Net Asset Value(s)

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")

The Net Asset Values ("NAVs") for the above company - calculated using a mid-
market pricing basis for the securities held on the company's portfolio - as
at the close of business on 14 December 2005 were: -

Capital Share = 523.56p

Capital Share (assuming a capital entitlement of 100p per Income Share) =
457.04p

Income Share (Excluding Current Year Revenue) = 73.61p

"Notional Package" (Excluding Current Year Revenue) = 208.60p

The "Notional Package" comprises 0.7 of an Income Share and 0.3 of a Capital
Share.

As at 14 December 2005, AGCiT held 89 investments, the largest of which
represented 3.0% of investable assets.  The market value of investments was
£109.6m less bank debt and net current assets/liabilities of £35.1m to leave
Shareholders' Funds of £74.5m.  Details of the top 50 holdings, the
portfolio's sectoral composition and other general information can be found
within Aberforth Partners' website at http://www.aberforth.co.uk.

AGCiT invests only in small UK quoted companies and does not invest in any
unquoted securities, AIM listed securities or securities issued by investment
trusts or investment companies. AGCiT employs a significant amount of bank
debt to provide gearing in its capital structure.

The number of Income Shares of 1p currently in issue is 24,500,000.  The number
of Capital Shares of 1p currently in issue is 10,500,000.  All net income will
be attributed to Income Shares which have a capital entitlement of 71.49p each
rising to 100p by the Planned Winding Up Date of 31 December 2011, which date
will subsist unless an earlier reconstruction is approved.  Capital Shares
receive no dividends but all capital after repayment of bank debt and capital
entitlement of Income Shares.  AGCiT's Bank facility is £38.3m (£30.0m of which
is at a fixed interest rate of 6.57%).  The fair value of AGCiT's interest rate
swap agreement based on the bid price at 14 December 2005 was a negative
£1,249,000.

In accordance with the AITC's recommended practice the net asset values reported
in this announcement do not include the effect of the following UK Generally
Accepted Accounting Practice ("UK GAAP"): (a) the fair valuation of the interest
rate swap agreement; and (b) the change in the basis of valuing investments from
"mid-market" to "bid".  Set out below is a reconciliation of the NAV of the
Capital Shares between this announcement and those presented under UK GAAP.


                            Assuming NAV   Assuming NAV
Net Asset Values per          per Income     per Income
Capital Share                   Share of  Share of 100p
                                  73.61p

NAV stated above:                523.56p        457.04p
Fair valuation of               (11.89p)       (11.89p)
interest rate swap:
"Mid" to "bid" valuation         (4.99p)        (4.99p)
adjustment:
                           _____________  _____________

NAV per UK GAAP:                 506.68p        440.16p
                           _____________  _____________


Dividends are paid as interims, semi-annually, to Income Shareholders with
the first announced each July and paid in August and the second announced
each January and paid in February.

Contact - Gary Tait (Tel: [phone])
Aberforth Partners, Secretaries - 15 December 2005

ANNOUNCEMENT ENDS