Interim Management Statement

Jupiter Second Enhanced Income Trust PLC

Interim Management Review for the three months ended 31 January 2008

The Board of Jupiter Second Enhanced Income Trust PLC (the "Company") is pleased
to announce its interim management review for the quarter ended 31 January 2008.

The  following  report  relates to the performance of the  Company's  investment
portfolio in the three months leading up to 31 January 2008.

Investment Manager's Report for the Quarter Ended 31 January 2008

For  the  period from 1 November 2007 to the 31 January 2008, the  loss  on  the
Company's  Total Assets was 15.9 per cent.* compared to a decline  of  13.1  per
cent. for the Company's benchmark index**.

Manager's Review

In November, UK equities fell sharply, with mid caps and smaller companies being
hit  the  hardest, as uncertainty about the size and location of banks' subprime
losses led to concerns about the adequacy of bank balance sheets and the ability
of  the  banking  system to finance economic expansion the  market.  Coordinated
action  from  central  banks towards the year end helped to  assuage  the  worst
fears.  But markets fell further in January as global investment banks  revealed
further credit-related losses, while in the UK investors fretted about potential
bad news in the forthcoming bank reporting season.

In  the portfolio we increased exposure to interdealer brokers which continue to
benefit  from  higher levels of market volatility. We also took  a  position  in
Barclays  early  in  January, being of the view that market  concerns  over  the
company were overdone. We took some profits in a mezzanine finance company whose
share valuation was up with events.

Anthony Nutt
Fund Manager, Jupiter Asset Management Limited

Sources
*  Jupiter Asset Management Limited ("Jupiter")
** The Company's benchmark index is FTSE All-Share Index

Total Assets as at 31 January 2008: £73,873,279

Shares in Issue on 31 January 2008:

62,822,084 Zero Dividend Preference shares
62,822,084 Geared Income shares

                           Net Asset        Market Price (p)  Premium/(Discount)
                           Value (p)
Zero Dividend Preference   74.16            75.25             1%
shares*
Geared Income shares       43.43            40.75             (6%)
Units                      117.59           118.75            1%

Portfolio Distribution on 31 January 2008 Percentage of Total Assets

United Kingdom                    94%
Europe                            2%
Cash and fixed interest           4
                                  100%

The Company's exposure to other UK listed investment companies was 1.5% as at 31
January 2008.

Top Ten Holdings on 31 January 2008

Company                                                  Country of Listing           %
BP                                                       United Kingdom               6.4
BT Group                                                 United Kingdom               6.3
Vodafone                                                 United Kingdom               6.2
Royal Dutch Shell `B'                                    United Kingdom               6.1
Royal Bank of Scotland                                   United Kingdom               4.1
Kelda Group                                              United Kingdom               4.0
Beazley Group                                            United Kingdom               3.6
Astrazeneca                                              United Kingdom               2.9
Lloyds TSB                                               United Kingdom               2.4
Legal & General                                          United Kingdom               2.2

                                                                                      44.2

Comparative Performance to 31 January 2008

                       1 Month      3 Months     1 Year      3 Years        Since Last     Since Launch
                                                                            Annual Report
                       %            %            %           %              %              %
Total Assets*          (7.5)        (15.9)       (15.2)      12.1           (15.9)         20.9
FTSE All-Share Index   (8.7)        (13.1)       (6.6)       22.9           (13.1)         30.6
Geared Income Share    (18.6)       (35.2)       (37.6)      (5.6)          (35.2)         9.7
NAV
Geared Income Share    (12.4)       (25.9)       (35.3)      (6.3)          (25.9)         1.9
Price

Material Events

Following a ruling by the European Court of Justice, HM Revenue and Customs  has
recently  accepted  that VAT will no longer be charged on investment  management
fees. For the Company it may also be possible to recover some of the VAT paid in
the  past  on  management fees. However, the amount repayable is  subject  to  a
number  of legal and procedural considerations which currently are under  review
by the Directors.

The  Board  is  not aware of any other significant events or transactions  which
have  occurred  between  31 October 2007 and the date  of  publication  of  this
interim management statement which would have a material impact on the financial
position of the Company.

Payment of dividends

On  31  December 2007 an interim dividend of 1.25p per Geared Income  share  was
paid  to shareholders on the register as at the close of business on 30 November
2007.  A  further interim dividend was declared on 24 January 2008 of 0.80p  per
share that will be paid on 31 March 2008 to shareholders on the register at  the
close of business on 8 February 2007.

Availability of Monthly Fact Sheets

Monthly   fact   sheets  for  the  Company  are  available  for  download   from
www.jupiteronline.co.uk  and  by  post  or  fax  on  request  from  the  company
secretarial department.

The  Company's Ordinary shares are listed on the London Stock Exchange  and  the
prices are published in the Financial Times under `Investment Companies'.

The  Net Asset Values of the Company's ordinary shares are calculated weekly and
can    be    viewed    on    the    London    Stock    Exchange    website    at
www.londonstockexchange.com (under the heading `Market News').

Investment Objectives

The  objectives of the Company are to repay the capital entitlement of the  Zero
Dividend  Preference  shareholders and to maximise  the  income  and  return  of
capital to the Geared Income shareholders.


Investment Policy

The  investment policy of the Company is to invest mainly in a portfolio  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  equities  selected as suitable for the portfolio will  generally  be  those
judged  to  be  lowly  valued by the Investment Manager, typically  offering  an
attractive  dividend yield with sufficiently strong cash generation  from  their
operational  activities to grow the dividend to shareholders over  a  number  of
years. Such equities are likely to be considered by the Investment Manager to be
undervalued by the stock market at the time of purchase and will offer scope for
capital gains.

The  portfolio  manager  selects  each stock on  its  individual  merits  as  an
investment  rather than replicating the relevant company's weighting within  its
benchmark,  the  FTSE  All-Share index. The portfolio is therefore  unlikely  to
represent the constituents of its benchmark, but instead is intended to offer  a
well  diversified  investment strategy focused on maximising  returns  from  the
prevailing economic background.

The  portfolio manager has complete flexibility to invest any proportion of  the
Company's  investment portfolio in debt securities from time to time. Investment
in  debt securities will be in convertible bonds, corporate bonds and other debt
securities (such as gilts) considered by the Investment Manager to be quasi-cash
instruments.  Investment in bonds issued by corporate issuers will generally  be
in  those of issuers which are either rated as "investment grade" issuers or are
considered by the Investment Manager to have an equivalent grade. The Investment
Manager  may  also  invest  in sub-investment grade  corporate  bonds  where  it
considers  that  their  ratings are likely to improve.  The  percentage  of  the
portfolio invested in debt securities at any given time will primarily be driven
by  tactical  considerations but will also depend upon the outlook for  interest
rates and the scope for improved debt ratings.

Any  material change in the investment policy of the Company described above may
only be made with the approval of Shareholders by an ordinary resolution and the
separate class approval of Geared Income Shareholders.

For further information, please contact:

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
[e-mail]
020 7314 4822

Jenny Thompson
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
020 7314 5565

The Company's Registered office is at 1 Grosvenor Place, London SW1X 7JJ.

This   interim  management  statement  has  been  prepared  solely  to   provide
information  to  meet the requirements of the UK Listing Authority's  Disclosure
and Transparency Rules.