Quarterly Portfolio Update

CAPITAL GEARING TRUST P.L.C (the `Company')

Quarterly Portfolio Update

In accordance with Listing Rule 15.6.8, the Company announces that as at 5
January 2013, 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                                        1.79%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2018                            1.00%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.90%        
                                                                              
Utilico Finance Ltd Zero Div Pref 2016                            0.88%        
                                                                               
Jupiter Second Split                                              0.76%        
                                                                               
Oryx International Growth                                         0.53%        
                                                                               
Goldman Sachs Dynamic Opportunities                               0.43%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.42%        
                                                                               
Investors in Global Real Estate                                   0.23%        
                                                                               
Dexion Absolute                                                   0.21%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.20%        
                                                                               
Henderson Private Equity Investment Trust                         0.01%        
                                                                               
Total                                                             7.36%        


The Company also announces that as at 5 January 2013 the ten largest
investments were as follows:

Name                                                      Percentage of     
                                                              portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                              5.72%         
                                                                                
USA Treasury 2.0% Index Linked 2026                               5.25%         
                                                                               
UK Treasury 1.25% Index Linked 2027                               4.40%         
                                                                               
Switzerland (Govt of) 3.0% 2018                                   4.34%         
                                                                               
UK Treasury 0.125% Index Linked 2029                              4.09%         
                                                                               
USA Treasury 1.375% Index Linked 2018                             3.84%         
                                                                               
North Atlantic Smaller Companies                                  3.45%         
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                        3.02%         
                                                                               
USA Treasury 0.625% Index Linked 2021                             3.00%         
                                                                               
Sweden (Kingdom of) 3.5% I/L 2028                                 2.76%         
                                                                               
Total                                                            39.87%

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: [e-mail]

Date: 11 January 2013