FRNC Framlington Cap

    Framlington Income & Capital Trust PLC

Annual General Meeting

The board of Framlington Income & Capital Trust PLC announces that all the
resolutions set out in the notice of Annual General Meeting dated 20 June 2008
were passed at the meeting held earlier today.

The Chairman commented

"As shareholders are aware, capital shareholders are required to vote at an EGM
to be held between April and September 2008 on a resolution to wind up the
Trust voluntarily.

The EGM is likely to be held in September and the board considers it likely
that the capital shareholders will vote in favour of the winding up. A circular
will be sent to shareholders in August which will include a notice convening
the meeting and explain the process in full.

The board discussed with AXA Framlington and the Trust's brokers the
possibility of offering shareholders the opportunity of investing in a
successor company. Following shareholder consultation, the conclusion was that
there was insufficient interest from enough shareholders to make a new
successor closed ended fund viable. The board would like, however, to offer a
tax efficient option for those shareholders who do not want to liquidate their
holding in the event of the Trust's going into liquidation in September 2008.
The most likely option is that shareholders will have the opportunity to roll
over into one or more unit trusts managed by AXA Framlington with similar
investment objectives to those of the Trust. Any shareholder who wishes to
receive cash will be able to do so.

The Manager will make a costs contribution towards the costs of the liquidation
and rollover which it is expected will cover most if not all of the additional
costs of offering a rollover option, meaning this option should not cost the
Trust materially more than a straight liquidation.

The board has agreed that the portfolio should not be liquidated or de-geared
too far in advance of the winding up and that any changes to the portfolio
should only be made in the context of the normal management of the fund. It
must be recognised, however, that the Trust will have to repay its debt of �
32.8 million on 30 September and that a proportion of shareholders will want to
receive cash when the Trust goes into liquidation and the Manager will need to
have raised sufficient cash by the end of September to meet these requirements.

At the current time, the Trust holds approximately �14 million in cash, some
16% of its gross assets. The board will make an announcement to the Stock
Exchange if there is a significant increase in the amount of cash held over the
period to 30 September 2008."

22 July 2008



END

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