Net Asset Value(s)

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

The Net Asset Values ("NAVs") for the above company - calculated using a   
bid pricing basis for the securities held on the company's portfolio - as  
at the close of business on 21 October 2010 were:-                         

Capital Share (per Articles) = 471.90p                                     

Capital Share (capital entitlement of 100p per Income Share) = 466.36p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 479.60p                                                       

Income Share (excluding Current Year Revenue) = 102.39p                    

Income Share (including All Revenue) = 107.57p                             

As at 21 October 2010, AGCiT held 66 investments, the largest of which     
represented 4.0% of investable assets.  The market value of investments was
£107.5m less bank debt and net current assets/liabilities (excluding Income
Shares) of £31.6m to leave Shareholders' Funds (including Income Shares) of
£75.9m. Details of the top 50 holdings, the portfolio's sectoral           
composition and other general information can be found on the Aberforth    
website at http://www.aberforth.co.uk.                                     

AGCiT employs a significant amount of bank debt to provide gearing in its  
capital structure.                                                         

The number of Income Shares of 1p currently in issue is 24,500,000.  The   
number of Capital Shares of 1p currently in issue is 10,500,000.  All net  
income will be attributed to Income Shares which have a capital entitlement
of 97.63p each rising to 100p by the Planned Winding Up Date of 31 December
2011, which date will subsist unless an earlier reconstruction is approved.
Capital Shares receive no dividends but all capital after repayment of bank
debt and capital entitlement of Income Shares. AGCiT's Bank facility is £  
34.3m (£30.0m of which is at a fixed interest rate of 6.47%).  The fair    
value of AGCiT's interest rate swap agreement based on the bid price at 21 
October 2010 was a liability of £1,391,000 and is accounted for within the 
NAV of the Capital Share.                                                  

Dividends are paid, semi-annually, to Income Shareholders with the first   
interim announced each July and paid in August and the second interim      
announced each January and paid in February.                               

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 22 October 2010                      

ANNOUNCEMENT ENDS