Quarterly Portfolio Update - Revised

CAPITAL GEARING TRUST P.L.C

Quarterly Portfolio Update - Revised

In accordance with Listing Rule 15.6.8, Capital Gearing Trust p.l.c announces
that as at 5 January 2011 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 LTD Zero Div Pref 2012                                    2.36%
                                                                               
London & St Lawrence Investment Company                                   1.19%
                                                                               
Advance Developing Markets Subscription Shares                            0.97%
                                                                               
Utilico Finance LTD Zero Div Pref 2016                                    0.86%
                                                                               
Miton Worldwide Investment Trust                                          0.49%
                                                                               
Utilico Ltd                                                               0.30%
                                                                               
Eclectic Investment Trust                                                 0.19%
                                                                               
Tapestry Investment Co Red Ptg Pref Shares                                0.04%
                                                                               
Total                                                                     6.40%

Capital Gearing Trust p.l.c also announces that as at 5 January 2011 the ten
largest investments were as follows:

Name                                                               Percentage of    
                                                                       portfolio      
                                                                               
Treasury 1.25% Index Linked 2017                                          5.92%
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.25%
                                                                               
Switzerland (Govt of) 3% Bonds 2018                                       4.97%
                                                                               
Germany (Fed Rep) 4% Bonds 2037                                           4.61%
                                                                               
France (Govt of) 5.5% OAT 2029                                            4.14%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               4.06%
                                                                               
USA Treasury 2% Index Linked Bonds 2016                                   4.06%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        3.96%
                                                                               
Switzerland (Govt of) 2% Bonds 2014                                       3.31%
                                                                               
USA Treasury 2% Index Linked Bonds 2026                                   3.01%
                                                                               
Total                                                                    43.29%

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'.

Note:

This announcement has been re-issued following a re-calculation of the
portfolio which resulted in a number of de minimus changes to the figures
released on 10 January 2011.

Enquiries:

Keith Hawkins, TMF Corporate Secretarial Services Limited

Email: [e-mail]

Date: 12 January 2011