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 30 June 2011 were:-                                                         
                                                                               
Capital Share (per Articles) = 583.11p                                         
                                                                               
Capital Share (nil swap valuation) = 586.44p                                   
                                                                               
Income Share (including All Revenue) = 112.59p                                 
                                                                               
Income Share (excluding All Revenue) = 100.00p                                 
                                                                               
The market value of investments was £121.6m less bank debt and net current     
assets/liabilities (excluding Income Shares) of £32.8m to leave Shareholders'  
Funds (including Income Shares) of £88.8m.                                     
                                                                               
The Company confirms that all information required under Listing Rule 15.5.1(4)
has been notified to a Regulated Information Service.                          
                                                                               
Contact - Gary Tait (Tel: [phone])                                       
                                                                               
Aberforth Partners LLP, Secretaries - 1 July 2011                              
                                                                               
ANNOUNCEMENT ENDS