Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 31 January 2012 it had 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       
                                                                               
Utilico Finance Zero Div Pref 2012                                        2.27%
                                                                               
Advance Developing Markets                                                1.85%
                                                                               
Aberforth Geared Income Zero Div Pref 2017                                1.48%
                                                                               
Investors in Global Real Estate                                           0.89%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.88%
                                                                               
London & St Lawrence Investment Company                                   0.71%
                                                                               
Oryx International Growth                                                 0.44%
                                                                               
Miton Worldwide Investment Trust                                          0.42%
                                                                               
Utilico                                                                   0.32%
                                                                               
Hansa Trust `A' (Non-Voting)                                              0.25%
                                                                               
Cazenove Absolute Equity Pref                                             0.07%
                                                                               
Total                                                                     9.58%


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

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                                      6.00%
                                                                               
USA Treasury 2.0% Index Linked 2026                                       5.53%
                                                                               
Switzerland (Govt of) 3.0% 2018                                           4.87%
                                                                               
UK Treasury 1.25% Index Linked 2027                                       4.78%
                                                                               
USA Treasury 1.375% Index Linked 2018                                     4.13%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked 2028                                4.01%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.69%
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                                3.19%
                                                                               
USA Treasury 0.625% Index Linked 2021                                     3.16%
                                                                               
North Atlantic Smaller Companies Investment Trust                         2.82%
                                                                               
Total                                                                    42.18%


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:

Keith Hawkins, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 3 February 2012