Interim Management Statement

ABERFORTH GEARED CAPITAL & INCOME TRUST PLC

Interim Management Statement for the three months to 31 March 2009

Investment Objective
The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT)  is
to provide Income Shareholders with a high level of income payable half yearly with
the  potential  for income growth and to provide Capital Shareholders  with  geared
capital growth.

Aberforth Partners LLP are contracted as the Investment Managers and Secretaries to
the Company.

Features
  · Over the 3 month period to 31 March 2009, the Company's
    total asset value fell by 3.6%. By comparison the HGSC
    (XIC) Index increased by 3.2%. All figures are total
    returns.
  · As at 31 March 2009 the Capital share price was 95p,
    representing a premium of 60.3% to the Capital share net
    asset value.
  · A second interim dividend in respect of the year to 31
    December 2008 of 6.7p was paid to Income Shareholders on
    27 February 2009.
  · The annual loan facility covenant tests relating to the
    long-term bank loan facility of £34.3 million were
    satisfied as at 31 December 2008. This facility is
    repayable on 30 September 2011.
  · The £4 million overdraft facility with Bank of Scotland
    has been extended to 31 May 2009 and the further renewal
    of this facility will be considered upon the receipt of
    renewal terms.
  · At the Company's AGM and Separate Class Meetings held on 4
    March 2009, all the resolutions proposed were passed by
    Shareholders on a show of hands.


Performance - Total Returns
Periods to 31 March 2009
                          3 Months   6 Months    1 Year   3 Years
Total Assets                 -3.6%     -20.4%    -34.9%    -36.2%
Capital Share NAV           -35.6%     -76.2%    -87.3%    -89.7%
HGSC (XIC)                   +3.2%     -17.8%    -34.8%    -35.5%
Capital Share Price         -13.6%     -60.2%    -74.6%    -74.8%
Income Share Price           +4.9%      -9.8%     -5.5%     +7.6%
Note: Past performance is not a guide to future performance


Top 10 Holdings
As at 31 March 2009                         % of
                                      Investment
                                       Portfolio
Greggs                                       5.8
Robert Wiseman Dairies                       3.7
Hampson Industries                           3.5
Delta                                        3.3
Halfords Group                               3.3
Spirax-Sarco Engineering                     3.2
Brown (N.) Group                             3.2
Dunelm Group                                 2.9
BSS Group                                    2.8
Domino Printing Sciences                     2.6
                                            34.3


Size Distribution across FTSE Indices
As at 31 March 2009
                              HGSC      AGCiT
                             (XIC)
                           % Total     %Total
FTSE 100                      0.0         0.0
FTSE 250                     76.7        56.4
FTSE SmallCap                16.6        36.2
FTSE Fledgling                2.4         4.4
Other                         4.3         3.0
                            100.0       100.0
Note:  The  HGSC (XIC) figures above are simulated and assume that  the  index  was
rebalanced on the above date.


Current Financial Position                   As at          As at
                                     31 March 2009    31 December
                                                             2008

Fixed Assets: Investments               £    69.8m      £   70.9m
Net Current Assets/(Liabilities)        £   (0.6m)     £     0.2m
Total Assets less  Current              £    69.2m      £   71.1m
Assets/(Liabilities)
Creditors (amounts falling due           £ (61.2m)      £ (58.4m)
after more than one year)
Equity Shareholders' Funds             £      8.0m      £   12.7m

Income Share NAV                            96.42p        100.57p
Capital Share NAV (assuming Income          59.25p         91.94p
Shares at 100p)
Income Share Price                          95.00p         97.00p
Capital Share Price                         95.00p        110.00p
Market Capitalisation (Income and          £ 33.3m        £ 35.3m
Capital Shares)
Current Gearing                               874%           556%

Hurdle Rates
Required capital growth p.a. on               5.3%           3.4%
portfolio to return 100p to
Capital Shareholders
Required capital growth p.a. on               5.1%           3.8%
portfolio to return Capital Share
price

General Information
Total Expense Ratio (p.a.)                                   1.9%
Second Interim Dividend for y/e                              6.7p
31/12/08 (paid February 2009)
First Interim Dividend for y/e 31/12/08                      5.9p
(paid August 2008)
Dividend Yield                                              13.3%
Launch Date                                      18 December 2001
Planned Winding Up Date                          31 December 2011

Further Information
Further  information regarding the Company, including more recently  published  net
asset values, can be found on the following website: www.aberforth.co.uk

Contact
Gary Tait (Tel: [phone])
Aberforth Partners LLP, Secretaries, 3 April 2009

END