Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 December 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 Zero Div Pref 2012                               2.30%         
                                                                               
Advance Developing Markets Subscription Shares                   1.78%         
                                                                               
Aberforth Geared Income Zero Div Pref 2017                       1.48%         
                                                                               
Utilico Finance Zero Div Pref 2016                               0.88%         
                                                                               
Investors in Global Real Estate                                  0.87%         
                                                                               
London & St Lawrence Investment Company                          0.70%         
                                                                               
Oryx International Growth                                        0.47%         
                                                                               
Miton Worldwide Investment Trust                                 0.43%         
                                                                               
Utilico                                                          0.29%         
                                                                               
Hansa Trust `A' (Non-Voting)                                     0.23%         
                                                                               
Cazenove Absolute Equity Pref                                    0.07%         
                                                                               
Total                                                            9.50%         


Capital Gearing Trust p.l.c also announces that as at 30 December 2011 the ten
largest investments were as follows:

Name                                                     Percentage of     
                                                             portfolio       
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                       6.07%         
                                                                               
USA Treasury 2.0% Index Linked Bonds 2026                        5.61%         
                                                                               
Switzerland (Govt of) 3.0% Bonds 2018                            4.97%         
                                                                               
Treasury 1.25% Index Linked 2027                                 4.91%         
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                      4.21%         
                                                                               
Sweden (Kingdom of) 3.5% Index Linked Bonds 2028                 4.17%         
                                                                               
Germany (Fed Rep) 1.75% Index Linked Bonds 2027                  3.77%         
                                                                               
Sweden (Kingdom of) 0.5% Index Linked Bonds 2017                 3.32%         
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                               3.29%         
                                                                               
USA Treasury 0.625% Index Linked Bonds 2021                      3.20%         
                                                                               
Total                                                            43.52%        


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: 5 January 2012