Interim Results

Jupiter Second Enhanced Inc.Tst.PLC
01 July 2005



                    JUPITER SECOND ENHANCED INCOME TRUST PLC

Preliminary announcement of the unaudited results for the half year to 30th
April 2005.


                              CHAIRMAN'S STATEMENT

I would like to take this opportunity on behalf of my board to welcome you as
shareholders in the Company following our successful launch on 1st November
2004.

I am pleased to confirm that the net asset value of your Company's Geared Income
shares rose by 6.1 per cent. from their opening net asset value of 39.6p on 1st
November 2004 to 42.0p during the first six months of the Company's life. This
compares favourably with the performance of the Company's benchmark, the FTSE
All Share Index, which appreciated by 4.3 per cent. over the same period.

The Company's Packaged Units (each comprising one Geared Income share and one
Zero Dividend Preference share) produced a net asset value return of 4.6 per
cent. over the same period.

The Company's Zero Dividend Preference shares have also attracted a modest
premium rating on the London Stock Exchange since launch in comparison with
their accrued entitlement under the Company's Articles of Association.

Revenues

Revenue after tax for the period amounted to £954,000. Interim dividends of
0.45p and 1.0p have been declared in respect of the period under review and a
special dividend of 0.45p was declared on 15th June 2005 in conjunction with
your Company's participation in the scheme of reconstruction of Martin Currie
Enhanced Income Trust plc. We anticipate that the Company should be in a
position to pay an aggregate dividend amounting to between 2.8p and 3.0p in
respect of the current financial year to 31st October 2005.

We announced on 26th May 2005 that the Company is being offered as a recommended
rollover vehicle for the shareholders in Martin Currie Enhanced Income
Investment Trust plc at the end of that company's life on 30th June 2005. Any
new shares that are issued by the Company pursuant to that rollover will
increase your Company's market capitalisation and therefore both increase its
potential liquidity on the London Stock Exchange and reduce the ratio of the
Company's total annual expenditure to its total assets (its 'total expense
ratio'). The issue will not be dilutive to the net asset value of the existing
Geared Income shares in issue. An issue of new shares will also have no effect
on the cover of the Company's existing Zero Dividend Preference shares.

Market Review

In the six months since the launch of your Company the US stock market has
continued to make slow but stable progress. The re-election of President Bush to
the White House, produced, as expected, further fiscal tightening in an economy
that has been massively stimulated post the events of 11 September 2001. The
rise in US interest rates since June last year has slowed the rate of consumer
consumption and discouraged equity investors from pursuing stock prices during
the traditional spring reporting season. The impact of weaker overseas share
prices has also influenced the UK stock market. The combination of rising
domestic interest rates and seasonal election slow down has put investor demand
on hold. During this quiet period company profits have continued to produce few
surprises. Importantly, strong dividend growth has reflected the efforts of
company directors to return cash to shareholders.

The FTSE 100 broached the psychologically important level of 5,000 in early
February, but, since that time, house prices and retail sales have both been hit
by slowing demand and weaker confidence.

The best performing market sectors over six months have been in food production
and healthcare. Towards the end of 2004 the market had been led by mining and
oil, driven largely by demand for commodities in China. Outperforming stocks in
these sectors included Antofagasta, BP and Shell, all of which were held within
the Company's investment portfolio. The formation of the Company's portfolio
last October took place against a background of rising dividends and an ongoing
recovery from the low stock market levels of March 2003. Significant positions
have been taken in the oil, construction, leisure, water and insurance sectors.
This can be seen from a review of the individual stocks in the interim report.
In April this year one of our largest positions, the RAC, was acquired by the
insurance group Aviva at a substantial premium to the share price at the time.

In recent years cash flow from the UK corporate sector has too often been
diverted into value destroying acquisitions. The downturn in technology related
areas of the economy served to undermine this trend and encouraged companies to
give greater focus to returning cash to shareholders in the form of dividends or
share buy back programmes. It is the aim of the Company to invest in companies
with specific focus upon total returns to shareholders.

Outlook

There are a number of uncertainties within Anglo Saxon economies currently. The
outlook for UK interest rates will depend upon the ability of consumers to
finance debt. This concern coincides with a desire within the Government to
raise the amount of tax paid. The rise in the price of crude oil has
substantially improved the profitability of the large oil companies and the
Chancellor can fairly expect this area of the economy to contribute a higher
amount of tax. The slowdown in retail activity and housing sales should not lead
to the gloomy scenario many headlines and some commentators have been
forecasting.

The expansion of the Chinese economy should aid economic activity in developed
markets, but not without the potential of inflationary consequences at a later
date.

During the latter half of the calendar year, it will become clearer the degree
to which economies have slowed in response to tighter economic policies.
Dividend growth has once again become an important part of shareholder returns
and your Company will continue to target those stocks able to pay a high and
growing dividend.

While market sentiment may remain volatile, companies seen by the Manager remain
positive on the outlook. The Manager remains focused on finding companies that
are capable of producing a positive total return for investors and is confident
on the prospects for further growth in profits and dividends for the stocks held
within the investment portfolio.

Jimmy West
Chairman
1st July 2005


STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account)
for the period 17th August 2004 to 30th April 2005
(Unaudited)

                                               Revenue      Capital      Total
                                                 £'000        £'000      £'000
                                                --------     --------   --------
Realised gains on investments                        -          716        716
Unrealised appreciation of investments               -        1,681      1,681
                                                --------     --------   --------
Total capital gains on investments                   -        2,397      2,397
Income from fixed asset investments              1,290            -      1,290
Bank interest                                      125            -        125
Investment management fee                         (293)           -       (293)
Other expenses                                    (161)           -       (161)
                                                --------     --------   --------
Net return before finance costs and taxation       961        2,397      3,358
Interest payable                                    (6)           -         (6)
                                                --------     --------   --------
Return on ordinary activities before taxation      955        2,397      3,352
Tax on ordinary activities                          (1)           -         (1)
                                                --------     --------   --------
Return on ordinary activities after taxation       954        2,397      3,351
Dividends in respect of equity shares             (814)           -       (814)
Other appropriations in respect of non-equity
shares                                               -       (1,180)    (1,180)
                                                --------     --------   --------
Transfer to reserves                               140        1,217      1,357
                                                ========     ========   ========
Return per Geared Income share                    1.70p        2.17p      3.87p


The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were discontinued or acquired in the period.

The financial information does not constitute 'accounts' as defined in section
240 of the Companies Act 1985.

The Company was incorporated on 17th August 2004 and its shares were listed on
the London Stock Exchange on 1st November 2004, on which date it commenced
business. Consequently, the Statement of Total Return above reflects the returns
from 1st November 2004 to 30th April 2005.


BALANCE SHEET 
at 30th April 2005
(Unaudited)

                                                                         £'000
                                                                       ---------
Fixed assets                                                            
Investments                                                             57,689
                                                                       ---------
Current assets                                                             
Cash at bank                                                               153
Debtors                                                                    669
                                                                       ---------
                                                                           822
Creditors: amounts falling due within one year                            (793)
                                                                       ---------
Net current assets                                                          29
                                                                       ---------
Total assets less current liabilities                                   57,718
                                                                       =========
Capital and reserves                                                     
Called up share capital                                                  1,123
Special reserve                                                         54,058  
Capital reserve - realised                                                (464)
Capital reserve - unrealised                                             1,681
Redemption reserve                                                       1,180  
Revenue reserve                                                            140
                                                                       ---------
Total shareholders' funds                                               57,718
                                                                       =========
Net asset value per Geared Income share                                  42.03p
                                                                       ---------


CASH FLOW STATEMENT
for the period from 17th August 2004 to 30th April 2005
(Unaudited)

                                                                         £'000
                                                                       ---------
Operating activities                                                       
Net cash inflow from operating activities                                  487
                                                                       ---------
Servicing of finance                                                        
Interest paid                                                               (3)
                                                                       ---------
Net cash outflow from servicing of finance                                  (3)
                                                                       ---------
Taxation                                                                    
Net tax paid                                                                (3)
                                                                       ---------
Capital expenditure and financial investment                           
Purchase of fixed asset investments                                    (61,985)  
Sale of fixed asset investments                                          6,693
                                                                       ---------
Net cash outflow from capital expenditure and financial investments    (55,292)
                                                                       ---------
Equity dividends paid                                                     (252)
                                                                       ---------
Net cash outflow before financing                                      (55,063)
                                                                       ---------
Financing                                                               
Share issue                                                             56,157  
Cost of share issue                                                       (941)
                                                                       ---------
Net cash inflow from financing                                          55,216
                                                                       ---------
Increase in cash                                                           153
                                                                       =========



Reconciliation of net cash flow to movement in net cash

                                                                         £'000
Increase in cash in period                                                 153
                                                                       ---------
Net cash at 30th April 2005                                                153
                                                                       =========

The interim report will be sent to all registered shareholders and copies may be
obtained from the registered office of the Company at 1 Grosvenor Place, London,
SW1X 7JJ

By order of the Board

Jupiter Asset Management Limited

Secretaries



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