Interim Management Statement

ABERFORTH GEARED CAPITAL & INCOME TRUST plc

Interim Management Statement for the three months to 30 September 2009


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 30 September 2009, the Company's
    total asset value increased by 21.6%. By comparison the Hoare
    Govett Smaller Companies Index (Excluding Investment
    Companies) (HGSC (XIC)), which is representative of AGCiT's
    investment opportunity base, increased by 26.0%. All figures
    are total returns.
  · As at 30 September 2009 the Capital share price was 270p,
    representing a discount of 14.0% to the Capital Share net
    asset value (assuming 100p per Income Share).
  · A first interim dividend in respect of the year to 31
    December 2009 of 5.9p was paid to Income Shareholders on 21
    August 2009.


Performance - Total Returns
Periods to 30 September 2009
                          3 Months   6 Months    1 Year   3 Years
Total Assets                +21.6%     +45.1%    +15.5%     -8.5%
Capital Share NAV           +89.8%    +429.7%    +26.0%    -44.3%
HGSC (XIC)                  +26.0%     +55.2%    +27.5%     -1.8%
Capital Share Price         +54.3%    +184.2%    +13.2%    -27.3%
Income Share Price           +7.0%     +20.5%     +8.7%    +27.7%
Note: Past performance is not a guide to future performance


Top 10 Holdings
As at 30 September 2009                     % of
                                      Investment
                                       Portfolio
Greggs                                       4.5
Delta                                        3.7
JD Sports Fashion                            3.4
Robert Wiseman Dairies                       3.3
RPC Group                                    3.3
Brown (N.) Group                             3.1
Beazley                                      3.1
Domino Printing Sciences                     3.0
Spirax-Sarco Engineering                     3.0
Dunelm Group                                 2.9
                                            ----
                                            33.3


Size Distribution across FTSE Indices
As at 30 September 2009
                              HGSC      AGCiT
                             (XIC)
                           % Total     %Total
FTSE 100                      1.4         0.0
FTSE 250                     75.9        50.2
FTSE SmallCap                16.9        41.3
FTSE Fledgling                1.9         5.2
Other                         3.9         3.3
                            -----       -----
                            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
                                 30 September 2009   30 June 2009

Fixed Assets: Investments               £    93.7m     £    78.7m
Net Current Assets                      £     0.4m     £     0.8m
Total Assets less  Current Assets       £    94.1m     £    79.5m
Creditors (amounts falling due          £   (58.8m)    £   (59.1m)
after more than one year)
Equity Shareholders' Funds              £    35.3m     £    20.4m

Income Share NAV                           101.54p        102.93p
Capital Share NAV (assuming Income         313.84p        165.32p
Shares at 100p)
Income Share Price                         108.25p        107.00p
Capital Share Price                        270.00p        175.00p
Market Capitalisation (Income and          £ 54.9m        £ 44.6m
Capital Shares)
Current Gearing                               265%           386%

Hurdle Rates
Required capital growth p.a. on              -9.6%          -1.2%
portfolio to return 100p to Capital Shareholders
Required capital growth p.a. on              -0.1%           3.0%
portfolio to return Capital Share price


General Information
Total Expense Ratio (p.a.) - 2008                            1.9%
Second Interim Dividend for y/e 31/12/08                     6.7p
(paid February 2009)
First Interim Dividend for y/e 31/12/09                      5.9p
(paid August 2009)
Dividend Yield                                              11.6%
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, 5 October 2009

ANNOUNCEMENT END