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 30 November 2010 were:-                        

Capital Share (per Articles) = 445.76p                                     

Capital Share (capital entitlement of 100p per Income Share) = 441.60p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 454.63p                                                       

Income Share (excluding Current Year Revenue) = 102.98p                    

Income Share (including All Revenue) = 108.49p                             

As at 30 November 2010, AGCiT held 69 investments, the largest of which    
represented 4.1% of investable assets.  The market value of investments was
£106.0m less bank debt and net current assets/liabilities (excluding Income
Shares) of £32.6m to leave Shareholders' Funds (including Income Shares) of
£73.4m. Details of the portfolio's holdings, 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 98.22p 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 £  
34.3m (£30.0m of which is at a fixed interest rate of 6.47%).  The fair    
value of AGCiT's interest rate swap agreement based on the bid price at 30 
November 2010 was a liability of £1,368,000 and is accounted for within the
NAV of the Capital Share.                                                  

Dividends are paid, semi-annually, to Income Shareholders with the first   
interim announced each July and paid in August and the second interim      
announced each January and paid in February.                               

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 1 December 2010