Monthly Portfolio Update

CAPITAL GEARING TRUST P.L.C. (the 'Company') Monthly Portfolio Update Capital Gearing Trust P.l.c. announces that, as at 28 March 2013, it held 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 1.50% Utilico Finance Ltd Zero Div Pref 2018 0.97% The Cayenne Trust 3.25% Conv 2016 0.85% Utilico Finance Ltd Zero Div Pref 2016 0.84% Jupiter Second Split 0.72% Oryx International Growth 0.55% Dexion Absolute GBP 0.45% Miton Worldwide Growth Investment Trust 0.42% Goldman Sachs Dynamic Opportunities 0.40% Investors in Global Real Estate 0.24% Dexion Absolute USD 0.22% Dexion Trading 0.20% Hansa Trust `A' (Non-Voting) 0.16% Henderson Private Equity Investment Trust 0.01% Total 7.53% Capital Gearing Trust P.l.c. also announces that, as at 28 March 2013, the ten largest investments were as follows: Name Percentage of portfolio USA Treasury 2.0% Index Linked 2026 5.27 USA Treasury 1.75% Index Linked 2028 4.71 Switzerland 3.0% 2018 4.22 USA Treasury 1.375% Index Linked 2018 3.87 UK Treasury 0.125%Index Linked 2024 3.42 North Atlantic Smaller Companies 3.35 Sweden 0.5% Index Linked 2017 3.05 USA Treasury 0.625% Index Linked 2021 3.04 UK Treasury 1.25% Index Linked 2027 2.89 Sweden 3.5% I/L 2028 2.74 Total 36.56 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: Johana J. Woodruff, TMF Corporate Secretarial Services Limited Email: company.secretary@capitalgearingtrust.com Date: 5 April 2013
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