TIDMAGIT 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM 
CANADA, AUSTRALIA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA. 
 
This announcement is an advertisement and not a prospectus. This announcement 
does not constitute or form part of, and should not be construed as, any offer 
for sale or subscription of, or solicitation of any offer to buy or subscribe 
for, any securities in Aberforth Geared Income Trust plc ("AGIT" or "Company") 
or Aberforth Split Level Income Trust plc ("ASLIT") or securities in any other 
entity, in any jurisdiction, including the United States, nor shall it, or any 
part of it, or the fact of its distribution, form the basis of, or be relied on 
in connection with, any contract or investment decision whatsoever, in any 
jurisdiction. This announcement does not constitute a recommendation regarding 
any securities. Any investment decision must be made exclusively on the basis 
of the final prospectus published by ASLIT and any supplement thereto or the 
final circular published by AGIT. 
 
27 June 2017 
 
Aberforth Geared Income Trust plc 
 
Scheme Calculations 
 
Further to the election results in connection with the reconstruction and 
winding up of the Company announced on 20 June 2017, the Board confirms the 
Formula Asset Value (FAV) per Ordinary Share and the Terminal Asset Value (TAV) 
per Zero Dividend Preference Share that will be used for the calculation of 
entitlements under the recommended Scheme (the "Scheme") and to determine the 
number of shares in Aberforth Split Level Income Trust plc ("ASLIT") to be 
issued to AGIT Shareholders. 
 
Under the terms of the Scheme, details of which were set out in the circular to 
Shareholders dated 19 May 2017: 
 
  * the FAV per Ordinary Share (being the entitlement of an Ordinary Share 
    pursuant to the Scheme, calculated on the basis of the net asset value of 
    the Company as at close of business on 23 June 2017 (the "Calculation 
    Date")) was 251.34p; and 
  * the TAV per Zero Dividend Preference Share (being the entitlement of a Zero 
    Dividend Preference Share pursuant to the Scheme) was 159.70p. 
 
In accordance with the Scheme, PricewaterhouseCoopers LLP have performed 
specific procedures over the calculations of the FAV per Ordinary Share and the 
TAV per Zero Dividend Preference Share and no exceptions were reported. The 
procedures performed by PricewaterhouseCoopers LLP did not constitute an audit 
of the Company. 
 
For the purposes of the Scheme, the ASLIT Ordinary Shares will be issued at 
100p and the ASLIT Zero Dividend Preference Shares will be issued at 100p. 
 
Based on the FAV per Ordinary Share and the TAV per Zero Dividend Preference 
Share set out above: 
 
  * an AGIT Ordinary Shareholder who elected or was deemed to have elected for 
    the Ordinary Rollover Option in respect of any Ordinary Shares shall 
    receive approximately 2.5134 ASLIT Ordinary Shares under the Scheme in 
    respect of each such Ordinary Share held; 
 
  * an AGIT Ordinary Shareholder who elected for the Ordinary Cash Option in 
    respect of any Ordinary Shares shall receive 251.34p under the Scheme in 
    respect of each such Ordinary Share held; 
 
  * an AGIT Zero Dividend Preference Shareholder who elected for the ZDP 
    Rollover ZDP Option in respect of any Zero Dividend Preference Shares shall 
    receive approximately 1.597 ASLIT Zero Dividend Preference Shares under the 
    Scheme in respect of each such Zero Dividend Preference Share held; 
 
  * an AGIT Zero Dividend Preference Shareholder who elected for the ZDP 
    Rollover Ordinary Option in respect of any Zero Dividend Preference Shares 
    shall receive approximately 1.597 ASLIT Ordinary Shares under the Scheme in 
    respect of each such Zero Dividend Preference Share held; 
 
  * an AGIT Zero Dividend Preference Shareholder who elected or was deemed to 
    have elected for the ZDP Cash Option in respect of any Zero Dividend 
    Preference Shares shall receive 159.70p under the Scheme in respect of each 
    such Zero Dividend Preference Share held. 
 
Fractions of Shares which would otherwise arise will be rounded down to the 
nearest whole number of Shares. 
 
In accordance with the Scheme, and as described in the ASLIT Prospectus and 
AGIT Circular, the ASLIT Board shall have discretion (after consultation with 
the Investment Managers and J.P.Morgan Cazenove) to scale back elections and/or 
applications under the Issues to ensure that ASLIT: (i) will not be larger than 
the Company; and (ii) will have a ratio of ASLIT Ordinary Shares to ASLIT ZDP 
Shares of 4:1. In exercising its discretion, the ASLIT Board intends to seek to 
ensure a fair allocation between Shareholders who elect for the Rollover 
Options and, in allocating ASLIT Ordinary Shares, give preference, as far as 
practicable, to those existing Ordinary Shareholders who have elected (or are 
deemed to elect) for the Ordinary Rollover Option and, in allocating ASLIT ZDP 
Shares, the ASLIT Board intends to give preference, so far as practicable, to 
those investors who have subscribed for or rolled into ASLIT Ordinary Shares. 
 
In accordance with the timetable a Regulatory Information Service announcement 
of the results of the Placing and Offer and the number of Ordinary Shares and 
ZDP Shares to be issued pursuant to the Scheme will be released on 29 June 
2017. 
 
The Scheme remains conditional on, among other conditions, the passing of the 
special resolution to place the Company into members' voluntary liquidation 
which will be proposed at the general meeting of the Company convened for 30 
June 2017.  The Scheme will not become effective unless the resolution is 
passed. 
 
                              Expected Timetable 
 
All references are to UK time.                                          2017 
 
Amendment to the Offcial List and dealings in      8.00 a.m. on Thursday, 29 
Reclassi?ed Shares commence on the London Stock                         June 
Exchange 
 
Dealings in Reclassifed Shares suspended        7.30 a.m. on Friday, 30 June 
 
Second Meeting                                      11.00 a.m. on Friday, 30 
                                                                        June 
 
Effective Date for implementation of the                     Friday, 30 June 
Proposals and commencement of the liquidation 
of the Company 
 
Admission to listing of the ASLIT Shares to be   8.00 a.m. on Monday, 3 July 
issued pursuant to the Scheme and of the ASLIT 
Shares to be issued pursuant to the ASLIT 
Placing and Offer 
 
ASLIT Shares issued in uncertifcated form        8.00 a.m. on Monday, 3 July 
credited to CREST accounts of Shareholders 
under the Scheme 
 
ASLIT Shares issued in uncertifcated form       11.00 a.m. on Monday, 3 July 
credited to CREST accounts of ASLIT 
Shareholders under the Placing and  Offer 
 
CREST payments made in respect of cash                        Friday, 7 July 
entitlements of Shareholders under the Scheme 
 
Cheques despatched in respect of cash                         Friday, 7 July 
entitlements of Shareholders under the Scheme 
 
Defnitive certifcates in respect of ASLIT         week commencing Monday, 10 
Shares issued in certi?cated form pursuant to                           July 
the Scheme despatched to Shareholders entitled 
thereto 
 
Cancellation of listing of the Reclassifed                   Monday, 10 July 
Shares 
 
Each of the times and dates in the above expected timetable (other than in 
relation to the Meetings) may be extended or brought forward without further 
notice. If any of the above times and/or dates change, the revised time(s) and/ 
or date(s) will be notifed to Shareholders by an announcement through a 
Regulatory Information Service provider. 
 
Terms used in this announcement shall have the same meaning as set out in the 
Circular published by AGIT on 19 May 2017. 
 
For further information, please contact: 
 
Investment Managers 
Aberforth Partners LLP                                   0131 220 0733 
Euan Macdonald 
Alistair Whyte 
 
Advisers to the Company 
Dickson Minto W.S.                                       0207 649 6823 
Douglas Armstrong 
 
Advisers to ASLIT 
J.P. Morgan Cazenove (JPMC)                         0207 742 4000 
William Simmonds 
Edward Gibson-Watt 
Oliver Kenyon 
 
Kepler Partners LLP                                        0203 384 8796 
Hugh van Cutsem 
 
The information contained in this announcement is given at the date of its 
publication (unless otherwise marked) and is subject to updating, revision and 
amendment from time to time. 
 
Dickson Minto W.S., which is authorised and regulated by the Financial Conduct 
Authority, is acting only for the Company in connection with the matters 
described in this announcement and is not acting for or advising any other 
person, or treating any other person as its client, in relation thereto and 
will not be responsible to anyone other than the Company for providing the 
protections afforded to clients of Dickson Minto W.S. or advice to any other 
person in relation to the matters contained herein. 
 
J.P. Morgan Cazenove, which is authorised and regulated by the Financial 
Conduct Authority, is acting only for ASLIT in connection with the matters 
described in this announcement and is not acting for or advising any other 
person, or treating any other person as its client, in relation thereto and 
will not be responsible to anyone other than the ASLIT for providing the 
protections afforded to clients of J.P. Morgan Cazenove or advice to any other 
person in relation to the matters contained herein. 
 
Kepler Partners LLP, which is authorised and regulated by the Financial Conduct 
Authority, is acting only for ASLIT in connection with the matters described in 
this announcement and is not acting for or advising any other person, or 
treating any other person as its client, in relation thereto and will not be 
responsible to anyone other than the ASLIT for providing the protections 

afforded to clients of Kepler Partners LLP or advice to any other person in 
relation to the matters contained herein. 
 
This announcement may include statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements can be 
identified by the use of forward-looking terminology, including the terms 
"believes", "estimates", "anticipates", "expects", "intends", "may", "will" or 
"should" or, in each case, their negative or other variations or comparable 
terminology. All statements other than statements on historical facts included 
in this announcement, including, without limitation, those regarding the 
Company's financial position, strategy, plans, proposed acquisitions and 
objectives, are forward-looking statements. 
 
Forward-looking statements are subject to risks and uncertainties and, 
accordingly, ASLIT's actual future financial results and operational 
performance may differ materially from the results and performance expressed 
in, or implied by, the statements. These forward-looking statements speak only 
as at the date of this announcement and cannot be relied upon as a guide to 
future performance. Aberforth Partners LLP and Dickson Minto W.S. expressly 
disclaim any obligation or undertaking to update or revise any forward-looking 
statements contained herein to reflect actual or any change in the assumptions, 
conditions or circumstances on which any such statements are based unless 
required to do so by the Financial Services and Markets Act 2000, the 
Prospectus Rules of the Financial Conduct Authority or other applicable laws, 
regulations or rules. 
 
None of the Company, ASLIT, Aberforth Partners LLP, J.P. Morgan Cazenove or 
Dickson Minto W.S., or any of their respective affiliates, accepts any 
responsibility or liability whatsoever for or makes any representation or 
warranty, express or implied, as to this announcement, including the truth, 
accuracy or completeness of this information in this announcement (or whether 
any information has been omitted from the announcement) or any other 
information relating to the Company or associated companies, whether written, 
oral or in visual or electronic form, and howsoever transmitted or made 
available or for any loss howsoever arising from any use of the announcement or 
its contents or otherwise arising in connection therewith. The Company, ASLIT, 
Aberforth Partners LLP and Dickson Minto W.S., and their respective affiliates, 
accordingly disclaim all and any liability whether arising in tort, contract or 
otherwise which they might otherwise have in respect of this announcement or 
its contents or otherwise arising in connection therewith. 
 
This announcement does not constitute a prospectus relating to ASLIT, or form 
part of, any offer or invitation to sell or issue, or any solicitation of any 
offer to purchase or subscribe for, any shares in the Company or ASLIT in any 
jurisdiction nor shall it, or any part of it, or the fact of its distribution, 
form the basis of, or be relied on in connection with or act as any inducement 
to enter into, any contract therefor. Investors should not purchase or 
subscribe for any transferable securities referred to in this announcement 
except on the basis of information contained in the prospectus being considered 
for publication by ASLIT in due course. The contents of such prospectus will, 
if published, supersede the information in this announcement. 
 
Nothing in this announcement constitutes investment advice and any 
recommendations that may be contained herein have not been based upon a 
consideration of the investment objectives, financial situation or particular 
needs of any specific recipient. Copies of the prospectus are available from 
www.morningstar.co.uk/uk/nsm. 
 
 
 
END

(END) Dow Jones Newswires

June 27, 2017 02:00 ET (06:00 GMT)

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