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 27 January 2011 were:-                                         

Capital Share (per Articles) = 549.18p                                     

Capital Share (capital entitlement of 100p per Income Share) = 547.01p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 556.40p                                                       

Income Share (excluding Current Year Revenue) = 110.11p                    

Income Share (including All Revenue) = 110.76p                             

The market value of investments was £116.7m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £31.9m to leave            
Shareholders' Funds (including Income Shares) of £84.8m.                   

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 28 January 2011                      

ANNOUNCEMENT ENDS