Net Asset Value(s)

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")                      

The Net Asset Values ("NAVs") for the above company as at the close of     
business on 31 December 2010 were:-                                        

Capital Share (per Articles) = 522.82p                                     

Capital Share (capital entitlement of 100p per Income Share) = 519.73p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 529.42p                                                       

Income Share (excluding Current Year Revenue) = 103.43p                    

Income Share (including All Revenue) = 109.71p                             

The market value of investments was £112.7m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £30.9m to leave            
Shareholders' Funds (including Income Shares) of £81.8m.                   

The Company confirms that all information required under Listing Rule      
15.5.1(4) has been notified to a Regulated Information Service.            

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 4 January 2011                       

ANNOUNCEMENT ENDS