Financial Investment Opportunities

Aberforth Geared Income Trust plc

Annual Report and Accounts

30 June 2013

Investment Objective

The investment objective of Aberforth Geared Income Trust plc (AGIT) is to provide Ordinary Shareholders with a high level of income, with the potential for income and capital growth, and to provide Zero Dividend Preference Shareholders with a pre-determined final capital entitlement of 159.7p per share on the planned winding-up date on 30 June 2017.

Contents

Financial Highlights Chairman’s Statement Managers’ Report Directors Aberforth Partners LLP Thirty Largest Investments Investment Portfolio Other Information Directors’ Report Corporate Governance Report Directors’ Remuneration Report Directors’ Responsibilities Statement Independent Auditors’ Report Statement of Comprehensive Income Balance Sheet Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Shareholder Information Notice of the Annual General Meeting Notes to the Notice of the Annual General Meeting Corporate Information 1 2 4 8 9 10 11 14 15 22 27 29 30 32 33 34 35 36 49 50 50 53

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or otherwise transferred all of your Income Shares and/or Capital Shares in Aberforth Geared Capital & Income Trust plc, please forward this document and the accompanying form of proxy as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was or is being effected for delivery to the purchaser or transferee.

Financial Highlights

Total Return Performance1

Total Assets 2013 Annualised 3 years Since Launch2 Cumulative 3 years Since Launch2 31.1% 18.0% 13.5% 64.3% 49.4% Ordinary Share NAV...