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 2 June 2011 were:-                                                                                                                               
Capital Share (per Articles) = 597.79p
                                                                                                              
Capital Share (nil swap valuation) = 604.39p
                                                                                                          
Income Share (including All Revenue) = 110.76p
                                                                                                        
Income Share (excluding All Revenue) = 100.00p
                                                                                                        
The market value of investments was £124.5m less bank debt and net current
assets/liabilities (excluding Income Shares) of £34.6m to leave Shareholders'                                          
Funds (including Income Shares) of £89.9m.
                                                    
Contact - Gary Tait (Tel: [phone])                                         
Aberforth Partners LLP, Secretaries - 3 June 2011

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