Ten largest investments

ABERFORTH GEARED CAPITAL & INCOME TRUST plc


The  Board  of Aberforth Geared Capital & Income Trust plc ("the  Company")
confirms  that, as at 31 December 2004, the top ten investments  ranked  by
market value of the Company's total investable assets were as follows: -


Company               Value (£) Weight (%) Accumulated (%)

RPC Group             2,562,000       2.7%            2.7%
Carillion             2,420,891       2.5%            5.2%
Greggs                2,351,472       2.4%            7.6%
Interserve            2,226,250       2.3%            9.9%
Johnson Service       2,140,810       2.2%           12.1%
Group
Holidaybreak          2,115,600       2.2%           14.3%
ITE Group             2,113,061       2.2%           16.5%
Headlam Group         2,079,150       2.2%           18.7%
Croda                 2,006,250       2.1%           20.8%
International
Forth Ports           1,984,131       2.1%           22.9%


Contact for enquiries
Steven McKeane
Aberforth Partners
0131 220 0733

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