Monthly Portfolio Update

CAPITAL GEARING TRUST P.L.C (the `Company') Monthly Portfolio Update Capital Gearing Trust p.l.c announces that as at 30 April 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 Advance developing markets 1.81% Utilico Finance Zero Div Pref 2012 1.62% Aberforth Geared Income Zero Div Pref 2017 1.37% The Cayenne Trust 3.25% Conv 2016 0.93% Investors in Global Real Estate 0.90% Utilico Finance Zero Div Pref 2016 0.85% Oryx International Growth 0.46% Miton Worldwide Growth Investment Trust 0.42% Hansa Trust `A' (Non-Voting) 0.24% Cazenove Absolute Equity Pref 0.07% Total 8.67% Capital Gearing Trust p.l.c also announces that as at 30 April 2012 the ten largest investments were as follows: Name Percentage of portfolio USA Treasury 1.75% Index Linked 2028 5.66% USA Treasury 2.0% Index Linked 2026 5.24% Switzerland (Govt of) 3.0% 2018 4.62% UK Treasury 1.25% Index Linked 2027 4.58% USA Treasury 1.375% Index Linked 2018 3.92% Sweden (Kingdom of) 3.5% Index Linked 2028 3.79% UK Treasury 0.125% Index Linked 2029 3.23% Sweden (Kingdom of) 0.5% Index Linked 2017 3.05% USA Treasury 0.625% Index Linked 2021 3.01% North Atlantic Smaller Companies 2.69% Total 39.79% 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: company.secretary@capitalgearingtrust.com Date: 4 May 2012
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