Net Asset Value(s)

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


The Net Asset Values ("NAVs") for the above company -
calculated using a bid pricing basis for the securities held
on the company's portfolio - as at the close of business on 20
May 2010 were:-

Capital Share (per Articles) = 348.66p

Capital Share (capital entitlement of 100p per Income Share) =
337.82p

Capital Share (capital entitlement of 100p per Income Share
and nil swap valuation) = 356.66p

Income Share (excluding Current Year Revenue) = 100.11p

Income Share (including All Revenue) = 106.96p

As at 20 May 2010, AGCiT held 65 investments, the largest of
which represented 4.6% of investable assets.  The market value
of investments was £95.5m less bank debt and net current
assets/liabilities (excluding Income Shares) of £32.7m to
leave Shareholders' Funds (including Income Shares) of £62.8m.
Details of the top 50 holdings, the portfolio's sectoral
composition and other general information can be found on the
Aberforth website at http://www.aberforth.co.uk.

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 95.35p 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 £34.3m (£30.0m of
which is at a fixed interest rate of 6.47%).  The fair value
of AGCiT's interest rate swap agreement based on the bid price
at 20 May 2010 was a liability of £1,978,000 and is accounted
for within the NAV of the Capital Share.

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



Contact - Gary Tait (Tel: [phone])
Aberforth Partners LLP, Secretaries - 21 May 2010
ANNOUNCEMENT ENDS