Scheme Calculations And Update On Recommended P...

ABERFORTH GEARED CAPITAL & INCOME TRUST PLC

SCHEME CALCULATIONS AND UPDATE ON RECOMMENDED PROPOSALS

Further to the election results in connection with the reconstruction and
winding up of the Company announced on 28 July 2011, the Board confirms the TAV
per Income Share, the FAV per Capital Share and the AGIT FAV per Ordinary Share
that will be used for the calculation of entitlements under the recommended
Scheme (the "Scheme") for the acquisition of the Company's assets by Aberforth
Geared Income Trust plc ("AGIT").

Under the terms of the Scheme, details of which were set out in the circular to
Shareholders dated 28 June 2011, the TAV per Income Share (being the
entitlement of an Income Share pursuant to the Scheme, calculated on the basis
of the net asset value of the Company as at close of business on 3 August 2011
(the "Calculation Date")) was 100.00p and the FAV per Capital Share (being the
entitlement of a Capital Share pursuant to the Scheme) was 532.36p.

The AGIT FAV per Ordinary Share (being the net asset value of AGIT attributable
to the AGIT Ordinary Shares as at the Calculation Date, as adjusted and
calculated in accordance with the Scheme) was 105.41p.

The TAV per Income Share, the FAV per Capital Share and the AGIT FAV per
Ordinary Share have been reviewed by AGCIT's and AGIT's respective auditors.

Based on the Income TAV, the Capital FAV and the AGIT Ordinary FAV set out
above, an AGCIT Income Shareholder who elects for the Rollover Option in
respect of any Income Shares would receive approximately 0.949 New AGIT
Ordinary Shares under the Scheme in respect of each such Income Share held and
an AGCIT Capital Shareholder who elects for the Rollover Option in respect of
any Capital Shares would receive approximately 5.050 New AGIT Ordinary Shares
under the Scheme in respect of each such Capital Share held.

The Scheme remains conditional on, among other conditions, the passing of the
special resolution to place the Company into members' voluntary liquidation
which will be proposed at the general meeting of the Company convened for 9
August 2011. The Scheme will not become effective unless the resolution is
passed.

The Net Asset Values for the above Company as at the close of business on 3
August 2011 were:-

Capital Share (per Articles but excluding costs relating to the Scheme) =
534.27p

Income Share (including current year revenue) = 101.30p

Enquiries:

David Ross                             0131 220 0733                         
                                                                             
John Evans                                                                   
                                                                             
Alan Waite                                                                   
                                                                             
Aberforth Partners LLP                                                       
                                                                             
Douglas Armstrong                      020 7628 4455                         
                                                                             
Dickson Minto W.S.                                                           

Capitalised terms shall bear the meanings given to them in the Company's
Circular dated 28 June 2011 unless the context otherwise requires.