FRNC Framlington Cap

    The following Net Asset Values (NAVs) for Framlington Income & Capital Trust
PLC are released by AXA Framlington Investment Management Limited as at 19
September 2008.

Capital NAV*                                                               
                                                                           
at Mid valuation - Prior charges at par                             177.53p
                                                                           
at Bid valuation - Prior charges at par                             177.12p
                                                                           
Income NAV (Restated for changes in UK accounting                          
standards)                                                                 
                                                                           
at Mid valuation - Prior charges at par                              30.18p
                                                                           
- at Mid valuation - Prior charges at Par (inc.                      30.35p
revenue)                                                                   
                                                                           
at Bid valuation - Prior charges at par                              30.18p
                                                                           
- at Bid valuation - Prior charges at Par (inc.                      30.35p
revenue)                                                                   
                                                                           
Total Fund Value (at Bid valuation inc. revenue)                �88,660,951

*Excluding liquidation costs

The Board stated in the Interim Management Statement issued on 19 August 2008
that the Trust's cash balances would increase as the date of the likely
liquidation draws nearer, in order that it can repay the debt of �32.8 million
on liquidation. The cash position at 19 September 2008 was approximately �31
million. On 22 September 2008, the Trust entered into contracts to sell its
entire investment portfolio with the exception of its holding of 1 million
(nominal) MWB Group 9.75% ULS 2009/2012.



END

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