Portfolio update

Monthly Portfolio Update In accordance with Listing Rule 15.6.8 (1), Capital Gearing Trust plc announces that as at 31 October 2007 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 LTD Zero Div Pref 31.10.2012 2.47% Advance Developing Markets Trust 1.91% London & St Lawrence Investment Company Ord 1.51% Advance UK Trust 1.39% Eclectic Investment Trust 0.39% Total 7.67% 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: 1 November 2007 ---END OF MESSAGE---