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 21 April 2011 were:-                                                                                                                                    
Capital Share (per Articles) = 560.81p                                                                                                                     
Capital Share (nil swap valuation) = 567.29p                                                                                                               
Income Share (including All Revenue) = 108.41p                                                                                                             
Income Share (excluding All Revenue) = 100.00p                                                                                                             
The market value of investments was £119.3m less bank debt and net current                                                                                 
assets/liabilities (excluding Income Shares) of £33.9m to leave Shareholders'                                                                              
Funds (including Income Shares) of £85.4m.                                                                                                                 
Contact - Gary Tait (Tel: [phone])                                                                                                                   
Aberforth Partners LLP, Secretaries - 26 April 2011                                                                                                        
ANNOUNCEMENT ENDS