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JP Morgan Inc & Cap (JPI)

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Friday 01 February, 2008

JP Morgan Inc & Cap

Terminal Asset Value

JPMorgan Income & Capital IT PLC
01 February 2008


                              Terminal Asset Value


JPMorgan Income & Capital Investment Trust plc ('the Company')

1 February 2008

Illustrative Terminal Asset Value


The Company is due to calculate a Terminal Asset Value ('TAV') for Ordinary
Shares, Zero Dividend Preference Shares and Units as at close of business on 26
February 2008. In order to assist Shareholders the Company will issue an
estimated TAV on Friday each week until end February 2008.

For illustrative purposes the Company estimates that if the Company had been
wound up on close of business on 31 January 2008 the Terminal Asset Value would
have been as shown below. The TAV does not include the necessary costs of
realising the Company's assets. The Dividend of 7.0p per Ordinary Share payable
on 28 February 2008 has been deducted from the TAV calculation together with the
required compound growth entitlement of the ZDP shares.


Estimated TAV per ordinary Share                      105.697321p

Estimated TAV per Zero Dividend Preference Share      154.150000p

Estimated TAV per Unit                                365.544642p



JPMorgan Asset Management (UK) Limited - Secretary

Craig Cleland 0207 742 3418



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