Final Results

F&C Capital & Income Inv Tst PLC
01 December 2005


               
Date:          1 December 2005

Contact:       Julian Cane
               F&C Management Ltd                              020 7628 8000

               Lisa Stanley
               Lansons Communications                          020 7294 3692


                  F&C CAPITAL AND INCOME INVESTMENT TRUST PLC

         Unaudited Preliminary Statement of Results for the year ended

                                30 September 2005



Highlights
     
•    The NAV per share rose by 22.4%, outperforming the benchmark FTSE
     All-Share index's 20.9% return.

•    The Company will pay a total dividend of 5.80p per share, a 6.4% increase 
     on last year.   This is the 13th successive annual dividend increase.

•    The merger with F&C Income Growth Investment Trust PLC was finalised on 5 
     May this year.  This deal has been a success and has not detracted from
     investment performance. Following the merger, the Company has benefited 
     from increased liquidity, and this in turn should be beneficial to 
     investors as it should be easier and more efficient to buy and sell shares, 
     which in time should attract other investors.

•    The buy-back programme has been successful as the share price has tracked 
     the NAV per share closely with the average discount being just 2.1% and
     the widest discount being 5.4%.

•    Companies are forecast to provide reasonable levels of earnings and
     dividend growth and this should provide support to the stockmarket.  
     Overall, valuations for the stockmarket appear attractive when compared to 
     bonds or cash, while the absolute level of valuation is in line with 
     longer-term averages.



F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005


SUMMARY OF RESULTS

                                                               30 Sep           30 Sep             %
                                                                2005             2004       Change
Attributable to equity shareholders

Net assets                                                    £176.97m         £84.30m          +109.9

Net assets per share                                           217.47p         177.62p           +22.4

Earnings per share                                               6.56p           5.38p           +21.9

Dividends per share                                              5.80p           5.45p            +6.4

Share price                                                    211.25p         173.50p           +21.8



F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005


Chairman's Statement


Dear Shareholder


The last year has been an active one for your Company as the merger with F&C
Income Growth Investment Trust PLC ("FIGIT") became effective.  This deal has
been a success and has not detracted from investment performance which has been
strong both in absolute terms and relative to our main benchmark.

Over the year to 30 September 2005, the net asset value (NAV) per share and
share price of your Company rose by 22.4% and 21.8% respectively.  Both of these
returns were ahead of the 20.9% increase in the FTSE All-Share Index.

The Directors are recommending a final dividend of 1.675 pence per share to give
a total for the year of 5.80 pence, an increase of 6.4% on the previous year.


Capital Performance


The stockmarket has continued its strong recovery from the bear market of 2000
to 2003 as company earnings and dividends have grown strongly.  Bond yields have
remained low and this has continued to make equities appear attractive as an
asset class, which in turn has led to a large number of mergers and
acquisitions, either from other quoted companies or private equity.

It is pleasing to report a substantial increase in NAV as the market has risen
rapidly, especially as your Company was resilient and the NAV fell much less
than the index in the previous bear market.  Over the medium- and long-term
results are well ahead of the FTSE All-Share benchmark index.


Revenue and Dividend


This year many of the headline figures in the revenue account have been affected
by the merger in May.  The most important figure, however, is the return per
ordinary share as it reflects your Company's true dividend paying ability. It is
based on the average number of shares in issue during the year, removing much of
the distorting effect of the merger. The revenue return per share last year was
6.56p which shows a very attractive increase of more than 21.9% on the previous
year.  This reflects a combination of both strong underlying revenue growth from
our investments and also greater cost efficiency stemming from the merger.

Following the merger with FIGIT, your Company is now paying dividends quarterly.
  As the merger only completed in May, there was one dividend for the six months
to March 2005, a dividend for the third quarter to June and the proposed final
dividend for the fourth quarter to September. The total increase for the year of
6.4% is the thirteenth successive annual increase and is well ahead of the
Consumer Price Index (CPI) and the underlying rate of inflation (Retail Price
Index excluding Mortgage Interest Payments) both of which were 2.5% for the year
to September.  It should be noted that the cost of each dividend paid is based
on the number of shares in issue at each point in time, rather than average
shares in issue during the year, and hence the proposed final dividend of 1.675
pence per share will cost the Company more than the first interim dividend of
2.725 pence per share, paid in May 2005.


F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005

Gearing

In the expectation of attractive investment returns and in response to the
relatively low costs of borrowing, the portfolio has been geared throughout the
year.  The absolute level of debt has been within the range of £3.5m to £8.5m.
As the returns generated from the extra invested capital have exceeded the cost
of debt, the decision to gear the portfolio has added extra value to
shareholders.


Share Capital

The most significant event during the year in terms of scale was the merger of
your Company with FIGIT, which increased the number of shares in issue from
48.6m to 82.2m.  However, probably more important in terms of impact was the
Board's continued commitment to ensuring that the Company's shares should not
stand at any material discount to NAV.  This has been done through an active
share buy-back programme which made twenty purchases during the year, buying a
total of 1.2m shares.

The buy-back programme has been successful as the share price has tracked the
NAV per share closely with the average discount being just 2.1% and the widest
discount being 5.4%.

There was also considerable demand from index-tracking funds for the Company's
shares when it was re-included in the FTSE All-Share Index at the end of 2004.
This caused the share price to rise and the Board issued 1.5m shares at a
premium to NAV to satisfy the demand.  Although this level of extra demand is
not expected to return in future years, it is encouraging that over the year
more shares were issued than were bought back.  It is also positive that on any
analysis, whether looking at the absolute prices or the level of discounts and
premiums at which the purchases and issues took place, these transactions have
been beneficial for shareholders.


Benefits of the Merger

At the time of the proposal, the Directors believed the merger would benefit
shareholders by the creation of a larger company, bringing economies of scale
and the prospect of increased market liquidity.  Although the merger was only
effective for less than half of the financial year it has helped to reduce
operating costs as a percentage of average total assets from 0.69% in the
previous year to 0.66%.  This is a very competitive rate compared to other
similar investment vehicles. Since completion of the deal, the average daily
volume of shares traded in the enlarged company has been almost twice that of
the average of the previous three years.  This increase in liquidity should be
beneficial to investors as it should be easier and more efficient to buy and
sell shares, which in time should attract other investors.


Directors

The Board constitution has changed considerably over the year as a consequence
of the merger.  I would like to thank all those directors who have helped to
make the deal successful and especially to record my thanks to Graham Ross
Russell and Peter Hardy who retired on completion of the deal and who have
steered your Company so well since its earliest days.  Their wise counsel and
attention to detail will be greatly missed.  I am delighted that John Emly and
Neil Dunford, who were on the Board of FIGIT, have joined this Company's Board
and I look forward to working closely with them in the years to come.


Annual General Meeting

This year's Annual General Meeting will be held on Tuesday, 31 January 2006 at
10.30 am.  There will be a presentation by the Manager on investment policy and
future prospects and I hope to welcome as many of you to the meeting as
possible.



F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005


Prospects

There are a number of issues which give cause for concern.  These range from the
specific, such as the high price of oil, to the more general structural
imbalances in the UK economy.  In particular, recent growth has been driven very
largely by consumer and Government expenditure and not enough by investment and
exports.  At a time when the average level of personal indebtedness in the UK is
at high levels and personal disposable income is being restricted by increases
in fuel costs and taxes, retail spending is coming under pressure.  Furthermore,
taxation is likely to have to rise to pay for accelerating Government
expenditure and the UK trade deficit continues to widen.  These longer-term
issues are not expected to have an immediate impact on the stockmarket, but are
likely to restrict future rates of growth.

Despite this, companies are forecast to continue to produce reasonable levels of
earnings and dividend growth and this should provide support to the stockmarket.
   Even though the market has risen strongly, so have earnings and thus
valuations are very similar to last year.  The rate of growth is, however,
expected to decline as the overall rate of economic growth slows.  Overall,
valuations for the stockmarket appear attractive when compared to bonds or cash,
while the absolute level of valuation is in line with longer-term averages.



Pen Kent CHAIRMAN
December 2005


F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005


Unaudited Statement of Total Return (incorporating the Revenue Account*)
 for the year ended 30 September

                                                           2005                                    2004
                                      Revenue      Capital        Total       Revenue      Capital       Total
                                       £'000s       £'000s       £'000s        £'000s       £'000s      £'000s

Gains on investments                        -       27,285       27,285             -        9,384       9,384
Exchange gains/(losses) on                  1            8            9             1          (4)         (3)
currency balances
Income                                  4,876            -        4,876         3,145            -       3,145
Management fee                          (316)        (316)        (632)         (211)        (211)       (422)
Other expenses                          (294)         (14)        (308)         (196)         (22)       (218)

Net return before finance costs         4,267       26,963       31,230         2,739        9,147      11,886
and taxation
Interest payable and similar            (178)        (178)        (356)         (120)        (120)       (240)
charges

Return on ordinary activities           4,089       26,785       30,874         2,619        9,027      11,646
before taxation
Taxation on ordinary activities          (43)            -         (43)          (22)            -        (22)

Return attributable to equity           4,046       26,785       30,831         2,597        9,027      11,624
shareholders
Dividends on ordinary shares
(equity):
First interim dividend of
2.725p (2004:2.725p)                  (1,322)            -      (1,322)       (1,277)            -     (1,277)
Second interim dividend of
1.40p (2004: nil)                     (1,148)            -      (1,148)             -            -           -
Proposed final dividend of
1.675p (2004:2.725p)                  (1,363)            -      (1,363)       (1,293)            -     (1,293)

                                      (3,833)            -      (3,833)       (2,570)            -     (2,570)

Amount transferred to reserves            213       26,785       26,998            27        9,027       9,054

Return per ordinary share -
pence                                    6.56        43.42        49.98          5.38        18.70       24.08


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

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





F&C CAPITAL AND INCOME INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results for the year ended                
30 September 2005


Unaudited Balance Sheet at 30 September


                                                                     2005                             2004
                                                                   £'000s                            £'000s
Fixed assets
Listed Investments                                                185,864                            91,012

Current assets
Debtors                                                             6,568                               596
Taxation recoverable                                                   14                                13
Cash at bank & short-term deposits                                  1,700                               743

                                                                    8,282                             1,352

Current liabilities

Creditors: amounts falling due within one year:
Loans                                                             (8,500)                           (6,000)
Other                                                             (8,677)                           (2,065)

                                                                 (17,177)                           (8,065)

Net current liabilities                                           (8,895)                           (6,713)

Net assets                                                        176,969                            84,299


Capital and reserves

Called up share capital                                            20,548                            12,051
Capital redemption reserve                                          3,154                             3,154
Share premium account                                              76,334                            18,771
Special reserve                                                    11,960                            12,348
Capital reserves                                                   63,755                            36,970
Revenue reserve                                                     1,218                             1,005

Total equity shareholders' funds                                  176,969                            84,299

Net asset value per ordinary share - pence                         217.47                            177.62




F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005

Unaudited Summary Cash Flow Statement
for the year ended 30 September
                                                                  2005                               2004
                                                                £'000s                             £'000s
Net cash inflow from operating
activities                                                       3,752                              2,583
Net cash outflow from servicing of
finance                                                          (360)                              (213)
Total tax paid                                                    (44)                               (18)
Net cash outflow from financial
investment                                                     (1,482)                               (30)
Equity dividends paid                                          (2,616)                            (2,931)

Net cash outflow before use of
liquid resources and financing                                   (750)                              (609)
Increase in short-term deposits                                (1,700)                                  -
Net cash inflow from financing                                   1,379                              1,339

(Decrease)/increase in cash                                    (1,071)                                730



F&C CAPITAL AND INCOME INVESTMENT TRUST PLC
Unaudited Preliminary Statement of Results for the year ended
30 September 2005


Statement of changes in Equity                        Capital     Share
                                          Share    Redemption    Premium  Special     Capital    Revenue
                                        Capital       Reserve   Account   Reserve    Reserves    Reserve
                                         £'000s        £'000s    £'000s    £'000s      £'000s     £'000s

Balances at 30 September 2004            12,051         3,154    18,771    12,348      36,970      1,005

Issue of ordinary shares                     93             -       636         -           -          -

Sales of ordinary shares held in              -             -       272     1,972           -          -
treasury

Issue of ordinary shares under
the Scheme of Arrangement                 8,404             -    56,655         -           -          -

Purchase of ordinary shares held in           -             -         -   (2,360)           -          -
treasury

Realised gains on investments                 -             -         -         -       6,881          -

Unrealised gains on investments               -             -         -         -      20,404          -

Other transfers (from)/to reserves            -             -         -         -       (500)        213

Balances at 30 September 2005            20,548         3,154    76,334    11,960      63,755      1,218



The Directors recommend a final dividend of 1.675p (2004: 2.725p) per share
payable on 3 February 2006 to shareholders registered on 6 January 2006.



The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 30 September 2005 or
   30 September 2004. The financial information for the year ended 30 September
2004 has been extracted from the statutory accounts for that year which have
been delivered to the Registrar of Companies. The auditors' report on those
accounts was unqualified and did not contain a statement under either Section
237(2) or Section 237(3) of the Companies Act 1985. The statutory accounts for
the year ended 30 September 2005 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting.



The Report & Accounts will be posted to shareholders towards the end of December
2005. Copies may be obtained thereafter during normal business hours from the
Company's Registered Office, Exchange House, Primrose Street, London EC2A 2NY.



By order of the Board

F&C Management Limited - Secretary

1 December 2005




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