Director Shareholding

SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1)  Name of company
Aberforth Geared Capital & Income Trust plc

2)  Name of director
T. Michael Foulkes

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a non-
    beneficial interest or in the case of an individual holder if it is a
    holding of that person's spouse or children under the age of 18 or in
    respect of a non-beneficial interest
Notification is in respect of holding of the Director named in 2 above.

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)
Thomas Michael Foulkes  60,000
BNY OCS Nominees Limited20,000

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)
N/A

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary
Normal market purchase.

7)  Number of shares/amount of stock acquired
5,000

8)  Percentage of issued class
0.05%

9)  Number of shares/amount of stock disposed
N/A

10) Percentage of issued class
N/A

11) Class of security
Capital Shares of 1p.

12) Price per share
197.0p

13) Date of transaction
17 December 2004

14) Date company informed
20 December 2004

15) Total holding following this notification
85,000

16) Total percentage holding of issued class following this notification
0.81%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant
N/A

18) Period during which or date on which exercisable
N/A

19) Total amount paid (if any) for grant of the option
N/A

20) Description of shares or debentures involved: class, number
N/A

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise
N/A

22) Total number of shares or debentures over which options held
    following this notification
N/A

23) Any additional information
None

24) Name of contact and telephone number for queries
Steven McKeane - 0131 220 0733

25) Name and signature of authorised company official responsible for
    making this notification
Steven McKeane, for Aberforth Partners, Secretaries.

    Date of Notification - 20 December 2004