Net Asset Value(s)

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")                      

The Net Asset Values ("NAVs") for the above company as at the close of     
business on 17 February 2011 were:-                                        

Capital Share (per Articles) = 568.54p                                     

Capital Share (capital entitlement of 100p per Income Share) = 567.09p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 576.75p                                                       

Income Share (excluding Current Year Revenue) = 102.92p                    

Income Share (including All Revenue) = 103.44p                             

Income Share (excluding All Revenue) = 99.38p                              

The market value of investments was £118.2m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £33.2m to leave            
Shareholders' Funds (including Income Shares) of £85.0m.                   

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 18 February 2011                     

ANNOUNCEMENT ENDS