Quarterly Portfolio Update & Net Asset Valu...

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

Quarterly Portfolio Update & Net Asset Value(s)

The Company announces that as at the close of business on 5 October 2011, the
unaudited net asset value per ordinary share, valued on a `bid price' basis
was:

Capital only net asset value - 2,817.97p

Net asset value including income - 2,833.27p

In accordance with Listing Rule 15.6.8, the Company also announces that as at 5
October 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                                        2.21%
                                                                               
London & St Lawrence Investment Company                                   0.90%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.82%
                                                                               
Advance Developing Markets Subscription Shares                            0.46%
                                                                               
Miton Worldwide Investment Trust                                          0.42%
                                                                               
Utilico                                                                   0.26%
                                                                               
Hansa Trust A Non-Voting                                                  0.24%
                                                                               
Total                                                                     5.31%

The Company also announces that as at 5 October 2011 the ten largest
investments were as follows:

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.79%
                                                                               
USA Treasury 2.0% Index Linked Bonds 2026                                 5.36%
                                                                               
Switzerland (Govt of) 3.0% Bonds 2018                                     4.91%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked Bonds 2028                          4.91%
                                                                               
Treasury 1.25% Index Linked 2017                                          4.56%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        4.09%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               4.03%
                                                                               
Germany (Fed Rep) 4.0% Bonds 2037                                         3.93%
                                                                               
Treasury 1.25% Index Linked 2027                                          3.79%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.65%
                                                                               
Total                                                                    45.02%

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: 7 October 2011