Net Asset Value(s)

26 May 2009

The Company announces that the unaudited estimate of the total assets
of Jupiter Second Enhanced Income Trust PLC as at the close of
business on 22 May 2009 was £56.602 million (including the net asset
value attributable to the Zero Dividend Preference shares).  The net
asset values of the various classes of shares (calculated in
accordance with the provisions of the Company's articles of
association) are estimated to have been:


+-------------------------------------------------------------------+
|                   |                             |    Net Asset    |
|                   |                             | Value/Share (p) |
|-------------------+-----------------------------+-----------------|
| Zero Dividend     |                             |                 |
| Preference Shares |                             |                 |
| ('ZDP')           |                             |      81.50      |
|-------------------+-----------------------------+-----------------|
| Geared Income     | - excluding income &        |                 |
| Shares            | expenses                    |      8.60       |
|-------------------+-----------------------------+-----------------|
|                   | - including income &        |      3.38       |
|                   | expenses                    |                 |
|-------------------+-----------------------------+-----------------|
| Packaged Units    | - excluding income &        |      90.10      |
|                   | expenses                    |                 |
|-------------------+-----------------------------+-----------------|
|                   | - including income &        |      84.88      |
|                   | expenses                    |                 |
+-------------------------------------------------------------------+


The holders of Geared Income Shares are entitled to all the net
revenue profits (including accumulated but unpaid revenue reserves)
of the Company on a winding-up (after payment of the Company's
liabilities) in priority to the capital entitlement of the holders of
ZDP shares, even in circumstances where the Company has insufficient
assets to pay the final capital entitlement of the ZDP shares on the
Winding-Up date in full. Accordingly assets equivalent to that amount
would not be available to holders of ZDP shares.

As at 22 May 2009, net revenue profits, including accumulated but
unpaid revenue reserves, were £0, which equates to 0.00p per share.

Monthly fact sheets for Jupiter's investment trust clients are
available for download from www.jupiteronline.co.uk and by post of
fax on request from the company secretarial department.

Enquiries:

Faith Pengelly
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
0207-314-4915

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