Directorate change

    Defined Capital Return Fund Limited (the "Company") - Appointment of Director

The Board of Defined Capital Return Fund Limited announce the planned retirement
of Mr. Peter Hart as a director of the Company and the appointment of Mr. Archie
Garden to the Board in his place.  Mr. Hart's retirement and Mr. Garden's
appointment will take effect from 31 October 2008.

Mr. Hart has served as a non-executive director of the Company since its launch
in November 2004.  The board would like to take this opportunity to thank Mr.
Hart for his significant contribution over the years that he has served the
Company.

Mr. Garden is managing director of Standard Bank Fund Administration Jersey
Limited and Standard Bank Fund Managers Jersey Limited, which he joined in
November 2006.  Prior to Standard Bank he spent 22 years with Barclays Plc,
where he had significant operational responsibilities for the offshore private
banking and investment businesses. His early career was in Information
Technology in South Africa and Canada.

Further Information

Copies of the most recent full and interim accounts and monthly fact sheets for
the Company are available for download from www.jupiteronline.co.uk.  The
Company's Ordinary shares are listed on the London Stock Exchange and the prices
are published in the Financial Times under `Investment Companies'.

Enquiries

Richard Pavry
Director
Jupiter Asset Management Limited
Tel: [phone]
[e-mail]
[e-mail]