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 12 September 2007 were: -

Capital Share = 786.57p

Capital Share (assuming a capital entitlement of 100p per Income Share) = 741.97p

Income Share (Excluding Current Year Revenue) = 84.63p


As at 12 September 2007, AGCiT held 83 investments, the largest of which represented 3.9% of investable assets.  The
market value of investments was £140.3m less bank debt and net current assets/liabilities (excluding Income Shares) of
£35.9m to leave Shareholders' Funds (including Income Shares) of £104.4m.  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 80.88p 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 12 September 2007 was a
positive £534,000 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 - 13 September 2007

ANNOUNCEMENT ENDS