Net Asset Value(s) Amended as at 19/12/07

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 19
December 2007 were: -

Capital Share = 573.67p

Capital Share (assuming a capital entitlement of 100p per
Income Share) = 532.44p

Income Share (Excluding Current Year Revenue) = 86.07p

Following HMRC's announcement of their decision to withdraw
their appeal on the JPMorgan Fleming Claverhouse case, the net
assets include £672k being the estimated expected repayment of
all VAT paid on investment management fees, agreement having
been reached between the Company and its managers that AGCiT
will receive a refund of all VAT paid on investment management
fees including all VAT previously offset by the managers.

As at 19 December 2007, AGCiT held 77 investments, the largest
of which represented 4.1% of investable assets.  The market
value of investments was £114.5m less bank debt and net
current assets/liabilities (excluding Income Shares) of £31.2m
to leave Shareholders' Funds (including Income Shares) of
£83.3m. Details of the top 50 holdings, the portfolio's
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 82.33p 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 19 December 2007 was a negative £224,000 and is accounted
for within the NAV of the Capital Share.

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 LLP, Secretaries - 20 December 2007

ANNOUNCEMENT ENDS