Portfolio Update

CAPITAL GEARING TRUST P.L.C (the "Company")

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 November 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                                        2.22%
                                                                               
Advance Developing Markets Subscription Shares                            1.74%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.87%
                                                                               
London & St Lawrence Investment Company                                   0.69%
                                                                               
Miton Worldwide Investment Trust                                          0.41%
                                                                               
Utilico                                                                   0.29%
                                                                               
Hansa Trust A Non-Voting                                                  0.24%
                                                                               
Total                                                                     6.46%

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

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.77%
                                                                               
USA Treasury 2.0% Index Linked Bonds 2026                                 5.34%
                                                                               
Switzerland (Govt of) 3.0% Bonds 2018                                     4.85%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked Bonds 2028                          4.85%
                                                                               
Treasury 1.25% Index Linked 2027                                          4.62%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               4.02%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.56%
                                                                               
Sweden (Kingdom of) 0.5% Index Linked Bonds 2017                          3.18%
                                                                               
Treasury 1.25% Index Linked 2017                                          3.05%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        3.05%
                                                                               
Total                                                                    42.29%

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'.

Enquiries:
Keith Hawkins, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 2 December 2011