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 28 July 2011 were:-                                              
                                                                             
Capital Share (per Articles) = 582.77p                                       
                                                                             
Income Share (including All Revenue) = 100.74p                               
                                                                             
Income Share (excluding All Revenue) = 100.00p                               
                                                                             
The market value of investments was £119.9m less bank debt and net current   
assets/liabilities (excluding Income Shares) of £34.0m to leave              
Shareholders' Funds (including Income Shares) of £85.9m.                     
                                                                             
Contact - Gary Tait (Tel: [phone])                                     
                                                                             
Aberforth Partners LLP, Secretaries - 29 July 2011