Interim Management Statement

ABERFORTH GEARED CAPITAL & INCOME TRUST plc

Interim Management Statement for the 3 months to 31 March 2011

Investment Objective

The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT)
is to provide Income Shareholders with a high level of income payable half
yearly with the potential for income growth and to provide Capital Shareholders
with geared capital growth.

Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.

Features

- Over the 3 month period to 31 March 2011, the Company's total asset value      
increased by 2.3%. By comparison the RBS Hoare Govett Smaller Companies Index  
(excluding Investment Companies) (RBS HGSC (XIC)), which is representative of  
AGCiT's investment opportunity base, increased by 1.6%. All figures are total  
returns.                                                                       
                                                                               
- As at 31 March 2011 the Capital share price was 476p, representing a discount  
of 12.1% to the Capital Share net asset value (assuming nil swap valuation) of 
541.68p.                                                                       
                                                                               
- A second interim dividend in respect of the year to 31 December 2010 of 7.5p   
was paid to Income Shareholders on 25 February 2011.                           
                                                                               
- At the Annual General Meeting held on 2 March 2011 all four ordinary           
resolutions were passed on a show of hands.                                    
                                                                               
- On 31 March 2011 the capital entitlement of an Income Share reached a valuation
of 100p and in accordance with the Articles will remain at this value.         


Performance - Total Returns
Periods to 31 March 2011
                                 3 Months      6 Months      1 Year     3 Years
Total Assets                        +2.3%        +12.8%      +24.7%      +26.4%
Capital Share NAV                   +2.3%        +23.5%      +44.8%      +14.8%
RBS HGSC (XIC)                      +1.6%        +13.0%      +20.4%      +32.5%
Capital Share Price                 +5.8%        +41.9%      +74.4%      +27.3%
Income Share Price                  +2.7%         +4.3%      +10.0%      +36.3%

Note: Past performance is not a guide to future performance

Top 10 Holdings                                                               
As at 31 March 2011                              % of Investment              
                                                       Portfolio              
Spirax-Sarco Engineering                                     4.5              
RPC Group                                                    3.8              
JD Sports Fashion                                            3.4              
e2v technologies                                             3.2              
Bodycote                                                     2.9              
Beazley                                                      2.6              
Morgan Crucible Co.                                          2.3              
Galliford Try                                                2.2              
Holidaybreak                                                 2.1              
UMECO                                                        2.1
                                                            ----              
                                                            29.1              
                                                            ----
Size Distribution across FTSE Indices
As at 31 March 2011

                                    RBS HGSC           AGCiT
                                       (XIC)                
                                     % Total          %Total
FTSE 100                                 0.0             0.0
FTSE 250                                72.4            49.7
FTSE SmallCap                           19.5            41.1
FTSE Fledgling                           1.7             4.8
Other                                    6.4             4.4
                                       -----           -----
                                       100.0           100.0
                                       -----           -----

Current Financial Position                         As at             As at
                                                31 March       31 December
                                                    2011              2010
Fixed Assets: Investments                                                 
Investments held at fair value through           £116.4m           £112.7m
profit or loss                                                            
Current assets                                     £0.7m             £0.3m
                                                 -------           -------              
Total assets                                     £117.1m           £113.0m
                                                 -------           -------              
Bank loan                                        (£34.3m)          (£30.2m)
Interest rate swap                                (£0.7m)           (£1.0m)
Income Shares                                    (£24.5m)          (£24.5m)
Total current liabilities                        (£59.5m)          (£55.7m)
                                                 -------            ------              
Total Net Assets                                  £57.6m            £57.3m
                                                 -------            ------             

Share Capital                                      £0.1m             £0.1m
Capital redemption reserve                         £0.1m             £0.1m
Special reserve                                    £9.7m             £9.7m
Capital reserve                                   £46.3m            £44.7m
Revenue reserve                                    £1.4m             £2.7m
                                                 -------            ------             
Total Equity                                      £57.6m            £57.3m
                                                 -------            ------             

Income Share NAV                                 105.72p           109.71p
Capital Share NAV (assuming nil swap             541.68p           529.42p
valuation)                                                                
Income Share Price                               108.00p           112.50p
Capital Share Price                              476.00p           450.00p
Market Capitalisation (Income and Capital         £76.4m            £74.8m
Shares)                                                                   
Gearing                                             202%              197%
                                                                          
Hurdle Rates                                                              
Required capital growth p.a. on portfolio          -6.1%             -5.5%
to return Capital Share price                                             

General Information
Total Expense Ratio (p.a.) - 2010                                          1.5%
First Interim Dividend for y/e 31/12/10 (paid                              6.5p
August 2010)                                                                   
Second Interim Dividend for y/e 31/12/10 (paid                             7.5p
February 2011)                                                                 
Dividend Yield                                                            13.0%
Launch Date                                                    18 December 2001
Planned Winding Up Date                                        31 December 2011

Further Information
Further information regarding the Company, including more recently published
net asset values, can be found on the following website: www.aberforth.co.uk

Contact
Gary Tait (Tel: [phone])
Aberforth Partners LLP, Secretaries, 5 April 2011