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JP Morgan Flem Inc (JPI)

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Wednesday 09 October, 2002

JP Morgan Flem Inc

Interim Results

JP Morgan Flem Income & Capital Inv
09 October 2002

                          STOCK EXCHANGE ANNOUNCEMENT



9th October 2002


The period since the Company's shares began trading on 6th March 2002 has been
one of volatility for the UK equity market, with a marked overall reduction in

The total return from the Company's benchmark, a composite of 67.5% FTSE 350
Index (excluding Investment Trusts) and 32.5% Merrill Lynch 5-10 year Sterling
Corporate Index, was  -11.7% between 6th March and 31st July, and it is
disappointing to report that during the same period, the total return on the
Company's unit net assets was -15.4%.  The negative effect of gearing on the
portfolio in weak market conditions was the main factor responsible for this

Meanwhile, the whole of the split capital investment trust sector has been badly
affected by the problems of a minority of highly geared trusts within it. The
Company's units and ordinary shares, which stood close to net asset value at
31st July, have since joined the zero dividend preference shares at a discount.


The Company's year end is 28th February. For the purposes of its formation, its
year end was originally 31st January and regulations therefore require that this
announcement and the forthcoming interim report cover the period from 1st
February to 31st July 2002. The Company's annual report will cover the period
from 1st February 2002 to 28th February 2003.


The Board has already declared two interim dividends, both of 1.7p per ordinary
share, bringing the total dividend for the period to date to 3.4p per ordinary

It is the Board's intention, in the absence of unforeseen circumstances and
assuming sufficient distributable reserves, to pay a total dividend for the
period from 6th March 2002 to 28th February 2003 of at least 6.9p per ordinary

Charles Nunneley


9th October 2002

JPMorgan Fleming Income & Capital Investment Trust plc
Unaudited figures for the period ended 31st July 2002

Statement of Total Return (Unaudited)

                                                                         Six months to 31th July 2002
                                                                     Revenue       Capital         Total

                                                                       £'000         £'000         £'000

Realised losses on investments                                             -       (1,625)       (1,625)
Net change in unrealised depreciation                                      -      (14,115)      (14,115)
Franked dividends                                                      2,012             -         2,012
UK unfranked income                                                    1,373             -         1,373
Deposit interest                                                          87             -            87
Call option premiums                                                      93             -            93
                                                                     _______      ________        ______
Gross return                                                           3,565      (15,740)      (12,175)
Management fee                                                         (220)         (331)         (551)
Other administrative expenses                                          (133)             -         (133)
Interest payable                                                       (207)         (480)         (687)
                                                                     _______       _______        ______
Return before taxation                                                 3,005      (16,551)      (13,546)
Taxation                                                               (298)           240          (58)
                                                                      ______       _______       _______
Return after taxation                                                  2,707      (16,311)      (13,604)
Return attributable to zero dividend preference shares                     -       (2,114)       (2,114)
Dividends on ordinary shares                                         (2,539)             -       (2,539)
                                                                      ______       _______        ______
                                                                         168      (18,425)      (18,257)

Return per ordinary share                                              3.63p      (24.67)p      (21.04)p
Dividend per ordinary share                                            3.40p             -         3.40p

JPMorgan Fleming Income & Capital Investment Trust plc
Unaudited figures for the period ended 31st July 2002

Balance Sheet                                                                           31st July


Total Portfolio                                                                           150,903
Net current assets                                                                          3,949
Total assets                                                                              154,852

Long term loan                                                                           (33,000)
Provision for liabilities and charges                                                        (58)
Total net assets                                                                          121,794

Net asset Values:
Per zero dividend preference share                                                          99.2p
Per ordinary share                                                                          75.6p

Cash Flow Statement                                                                          2002

Net cash inflow from operating activities                                                   1,057

Net cash outflow from servicing of finance                                                  (469)

Net cash outflow from capital expenditure and financial investment                      (166,644)

Total equity dividends paid                                                               (1,269)

Net cash inflow from financing                                                            170,937
Increase in cash for the period                                                             3,612


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.


9th October 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange