Quarterly Portfolio Update

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

Quarterly Portfolio Update

In accordance with Listing Rule 15.6.8, Capital Gearing Trust p.l.c announces
that as at 5 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                                        2.30%
                                                                               
Advance Developing Markets Subscription Shares                            1.76%
                                                                               
Aberforth Geared Income Zero Div Pref 2017                                1.49%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.89%
                                                                               
Investors in Global Real Estate                                           0.88%
                                                                               
London & St Lawrence Investment Company                                   0.71%
                                                                               
Oryx International Growth                                                 0.47%
                                                                               
Miton Worldwide Investment Trust                                          0.43%
                                                                               
Utilico                                                                   0.30%
                                                                               
Hansa Trust `A' (Non-Voting)                                              0.23%
                                                                               
Cazenove Absolute Equity Pref                                             0.07%
                                                                               
Total                                                                     9.53%


Capital Gearing Trust p.l.c also announces that as at 5 January 2012 the ten
largest investments were as follows:

Name                                                               Percentage of     
                                                                       portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                                      6.10%
                                                                               
USA Treasury 2.0% Index Linked 2026                                       5.64%
                                                                               
UK Treasury 1.25% Index Linked 2027                                       4.93%
                                                                               
Switzerland (Govt of) 3.0% 2018                                           4.92%
                                                                               
USA Treasury 1.375% Index Linked 2018                                     4.24%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked 2028                                4.14%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.75%
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                                3.30%
                                                                               
USA Treasury 0.625% Index Linked 2021                                     3.22%
                                                                               
UK Treasury 1.25% Index Linked 2017                                       3.20%
                                                                               
Total                                                                    43.44%


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: 11 January 2012