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


The Net Asset Values ("NAVs") at the close of business on 18 February
2004 for the above company were:-

Income Shares 63.10p
(Excluding Current Year Revenue)

Capital Shares 309.80p

"Notional Package" 137.11p
(Excluding Current Year Revenue)

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

As at 18 February 2004, AGCiT held 86 investments, the largest of which
represented 2.4% of investable assets. The market value of investments
was £79.0m less bank debt and net current assets/liabilities of £31.0m
to leave Shareholders' Funds of £48.0m. Details of the top 50 holdings,
the portfolio's sectoral composition and...