Interim Management Statement

ABERFORTH GEARED CAPITAL & INCOME TRUST plc

       Interim Management Statement for the three months to 31 March 2010


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 2010, the Company's total
    asset value increased by 7.7%. By comparison the RBS Hoare
    Govett Smaller Companies Index (Excluding Investment
    Companies) (RBS HGSC (XIC)), which is representative of
    AGCiT's investment opportunity base, increased by 8.5%. All
    figures are total returns.
  · As at 31 March 2010 the Capital share price was 273p,
    representing a discount of 23.2% to the Capital Share net
    asset value (assuming 100p per Income Share).
  · A second interim dividend in respect of the year to 31
    December 2009 of 6.7p was paid to Income Shareholders on 26
    February 2010.


Performance - Total Returns
Periods to 31 March 2010
                          3 Months   6 Months    1 Year   3 Years
Total Assets                 +7.7%      +7.3%    +55.8%    -18.1%
Capital Share NAV           +19.1%     +13.3%   +500.3%    -53.9%
RBS HGSC (XIC)               +8.5%      +8.9%    +69.0%    -10.1%
Capital Share Price          +3.8%      +1.1%   +187.4%    -53.8%
Income Share Price           +3.0%      +8.7%    +31.0%    +27.4%
Note: Past performance is not a guide to future performance


Top 10 Holdings
As at 31 March 2010                         % of
                                      Investment
                                       Portfolio
Greggs                                       4.2
Spirax-Sarco Engineering                     3.8
JD Sports Fashion                            3.7
Delta                                        3.7
RPC Group                                    3.4
Domino Printing Sciences                     3.2
Spectris                                     3.0
Beazley                                      2.7
Hampson Industries                           2.5
Phoenix IT Group                             2.3
                                            32.5


Size Distribution across FTSE Indices
As at 31 March 2010
                          RBS HGSC      AGCiT
                             (XIC)
                           % Total     %Total
FTSE 100                      0.0         0.0
FTSE 250                     75.6        43.3
FTSE SmallCap                18.0        47.6
FTSE Fledgling                1.8         6.4
Other                         4.6         2.7
                            100.0       100.0


Current Financial Position                   As at          As at
                                     31 March 2010    31 December
                                                             2009

Fixed Assets: Investments               £    97.9m     £    93.5m
Net Current Assets                      £     0.8m     £     0.4m
Total Assets less  Current Assets       £    98.7m     £    93.9m
Creditors (amounts falling due          £  (59.3m)     £  (59.4m)
after more than one year)
Equity Shareholders' Funds             £     39.4m    £     34.5m

Income Share NAV                           102.94p        104.75p
Capital Share NAV (assuming Income         355.65p        301.52p
Shares at 100p)
Income Share Price                         111.00p        114.25p
Capital Share Price                        273.00p        263.00p
Market Capitalisation (Income and          £ 55.9m        £ 55.6m
Capital Shares)
Current Gearing                               249%           271%

Hurdle Rates
Required capital growth p.a. on             -15.1%         -10.4%
portfolio to return 100p to
Capital Shareholders
Required capital growth p.a. on              -3.2%          -0.1%
portfolio to return Capital Share
price


General Information
Total Expense Ratio (p.a.) - 2009                            1.8%
First Interim Dividend for y/e 31/12/09                      5.9p
(paid August 2009)
Second Interim Dividend for y/e                              6.7p
31/12/09 (paid February 2010)
Dividend Yield                                              11.4%
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, 7 April 2010

ANNOUNCEMENT END