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 23 December 2010 were:-                                        

Capital Share (per Articles) = 518.63p                                     

Capital Share (capital entitlement of 100p per Income Share) = 515.26p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 527.99p                                                       

Income Share (excluding Current Year Revenue) = 103.31p                    

Income Share (including All Revenue) = 109.48p                             

The market value of investments was £112.5m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £31.2m to leave            
Shareholders' Funds (including Income Shares) of £81.3m.                   

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 24 December 2010                     

ANNOUNCEMENT ENDS