(JSS.L) Jupiter Second Split Geared Growth Buy/Sell

15 March 2010

The Company announces that the unaudited estimate of the total assets of Jupiter Second Split Trust PLC as at the close of business on 12 March 2010 was £219.977 million (including the net asset value attributable to the Zero Dividend Preference shares). The net asset values of the various classes of shares are estimated to have been:
Net Asset
Value/Share (p)
Zero Dividend 29.69

Preference Shares
Geared Ordinary - excluding income & expenses 42.28

Shares

Jupiter Second Split Trust   PLC     
        

Interim Management Statement for the three months ended 31 January 2010  
        

The Board of Jupiter Second Split Trust PLC (the "Company") is pleased to
announce its Interim Management Statement for the quarter ended 31 January
2010.   
      

The following report relates to the performance of the Company's investment
portfolio in the three months leading up to 31 January 2010. 
        

Investment Manager's Report for the Quarter Ended 31 January 2010  
        

For the period from 3 November 2009 (the date the Company was reconstructed) to
the 31 January 2010, the decline in the Company's Total Assets was 1.9 per
cent.* compared to a gain of 0.6163 per cent. for 3 month sterling LIBOR (which
is the Company's new benchmark index). 
        

Manager's Review  
     

The Company returned a small loss during the period under review. This was in
part due to a downturn in sentiment towards some of the key recovery plays
(selective Western banks and investment banks) we had in place at the start of
the period. We disposed of most of these holdings in January with the macro
economic outlook becoming less certain. 
      

Exorbitant sovereign debt levels in the West have become of particular concern
for investors. The high profile debt problem facing Greece, which is enormous
relative to the country's GDP, are widely seen as a symptom of a broader issue
facing the West. The sovereign debt positions of other European countries -
Spain, Portugal and Ireland - are showing significant strain, and default risk
in Japan and the UK has been priced higher by debt markets. 
      

We have reached a difficult juncture where stimulus measures must be wound down
and debt repaid. These measures were never going to be a panacea for the credit
bubble that had been some decades in the making. But they have done an important
job in buying time for banks and the private sector to recapitalise, preventing
a far deeper recession than that which has been experienced. One consequence of
the current aggressive stimuli is that it masks the downturn in spending - and
therefore economic demand - by a more cautious private sector. Removing
government support in the economy now is likely to have two very negative
consequences which will also be to the detriment of asset prices: stalled growth
and greater difficultly for governments to generate enough tax receipts to
service this debt. But with no real capacity to maintain current rates of
borrowing, governments are faced with little choice. The UK's public sector
borrowing in January 2010 is evidence of this. Traditionally a strong surplus
month, January this year saw the first deficit (£4.3bn) since records began in
1993. 
      

Against the problems facing Western governments, emerging markets continue to
produce very strong growth. Many investors are betting that emerging market
demand will go some way to filling the gap in demand from the private sector in
the West - a fact that explains part of the resilience of Western stock markets
in the face of the growing debt crisis. But China has a very different challenge
to the one facing the West: the potential for runaway growth and asset bubbles.
It is for this reason that the authorities there continued austerity measures
during the period. 
      

A benefit of the company's recently changed investment policy is that we have
greater flexibility in the face of difficult market conditions. We disposed of
many assets during the period due to our perception that downside risk has grown
for the reasons outlined above.  At the end of the period, we held a high degree
of cash, particularly in US dollars. This "reserve" currency is benefiting from
a flight to safety with the euro under pressure. We also have small positions in
bonds of selective businesses with strong balance sheets that are yielding over
7.5%. 
      

Philip Gibbs  

Fund Manager, Jupiter Asset Management Limited 
    
        

Total Assets as at 31 January 2010: £209,061,945  
      

Shares in Issue on 31 January 2010:  

432,723,586 Zero Dividend Preference shares  

216,361,793 Geared Ordinary shares  
      
                              Net Asset Value (p)  Market Price (p)  Premium/ (Discount)
 Geared Ordinary excluding                  37.67             39.75                   6%
 income/expenses
 Geared Growth including                    38.32
 income/expenses
 Packaged Units excluding                   96.83             98.50                   2%
 income/expenses
 Packaged Units including                   97.28
 income/expenses
 Zero Dividend Preference                   29.48             30.00                   2%
 shares
      

Portfolio Distribution on 31 January 2010 Percentage of Total Assets  
      
 United Kingdom                  5%
 Europe                          1%
 Hong Kong                       5%
 Other                           2%
 Cash and other liquid assets   79%
 Fixed interest                  8%
                               100%

The Company has no exposure to other UK listed investment companies as at 31
January 2010. 
      

Top Ten Holdings on 31 January 2010  
      
 Company                            Country of Listing  % of Total Assets
 Society Generale 8.875% - Sub Bds              France                6.0
 Sun Hung Kai Properties                     Hong Kong                4.6
 ETFS Metal Physical Gold Stock         United Kingdom                3.2
 Jupiter Hyde Park Hedge Fund                  Bermuda                2.1
 Altria 9.95% 10/11/2038                 United States                1.6
 Barclays Bank 14% - Var Sub Perp       United Kingdom                1.2
 Paternoster                            United Kingdom                0.6
 DNB NOR ASA                                    Norway                0.5
 Datawind UK                            United Kingdom                0.5
 Bank of China Ltd (Beijing)                 Hong Kong                0.4
                                                                         
 Total                                                               20.7
      

Comparative Performance to 31 January 2010  
      
                            1 Month  Since Reconstruction
                                     (3 Nov 2009)
                                  %                     %
 Total Assets*                  0.7                 (1.9)
 Benchmark**                 0.6163                0.6163
 Geared Growth Share NAV        0.8                 (5.8)
 Geared Growth Share Price    (3.0)                 (0.6)
      

Sources   

*    Jupiter Asset Management Limited ("Jupiter")  

**  The Company's benchmark index is 3 month sterling LIBOR calculated as at
the first business day of each calendar month  
      

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 Geared Growth 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 Geared Growth shares are calculated weekly
and can be viewed on the London Stock Exchange website at 
www.londonstockexchange.com  (under the heading 'Market News'). 
        

INVESTMENT OBJECTIVE 
      

The objective of the Company is to achieve absolute returns. The Company aims to
provide Geared Ordinary shareholders with capital growth, with income as a
secondary objective, and to provide New Zero Dividend Preference shareholders
with a predetermined final capital entitlement on the Winding-Up Date. 
      

INVESTMENT POLICY 

The investment policy of the Company is to invest in listed equities and equity
related securities (such as convertible securities, preference shares,
convertible unsecured loan stock, warrants and other similar securities). 
      

The Investment Manager is not limited in the asset allocation of the Company's
investment portfolio between sectors, geographic regions or the types of
equities and equity related securities in which the Company may invest, but
instead the Investment Manager considers each potential investment on its own
merits. The Investment Manager focuses on the sectors that he considers to be
the most undervalued areas of the market from time to time and the allocation of
assets between different sectors will be determined by the Investment Manager in
his absolute discretion. 
      

In addition to equities, and equity related securities (including derivatives),
the types of investment and assets in which the property of the Company may be
invested include cash, near cash, fixed interest securities, currency exchange
transactions, index linked securities, money market instruments (MMIs) and
deposits. 
      

These instruments may be used for the purposes of both efficient portfolio
management and, where it is considered to be appropriate for investment purposes
by the Investment Manager and the Board to adopt an investment strategy aimed at
achieving positive returns across market cycles with low levels of volatility.
This strategy will seek to take advantage of specific macro economic
circumstances and market pricing anomalies. 
      

At times the portfolio may be concentrated in any one or a combination of such
assets and as well as holding physical long positions the Investment Manager may
create synthetic long and short positions through the use of equity related
securities. 
      

The Investment Manager will seek to limit volatility through diversified
portfolio holdings and sector exposures, active management of the Company's net
and gross portfolio exposure to the market, and through the use of derivatives. 
      

The Company's investment portfolio is focused on companies where, in the opinion
of the Investment Manager, valuations are low and growth in earnings or assets
is not fully appreciated. The Investment Manager seeks to identify companies
within growth industries which enjoy certain key characteristics, including an
imaginative, proven and incentivised management team. The Company manages an
adequate spread of investment risk, with no one investment making up more than
10 per cent. of the Total Assets of the Company at the time of investment. 
      

It is the Company's stated policy that not more than 10 per cent., in aggregate,
of Total Assets may be invested in other UK listed investment companies unless
such companies have stated investment policies to invest no more than 15 per
cent. of their Total Assets in other UK listed investment companies (including
listed investment trusts). 
      

The Company may make use of short term borrowings such as an overdraft facility
for liquidity and investment purposes in order to gear the returns on the
Company's investment portfolio but in any event borrowings will not exceed, at
any one time, 25 per cent. of Total Assets without shareholder approval by
ordinary resolution. 
      

The Company may also hedge currency exposures. The Company may also purchase
unlisted securities (up to a maximum of 5 per cent. of Total Assets). 
      

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 Ordinary Shareholders. 
      

For further information, please contact:  
        

Richard Pavry 

Director of Investment Trusts 

Jupiter Asset Management Limited 

rpavry@jupiter-group.co.uk    

020 7314 4822 
      

Jenny Thompson  

Company Secretarial Department 

Jupiter Asset Management Limited 

jthompson@jupiter-group.co.uk  

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.  
        

Jupiter Asset Management Limited 

11 March 2010 

HUGż1393110

For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)
1. Identity of the issuer or the underlying issuer Jupiter Second Split Trust PLC

of existing shares to which voting rights are attached:(ii) 2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the Bestinvest (Brokers) Limited

notification obligation:(iii)
4. Full name of shareholder(s) Pershing Keen Nominees A/c Designation BICLT

(if different from 3.):(iv)
5. Date of the transaction and date on 8 March 2010

which the threshold is crossed or reached:v
6. Date on which issuer notified: 9 March 2010
7. Threshold(s) that is/are crossed or 5%

reached:(vi, vii)

8. Notified details: A: Voting rights attached to shares(viii, ix)
Class/type of Resulting situation after the triggering transaction

shares

if possible using the ISIN CODE
Number Number Number Number of voting % of voting rights(x)
of of of shares rights
Shares Voting
Rights
Direct Direct(xi) Indirect(xii) Direct Indirect
Zero Dividend Preference 32,349,310 32,349,310 32,682,769 5.04

Geared Ordinary

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date(xiii) Conversion Period(xiv) rights that may be rights
acquired if the
instrument is
exercised/ converted.

None C: Financial Instruments with similar economic effect to Qualifying Financial Instruments(xv, xvi) Resulting situation after the triggering transaction
Type of financial Exercise price Expiration date(xvii) Exercise/ Number of voting rights instrument refers to % of voting rights(xix, xx)
instrument Conversion period(xviii)
None Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
32,682,769 5.04

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:(xxi) Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: 15. Contact telephone number:

HUG¿1392691

8 March 2010

The Company announces that the unaudited estimate of the total assets of Jupiter Second Split Trust PLC as at the close of business on 5 March 2010 was £220.539 million (including the net asset value attributable to the Zero Dividend Preference shares). The net asset values of the various classes of shares are estimated to have been:
Net Asset
Value/Share (p)
Zero Dividend 29.66

Preference Shares
Geared Ordinary - excluding income & expenses 42.62

Shares