Top Ten Investments as at 31 December 2003

ABERFORTH GEARED CAPITAL & INCOME TRUST plc The Board of Aberforth Geared Capital & Income Trust plc ("the Company") confirms that as at 31 December 2003 - the top ten securities ranked by market value in the Company's investment portfolio were as follows: Company £ % Total % Accumulated Total Investments Investments Bellway 2,224,000 3.0% 3.0% Headlam Group 1,771,525 2.4% 5.4% Mersey Docks & 1,722,500 2.3% 7.7% Harbour Geest 1,571,382 2.1% 9.8% Holidaybreak 1,556,100 2.1% 11.9% Bovis Homes 1,541,955 2.1% 14.0% Group Forth Ports 1,495,440 2.0% 16.0% First Choice 1,457,020 2.0% 18.0% Holidays Mowlem 1,451,996 2.0% 20.0% Arriva 1,425,000 1.9% 21.9% Contact for enquiries Steven McKeane Aberforth Partners 0131 220 0733 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00460/wkr0001.doc http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00460/wkr0002.pdf