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 24
September 2008.

Capital NAV*                                                               
                                                                           
at Mid valuation - Prior charges at par                             173.13p
                                                                           
at Bid valuation - Prior charges at par                             173.13p
                                                                           
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.                      30.36p
revenue)                                                                   
                                                                           
at Bid valuation - Prior charges at par                              30.18p
                                                                           
- at Bid valuation - Prior charges at Par (inc.                      30.36p
revenue)                                                                   
                                                                           
Total Fund Value (at Bid valuation inc. revenue)                �87,668,796

*After providing for 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 Trust has now entered into contracts to sell its entire
investment portfolio. The cash and near cash equivalents position at 23
September 2008 was approximately
�88 million.



END

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