The Boards of Jupiter Second Split Trust PLC, Jupiter Second Enhanced Income Trust PLC and The Defined Capital Return Fund Limited have announced plans for the rollover and reconstruction of the Companies.

Under the proposals the Board of the Jupiter Second Split Trust PLC ("JSS" or the "Company") is proposing that the life of the Company will be extended by five years from its planned winding up date on 30 October 2009 to 31 October 2014. Once reconstructed, JSS's capital structure will consist of two classes of share; Geared Ordinary shares and new Zero Dividend Preference shares ('new ZDPs'). Two new ZDP shares and one Geared Ordinary share may be held and traded in the form of a new packaged unit.*

The Company's investment objective will remain unchanged. The Company will aim to provide Geared Ordinary Shareholders with capital growth, with income as a secondary objective, and to provide new ZDP Shareholders with their predetermined final capital entitlement on the winding-up date. The final capital entitlement of 40.5 pence for a New ZDP Share is not a guaranteed repayment amount. The Investment Manager invests globally, focusing on the sectors that he considers to be the most undervalued areas of the market from time to time. The allocation of assets between different sectors will be determined by the Investment Manager
in his absolute discretion.

Geared Ordinary shares and new Packaged Units in JSS will also be available through a Placing and Offer for Subscription at 40 pence and £1 each respectively. Cenkos Securities plc will be acting as sole placing agent for the Company. It is intended that the Geared Ordinary shares will continue to pay a dividend annually while the new ZDPs will provide a gross redemption yield of approximately 6.2% per annum.

If shareholders vote in favour of the proposals, the reconstructed Company will then provide a rollover opportunity for shareholders of JSS, Jupiter Second Enhanced ("JSE") and The Defined Capital Return Fund Ltd ("DCF"). JSS will remain a London-listed split capital investment trust.

Philip Gibbs, who has managed the assets of the Company and of its predecessor, Jupiter Split Trust PLC ("JST"), will continue as Fund Manager. In the period he managed JST (from May 1998 to October 2004), the net asset value of its capital shares grew by 112.3% and their middle market price increased by 439.1%. The capital shares rolled over into the Geared Growth shares of JSS, which had increased in net asset value by a further 57.2% from launch until 31 August 2009. Their middle market price had increased by 62.82% over the same period.

Philip is also manager of the £1.2bn Jupiter Financial Opportunities Fund, which has produced a total return of 815% since launch on 2 June 1997. This equates to a compound annual growth rate of 19.8%, which compares with 2.9% per annum for the Fund's benchmark, the FTSE Financials Index. **

Circulars detailing the proposals have been issued to shareholders of JSE, DCR and JSS and voting for each of the companies will take place during October. If approved by shareholders, it is intended that the reconstruction will take place on 3 November 2009. BDO Stoy Hayward is acting as sponsor.

Commenting on his outlook for stock markets, Philip Gibbs, manager of the Jupiter Second Split Trust, said: "If the world economy continues to steadily improve as I expect, shares and corporate bonds look good value, particularly in the financial sector."

- ENDS -


** Source: Investment trust data - Jupiter Asset Management Ltd. Unit trust data - Financial Express to 31.8.09, bid to bid, net income reinvested.

Five year performance figures for Financial Opportunity fund

* The packaged units will not be separately listed although their component shares will be.

Jupiter Second Enhanced (JSE)
JSE is an existing investment trust which is due to come to the end of its planned life on 30 October 2009. JSE invests in a portfolio consisting mainly of UK listed equities, UK equity related securities (such as convertible securities, preference shares, convertible unsecured loan stock, warrants and other similar securities) and UK fixed interest securities. The Company aims to provide ZDP shareholders with their original capital entitlement and Geared Income shareholders with maximised income and returned capital.

Defined Capital Return (DCR)
DCR is a Jersey-incorporated investment trust which is due to come to the end of its planned life on 30 October 2009.  DCR has an issued share capital comprising 100 Management shares and 28,000,000 Ordinary shares.

DCR aims to provide shareholders with a defined capital return at its winding-up date (30 October 2009). The return will depend on the level of the FTSE 100 on 30 October 2009. The Fund has the provision that this index does not fall below 85% of the level on the start date. Shares have been designed with a similar profile to those of ZDP shares issued by a hypothetical FTSE 100 tracking split-capital investment company.

ABOUT JUPITER
Founded in 1985, Jupiter has become one of the UK's leading fund management groups for private and institutional investors. We manage assets across a wide range of international and UK based mutual funds, multi-manager products, hedge funds, institutional mandates, and a variety of portfolios specialising in markets such as the UK, Europe, Asia and Emerging Europe, as well as specialist thematic investments such as socially responsible investments (SRI) and global financial equities.

Majority owned by employees since June 2007, Jupiter's independent structure reinforces our commitment to producing strong investment performance and high levels of customer service.

Jupiter Asset Management Limited (JAM) is authorised and regulated by the Financial Services Authority in the UK. The registered address is 1 Grosvenor Place London SW1X 7JJ. The above commentary represents the views of the Fund Manager at the time of preparation and may be subject to change. They are not necessarily those of Jupiter and should not be interpreted as investment advice. Past Performance should not be seen as a guide to future returns, the value of an investment and the income from it can fall as well as rise and may be affected by exchange rate variations. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given.