dexion Trading                                                    0.22%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.16%        
                                                                               
Investors in Global Real Estate                                   0.16%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             7.25%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 31 May 2013, the ten
largest investments were as follows:

Name                                                     Percentage of         
                                                         portfolio             
                                                                               
USA Treasury 2.0% Index Linked 2026                              5.08%         
                                                                               
USA Treasury 1.75% Index Linked 2028                             4.53%         
                                                                               
Switzerland 3.0% 2018                                            4.20%         
                                                                               
USA Treasury 1.375% Index Linked 2018                            3.80%         
                                                                               
North Atlantic Smaller Companies                                 3.43%         
                                                                               
UK Treasury 0.125%Index Linked 2024                              3.33%         
                                                                               
Sweden 0.5% Index Linked 2017                                    3.00%         
                                                                               
USA Treasury 0.625% Index Linked 2021                            2.95%         
                                                                               
UK Treasury 1.25% Index Linked 2027                              2.83%         
                                                                               
Sweden 3.5% I/L 2028                                             2.65%         
                                                                               
Total                                                            35.80%        

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 June 2013