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 13 January 2011 were:-                                         

Capital Share (per Articles) = 542.15p                                     

Capital Share (capital entitlement of 100p per Income Share) = 539.50p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 548.81p                                                       

Income Share (excluding Current Year Revenue) = 103.62p                    

Income Share (including All Revenue) = 110.66p                             

The market value of investments was £114.4m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £30.4m to leave            
Shareholders' Funds (including Income Shares) of £84.0m.                   

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 14 January 2011                      

ANNOUNCEMENT ENDS