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 19 May 2011 were:-                                                                                                                                 
Capital Share (per Articles) = 583.61p                                                                                                                
Capital Share (nil swap valuation) = 590.08p                                                                                                          
Income Share (including All Revenue) = 110.02p                                                                                                        
Income Share (excluding All Revenue) = 100.00p                                                                                                        
The market value of investments was £121.4m less bank debt and net current                                                                            
assets/liabilities (excluding Income Shares) of £33.2m to leave Shareholders'                                                                         
Funds (including Income Shares) of £88.2m.                                                                                                            
Contact - Gary Tait (Tel: [phone])                                                                                                              
Aberforth Partners LLP, Secretaries - 20 May 2011                                                                                                     
ANNOUNCEMENT ENDS