Interim Results

F&C Capital & Income Inv Tst PLC
27 April 2005


Date:              27 April 2005

Contact:           Julian Cane
                   F&C Management Ltd                   020 7628 8000

                   Lisa Stanley
                   Lansons Communications               020 7294 3692


                  F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
                     Unaudited Interim Statement of Results
                     for the half-year ended 31 March 2005


Highlights

•          The NAV per share produced a rise of 11.0%, outperforming the
           benchmark FTSE All-Share index's 8.2% return.

•          The proposed merger with F&C Income Growth Investment Trust has been
           approved by large majorities of both sets of shareholders.  It is 
           anticipated that Court approval will be given and the effective date 
           of the merger will be 5 May 2005.

•          Over the half year as a whole the discount has averaged 1.7%.  The
           commitment to a narrow discount will remain after the merger.

•          The Company remains committed to steady dividend growth.  In future,
           the Company will pay dividends quarterly.

•          Earnings should continue to grow at a reasonable rate and equity
           valuations are in line with longer term averages, both pointing 
           towards a positive outlook for the Company.

SUMMARY OF RESULTS

Attributable to equity shareholders                         31 March            30 September                %
                                                                2005                    2004           Change
Net assets                                                  £95.615m                £84.299m            +13.4

Net asset value per share                                    197.16p                 177.62p            +11.0

Share price                                                  189.25p                 173.50p             +9.1

                                                         6 months to             6 months to                %
                                                       31 March 2005           31 March 2004           Change

Earnings per share                                             2.70p                   2.34p            +15.4

Dividends per share                                           2.725p                  2.725p                -





F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Interim Statement of Results
for the half-year ended 31 March 2005


Chairman's Statement

The UK stockmarket continued to rise during the six months under review from 30
September 2004 to 31 March 2005 with the FTSE All-Share Index increasing by
8.2%. It is encouraging that your Company's results were ahead of this benchmark
as the net asset value per share and the share price rose by 11.0% and 9.1%
respectively. The interim dividend of 2.725 pence per share is unchanged from
last year.

At the recent EGMs of your Company and F&C Income Growth Investment Trust
(FIGIT), the proposed merger of the two companies was approved by very large
majorities of both sets of shareholders. It is anticipated that approval will be
given at a Court hearing scheduled for 4 May 2005 and that the effective date of
the merger will be 5 May 2005. At this time a further announcement will be made
to the Stock Exchange and the new board, chaired by Pen Kent, will take over as
Peter Hardy and I retire.

Capital Performance

With only a brief pause last year, the UK stockmarket has continued its rally
that started in March 2003. From trough to peak the increase in the FTSE
All-Share Index has been just over 50%, but to put this in to context, the index
is still 24% below its peak reached at the end of 1999 and the level at the end
of March was first reached in 1997; thus over nearly eight years of boom and
bust there has been no net increase in the index.

Looking at the longer-term perspective, it is encouraging that although the
total return of the FTSE All-Share Index has been negative over 5 years, your
Company has made reasonable progress, and it has done this through the portfolio
not only being more resilient during the worst of the bear market, but more
recently it has also recovered more rapidly than the index. As a result, since
the formation of the Company in October 1992, net assets per share and the share
price have risen by 102% and 89% respectively, compared to an increase of 97% in
the FTSE All-Share Index.

The main driving force of the stockmarket over the last six months has been a
strong increase in companies' earnings and dividends. It is estimated that for
the calendar year 2004, earnings in the FTSE All-Share Index rose more than 16%
and this has allowed the market to make good progress. Interest rates have
remained fairly low and stable, and this has been supportive of valuations.
Furthermore, private equity and merger activity have also helped to keep shares
buoyant in certain sectors.

Amongst the strongest performing shares in the portfolio were its holdings in
Somerfield, the food retailer, which rose in value by 67% as it received a
number of possible cash offers, and Punch Taverns, the pub landlord, where the
share price has risen 37% on the back of strong trading and good acquisitions.
Amongst the disappointments were AstraZeneca, down 8% over growing concern about
patent protection and over the side-effects of a number of drugs, and Alea, an
insurance company, down 13% as it has produced disappointing results.


F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Interim Statement of Results
for the half-year ended 31 March 2005

Dividend

Strong profit growth, together with companies' finances being more robust, have
produced levels of dividend growth for the UK stockmarket of about 10% over the
year. This is less than the headline level of earnings growth, but still well
ahead of the rate of inflation.

The interim dividend of 2.725 pence per share is unchanged from last year. The
dividend payment last year was paid earlier than usual so that PEP and ISA
investors could reclaim a tax credit on the dividend that would not have been
available if the dividend had been paid after 5 April 2004 and there was also an
increase of 32.9% in the dividend to maximise the tax benefits. A dividend
payout of 2.725 pence also corresponds very closely to net earnings of 2.70
pence per share, requiring only a small drawdown from revenue reserves.

The Directors' aim for the year is to build on your Company's record of steady
dividend growth and the merger with FIGIT should be of benefit in this. In
future, your Company will also pay dividends quarterly and this will start with
the quarter to 30 June 2005, followed by a final dividend for the quarter to 30
September.

Discount to Net Asset Value and Share Buy-Backs

The Board has maintained its commitment to shareholders to ensure that your
Company's shares do not stand at any material discount to net asset value. In
the first quarter, the Company purchased 485,000 shares at a discount and sold
1,521,500 shares at a premium to net asset value as it was re-included as a
constituent of the FTSE All-Share Index. Unfortunately as a result of the
preparation involved in the merger with FIGIT, your Company has not been allowed
to purchase its own shares for a large part of the last quarter. As a
consequence, the discount has widened a little recently, but over the half year
as a whole the discount has averaged 1.7%. The commitment to a narrow discount
will remain after the merger.

Outlook

Markets have made good progress recently on the back of strong corporate
earnings, and the current expectation is for earnings to continue to grow at a
reasonable rate. Meanwhile, valuations for the market do not appear too
demanding when looked at relative to bonds or cash, and are in line with
longer-term averages. Interest rates are still at relatively low levels and
appear unlikely to move materially either up or down as the main indices of
inflation show little pressure.

Although the central expectation is for further progress in the market, there
are some considerable risks that are worthy of note. In particular, individuals
in the UK have on average very high levels of debt and it appears that the
difficulty of servicing this may be behind the recent slow-down in consumer
expenditure. Elsewhere, the macro-economic imbalances of the United States could
also have a potentially destabilising impact through their impact on the US
dollar or interest rates, and the high price of oil will dampen economic growth.

Assuming the merger of your Company and FIGIT is approved by the Court there is
every reason to think there is a good outlook for the enlarged Company and I
wish the new Board well.

Graham Ross Russell, Chairman
April 2005


F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Interim Statement of Results
for the half-year ended 31 March 2005

Unaudited Statement of Total Return (incorporating the Revenue Account*)
for the half-year ended


                                               31 March 2005                          31 March  2004
                                     Revenue      Capital        Total     Revenue       Capital       Total
                                      £'000s       £'000s       £'000s      £'000s        £'000s      £'000s

Gains  on investments                      -        9,472        9,472           -         6,361       6,361
Exchange (losses)/gains on
currency balances                        (1)          (8)          (9)           1           (4)         (3)
                                         
Income                                 1,615            -        1,615       1,382             -       1,382
Management fee                         (119)        (119)        (238)       (105)         (105)      (210)

Other expenses                         (123)         (12)        (135)       (108)          (11)       (119)

Net return before finance costs
and taxation                           1,372        9,333       10,705       1,170         6,241       7,411
                                       
Interest payable and similar
charges                                 (72)         (72)        (144)        (29)          (29)        (58)
                                        
Return on ordinary
activities before taxation             1,300        9,261       10,561       1,141         6,212       7,353
Taxation on ordinary activities          (8)            -          (8)         (2)             -         (2)
Return attributable to equity
shareholders                           1,292        9,261       10,553       1,139         6,212       7,351
                                       
Dividends on ordinary shares
(equity):                            (1,344)            -      (1,344)     (1,277)             -     (1,277)
                                     
Amount transferred (from)/to
reserves                                (52)        9,261        9,209       (138)         6,212       6,074
                                        
Return per ordinary share -
pence                                   2.70        19.34        22.04        2.34         12.77       15.11
                                        



* The revenue column of the statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.




F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Interim Statement of Results
for the half-year ended 31 March 2005

Unaudited Balance Sheet

                                                         31 March             31 March          30 September
                                                             2005                 2004                  2004
                                                           £'000s               £'000s                £'000s
Fixed assets
Investments                                               101,646               88,123                91,012

Current assets
Debtors                                                       782                  809                   596
Taxation recoverable                                            5                   12                    13
Cash at bank                                                  337                  122                   743
                                                            1,124                  943                 1,352

Current liabilities
Creditors: amounts falling due within one
year:
Short-term loans                                          (5,500)              (6,000)               (6,000)
Other creditors                                           (1,655)              (1,450)               (2,065)

                                                          (7,155)              (7,450)               (8,065)

Net current liabilities                                   (6,031)              (6,507)               (6,713)

Net assets                                                 95,615               81,616                84,299

Capital and reserves
Called up equity share capital                             12,144               11,920                12,051
Capital redemption reserve                                  3,154                3,154                 3,154
Share premium                                              19,679               17,955                18,771
Special reserve                                            13,454               13,592                12,348
Capital reserves                                           46,231               34,155                36,970
Revenue reserve                                               953                  840                 1,005
Total shareholders' funds                                  95,615               81,616                84,299

Net asset value per ordinary share - pence                 197.16               171.17                177.62

                                                           

F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Interim Statement of Results
for the half-year ended 31 March 2005

                        Unaudited Cash Flow Statement
                        for the half-year ended

                                                        31 March 2005                      31 March 2004
                                                               £'000s                             £'000s
Net cash inflow from operating
activities                                                      1,114                                750
Interest paid                                                   (151)                               (57)
Total tax recovered                                                 1                                  2
Net cash outflow from purchases
and sales of investments                                      (1,482)                              (419)
Equity dividends paid                                         (1,316)                            (1,632)
Net cash outflow before use of
liquid resources and financing                                (1,834)                            (1,356)
                                                              
Net cash inflow
from financing                                                  1,436                              1,465
(Decrease)/increase in cash during
the period                                                     (398)                                109
                                                                
The Directors have declared a dividend of 2.725p (2004: 2.725p) per share
payable on 20 May 2005 to shareholders registered on 22 April 2005.

The results for the six months to 31 March 2005 and 31 March 2004, which are
unaudited and set out in this announcement, constitute non-statutory accounts
within the meaning of Section 240 of the Companies Act 1985.  The latest
published accounts which have been delivered to the Registrar of Companies are
for the year ended 30 September 2004; the report of the auditors thereon was
unqualified and did not contain a statement under Section 237 of the Companies
Act 1985. The abridged financial statements shown above for the year ended 30
September 2004 are an extract from those accounts.

The Interim Report & Accounts will be posted to shareholders in mid-May 2005.
Copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A 2NY.

By order of the Board
F&C Management Limited - Secretary
26 April 2005


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