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JP Morgan Flem Inc (JPI)

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Friday 18 June, 2004

JP Morgan Flem Inc

Repayment of Loan

JP Morgan Flem Income & Capital Inv
18 June 2004

             JPMORGAN FLEMING INCOME & CAPITAL INVESTMENT TRUST PLC

                            REPAYMENT OF LOAN

The Board of JPMorgan Fleming Income & Capital Investment Trust plc (the '
Company') announce today that the Company has paid down in full its £26.4
million credit facility (the 'Loan') and cancelled the associated interest rate
swap agreement (the 'Swap').

The Loan was repaid without penalty.  Cancelling the Swap incurred fees of
£120,000, resulting in a total payment of £26.52 million.  Following the
repayment of the Loan and the cancellation of the Swap the proportion invested
in equities and fixed interest securities remains approximately the same at 75
per cent and 25 per cent respectively.

The Board estimate that the revenue stream from the continuing portfolio
together with the Company's revenue reserves should be sufficient to maintain
the level of dividend payable to ordinary shareholders and unit holders.  This
is not intended to be, nor should be taken as, a profit forecast.

The Board believe that, given current market conditions and the outlook for
interest rates, the repayment is a prudent measure which will improve the risk
and reward characteristics of the Company's ordinary income shares and the zero
dividend preference shares.  However, the Board will consider re-introducing
gearing into the Company in the future if investment conditions seem
appropriate.

18th June 2004
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

For further information:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited
Telephone: 020 7742 6000


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