Investment Policy

ABERFORTH GEARED CAPITAL & INCOME TRUST plc

The Board of Aberforth Geared Capital & Income Trust plc (the 'Company')
notes the publication of the Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003 and confirms that, as previously
stated, it is the Company's policy not to invest in any securities
issued by investment trusts or investment companies.

Contact for enquiries:-

David Warnock
Aberforth Partners
0131 220 0733