Net Asset Value(s)

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

The Net Asset Values ("NAVs") for the above company - calculated using a mid-
market pricing basis for the securities held on the company's portfolio - as
at the close of business on 31 July 2005 were:-

Income Share (Excluding Current Year Revenue) = 71.60p

Capital Share = 481.87p

Capital Share (assuming a capital entitlement of 100p per Income Share) =
410.66p

"Notional Package" (Excluding Current Year Revenue) = 194.68p

The "Notional Package" comprises 0.7 of an Income Share and 0.3 of a Capital
Share.

As at 31 July 2005, AGCiT held 86 investments, the largest of which
represented 2.8% of investable assets.  The market value of investments was
£102.6m less bank debt and net current assets/liabilities of £33.8m to leave
Shareholders' Funds of £68.8m.  Details of the top 50 holdings, the
portfolio's sectoral composition and other general information can be found
within Aberforth Partners' website at http://www.aberforth.co.uk.

AGCiT invests only in small UK quoted companies and does not invest in any
unquoted securities, AIM listed securities or securities issued by investment
trusts or investment companies. 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 69.48p 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 £38.3m (£30.0m of which
is at a fixed interest rate of 6.57%).  The fair value of AGCiT's interest rate
swap agreement based on the bid price at 31 July 2005 was a negative £1,500,000.

In accordance with the AITC's recommended practice the net asset values reported
in this announcement do not include the effect of the following UK Generally
Accepted Accounting Practice ("UK GAAP"): (a) the fair valuation of the interest
rate swap agreement; and (b) the change in the basis of valuing investments from
"mid-market" to "bid". Set out below is a reconciliation of the NAV of the
Capital Shares between this announcement and those presented under UK GAAP:

Net Asset Values per Capital Share                     NAV per Income Share of   NAV per Income Share of
                                                                        71.60p                      100p
NAV announcement stated above:                                         481.87p                   410.66p
Fair valuation of interest rate swap                                  (14.29p)                  (14.29p)
"Bid" valuation of investments                                         (8.89p)                   (8.89p)
Per UK GAAP                                                            458.69p                   387.49p

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

Contact - Gary Tait (Tel: [phone])
Aberforth Partners, Secretaries - 1 August 2005

ANNOUNCEMENT ENDS