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 16 May 2007 were: -

Capital Share = 871.10p

Capital Share (assuming a capital entitlement of 100p per Income Share) =
822.40p

Income Share (Excluding Current Year Revenue) = 82.87p


As at 16 May 2007, AGCiT held 88 investments, the largest of which
represented 3.8% of investable assets.  The market value of investments was
£148.7m less bank debt and net current assets/liabilities (excluding Income
Shares) of £36.0m to leave Shareholders' Funds (including Income Shares) of
£112.7m.  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 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 79.13p 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 16 May 2007 was a positive £445,000 and
is accounted for within the NAV of the Capital Share.

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 LLP, Secretaries - 17 May 2007

ANNOUNCEMENT ENDS