Portfolio Update - November 2012

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

Monthly Portfolio Update

Capital Gearing Trust p.l.c. announces that as at 30 November 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      
                                                                               
Aberforth Geared Income Zero Div Pref 2017                        1.67%        
                                                                            
Advance Developing Markets                                        1.66%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                            0.99%        
                                                                               
Investors in Global Real Estate                                   0.98%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.90%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.87%        
                                                                               
Jupiter Second Split Zero Div Pref                                0.75%        
                                                                               
Oryx International Growth                                         0.50%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.41%        
                                                                               
Dexion Absolute (USD)                                             0.21%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.19%        
                                                                               
Henderson Private Equity Investment Trust                         0.05%        
                                                                               
Total                                                             9.18%        
                                                                               

Capital Gearing Trust p.l.c also announces that, as at 30 November 2012, 
the ten largest investments were as follows:

Name                                                         Percentage of     
                                                               portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                             5.92%         
                                                                               
USA Treasury 2.0% Index Linked 2026                              5.41%         
                                                                               
UK Treasury 1.25% Index Linked 2027                              4.51%         
                                                                               
Switzerland (Govt of) 3.0% 2018                                  4.39%         
                                                                               
UK Treasury 0.125% Index Linked 2029                             4.20%         
                                                                               
USA Treasury 1.375% Index Linked 2018                            3.89%         
                                                                               
USA Treasury 0.625% Index Linked 2021                            3.07%         
                                                                               
North Atlantic Smaller Companies                                 3.07%         
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                       3.00%         
                                                                               
Sweden (Kingdom of) 3.5% Index Linked 2028                       2.76%         
                                                                               
Total                                                            40.22%        


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: 5 December 2012