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 20 January 2011 were:-                                         

Capital Share (per Articles) = 538.44p                                     

Capital Share (capital entitlement of 100p per Income Share) = 536.03p     

Capital Share (capital entitlement of 100p per Income Share and nil swap   
valuation) = 545.27p                                                       

Income Share (excluding Current Year Revenue) = 103.73p                    

Income Share (including All Revenue) = 110.70p                             

The market value of investments was £114.6m less bank debt and net current 
assets/liabilities (excluding Income Shares) of £30.9m to leave            
Shareholders' Funds (including Income Shares) of £83.7m.                   

Contact - Gary Tait (Tel: [phone])                                   
Aberforth Partners LLP, Secretaries - 21 January 2011                      

ANNOUNCEMENT ENDS