Interim Management Statement

Jupiter Second Enhanced Income Trust PLC

Interim Management Review for the three months ended 31 July 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 July 2008.

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

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

For  the  period from 1 May 2008 to the 31 July 2008, the loss on the  Company's
Total Assets was 9.3 per cent.* compared to a decline of 11.3 per cent. for  the
Company's benchmark index**.

Manager's Review

UK indices were broadly flat over May as surging oil prices continued to fuel
worries about the impact on company margins. Consumers remained under pressure
from higher bills. In June, UK equities declined sharply amid concerns about
inflation and the weakening economy. The FTSE All-Share fell 7.1% during the
month. Banks continued to hoard cash to shore up their balance sheets, making it
difficult for companies and individuals to borrow money.

In July, the UK stock market slid further taking the FTSE 100 into bear territory
before abruptly changing tack. In the first half of the month, the FTSE 100
declined almost 7% amid weakening economic data, a record oil price and further
inflation fears. In the middle of the month, the blue-chip index slid through
5100 before reaching an inflection point. From there, it rebounded sharply on a
sudden retreat in the oil price and news of US government action to back
struggling mortgage lenders Fannie Mae and Freddie Mac.

In the portfolio we remained defensively positioned with around 27% in cash and
fixed interest. We added to our holding in AstraZeneca, whose shares rallied on
strong interim results. Sales growth was driven by good contributions from
emerging markets and the growth of key drugs. We also added to Lloyds TSB, which
increased its dividend, and to subprime lender Provident Financial, which gained
as high street banks ceased targeting its traditional customer base.

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 July 2008: £67,610,531

Shares in Issue on 31 July 2008:

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

                                           Net Asset     Market Price    Premium/
                                           Value (p)     (p)             (Discount)
Geared Income excluding income/expenses    30.74         27.00           (12)%
Geared Income including income/expenses    31.06
Packaged Units excluding income/expenses   107.62        104.00          (3)%
Packaged Units including income/expenses   107.94
Zero Dividend Preference shares            76.88         75.50           (2)%

Portfolio Distribution on 31 July 2008 Percentage of Total Assets

United Kingdom                    69%
Europe                            4%
Cash and fixed interest           27%
                                  100%

The Company had no exposure to other UK listed investment companies as at 31
July 2008.

Top Ten Holdings on 31 July 2008

Company                                      Country of Listing                  % of Total Assets
BP                                           United Kingdom                      6.9
Royal Dutch Shell `B'                        United Kingdom                      6.8
Vodafone                                     United Kingdom                      5.3
BT Group                                     United Kingdom                      4.6
Astrazeneca                                  United Kingdom                      4.3
Premier Farnell                              United Kingdom                      2.5
ENI                                          Italy                               2.4
Lloyds TSB                                   United Kingdom                      2.3
Standard Life                                United Kingdom                      2.2
Brit Insurance                               United Kingdom                      2.2
                                                                                 _____
                                                                                 39.5

Comparative Performance to 31 July 2008

                               1 Month      3 Months      1 Year     3 Years     Since Last   Since
                                                                                 Annual       Launch
                                                                                 Report
                               %            %             %          %           %            %
Total Assets*                  (3.3)        (9.3)         (20.4)     (2.9)       (23.4)       9.3
FTSE All-Share Index           (3.7)        (11.3)        (16.4)     3.9         (20.3)       19.7
Geared Income Share NAV        (11.8)       (28.7)        (51.7)     (37.1)      (54.6)       (22.4)
Geared Income Share Price      (10.0)       (28.5)        (54.2)     (38.6)      (50.9)       (32.5)

  * adjusted for share issue in November 2004 and June 2005

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  since the board's last report (30 April 2008) 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  30 June 2008 an interim dividend of 0.9p per Geared Income share was paid to
shareholders  on  the register as at the close of business on  6  June  2008.  A
further interim dividend was declared on 4 July 2008 of 1.0p per share that will
be  paid  on 26 September 2008 to shareholders on the register at the  close  of
business on 29 August 2008.

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 by the Investment Manager as suitable for the  portfolio
will  generally  be  those  judged to be lowly  valued,  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.

It  is  the  Company's policy to invest no more than 15 per cent. of  its  total
assets  in  other UK listed closed-ended investment funds as defined in  section
15.6.8 of the Listing Rules.

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.