Interim Management Statement

ABERFORTH GEARED CAPITAL & INCOME TRUST PLC

Interim Management Statement for the three months to 31 March 2008

Investment Objective
The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT)  is
to provide Income Shareholders with a high level of income payable half yearly with
the  potential  for income growth and to provide Capital Shareholders  with  geared
capital growth.

Aberforth Partners LLP are contracted as the Investment Managers and Secretaries to
the Company.

Features
·     Over  the  3  month period to 31 March 2008, the Company's total asset  value
   fell by 8.8%. By comparison the HGSC (XIC) Index, fell by 6.3%. All figures  are
   total returns.
·    As at 31 March 2008 the Capital share price was 374p, representing a
discount of 20.0% to the Capital share net asset value.
·     The  second  interim dividend in respect of the year to 31 December  2007  of
   6.7p was paid on 21 February 2008.

Performance - Total Returns
Periods to 31 March 2008
                          3 Months   6 Months    1 Year   3 Years
Total Assets                 -8.8%     -16.0%    -19.2%     24.0%
Capital Share NAV           -19.3%     -32.5%    -39.4%     25.1%
HGSC (XIC)                   -6.3%     -11.9%    -18.4%     33.0%
Capital Share Price         -16.8%     -35.8%    -36.7%     45.0%
Income Share Price            2.6%       4.4%      2.9%     27.7%
Note: Past performance is not a guide to future performance


Top 10 Holdings
As at 31 March 2008                         % of
                                      Investable
                                          Assets
Greggs                                       4.0
Spirax-Sarco Engineering                     3.9
Shanks Group                                 3.2
Interserve                                   2.7
Robert Wiseman Dairies                       2.4
Domino Printing Sciences                     2.4
BSS Group                                    2.3
Wincanton                                    2.2
RPC Group                                    2.1
MITIE Group                                  2.1
                                            27.3

Size Distribution across FTSE Indices
As at 31 March 2008
                              HGSC      AGCiT
                             (XIC)
                           % Total     %Total
FTSE 100                      0.0         1.2
FTSE 250                     67.7        38.8
FTSE SmallCap                26.8        50.3
FTSE Fledgling                3.1         5.3
Other                         2.4         0.9
Uninvested Bank               0.0         3.5
Facilities
                            100.0       100.0
Note:  The  HGSC (XIC) figures above are simulated and assume that  the  index  was
rebalanced on the above date.


Current Financial Position                   As at          As at
                                     31 March 2008    31 December
                                                             2007

Fixed Assets: Investments                 £ 109.1m       £ 119.4m
Net Current Assets/(Liabilities)        £     0.8m     £     0.9m
Total Assets less  Current                £ 109.9m       £ 120.3m
Liabilities
Creditors (amounts falling due           £   59.2m      £   56.7m
after more than one year)
Equity Shareholders' Funds               £   50.7m      £   63.6m

Income Share NAV                            90.50p         94.02p
Capital Share NAV (assuming Income         467.64p        579.45p
Shares at 100p)
Income Share Price                         113.25p        117.00p
Capital Share Price                        374.00p        449.50p
Market Capitalisation (Income and          £ 67.0m        £ 75.9m
Capital Shares)
Current Gearing                             215.0%         187.6%

Hurdle Rates
Required capital growth p.a. on              -8.6%         -10.3%
portfolio to return 100p to
Capital Shareholders
Required capital growth p.a. on              -0.3%          -0.9%
portfolio to return Capital Share
price

General Information
Total Expense Ratio (p.a.)                                   1.3%
First Interim Dividend (August 2007)                         3.8p
Second Interim Dividend (February 2008)                      6.7p
Dividend Yield                                               9.3%
Launch Date                                      18 December 2001
Planned Winding Up Date                          31 December 2011

Further Information
Further  information regarding the Company, including more recently  published  net
asset values, can be found on the following website: www.aberforth.co.uk

Contact
Gary Tait (Tel: [phone])
Aberforth Partners LLP, Secretaries, 17 April 2008

END