Gamma-cyclodextrin/CL-20 (gamma-CD/CL-20) inclusion complex was prepared and characterized by infrared and H-1 NMR spectroscopy. The study findings point to a weak interaction of CL-20 protons with H3 and H5 protons, however relatively intense interactions with OH groups in a gamma-CD molecule, which allows to conclude that a CL-20 molecule does not penetrate completely the toroid cavity formed by gamma-CD. The resulting complex was subject to nitration with 100 % nitric acid. Analysis of the H-1 NMR spectrum demonstrated that an average of 21.6 OH groups in the starting gamma-CD underwent esterification. The nitrated complex is characterized by a higher density (1.81 g/cm(3)), and the sensitivity to impact (5 J) and friction (200 N) comparable to the starting complex. Thermogravimetric analysis of the nitrated gamma-Cyclodextrin/CL-20 complex pointed to a two-phase decomposition at 194 and 339 degrees C with a total significant exothermic effect amounting to 3230 J/g.