Final Results

Jupiter European Opps. Trust PLC
7 August 2001

        
                  JUPITER EUROPEAN OPPORTUNITIES TRUST PLC 
  
        Preliminary Announcement of the unaudited results for the
                        period ended 31st May 2001.

                            CHAIRMAN'S STATEMENT

Thanks to a successful marketing campaign, and in particular to the past success
of Jupiter European Investment Trust PLC, your Company was launched on 20th
November 2000 with a total of £93.9 million funds under management, including
gearing of £15.5 million.

During the period, from 20th November 2000 to 31st May 2001 net asset value per
share fell by 5.7% to 89.29p. This compares well with the benchmark index, the
FTSE World Europe ex UK Index, which fell by 8.8% over the same period.

Net revenue return before interest and tax amounted to £278,000. As stated in
the Prospectus your directors do not intend to recommend the payment of a
dividend.

The net asset value outperformed the benchmark index during the period under
review, thanks primarily to successful stock selection. Our aim is to achieve
consistent out-performance through the application of this stock picking
approach. In selecting stocks for the portfolio your manager looks for a good
track record, a high degree of recurrent profitability, and above average growth
prospects. As far as possible this approach is applied consistently across all
sectors and against different economic and market backgrounds. The portfolio
will however maintain some exposure to all major sectors in order to reduce the
risk of deviating from the main index. This approach tends to create a
concentrated portfolio weighted towards medium sized companies - a formula which
your manager has successfully employed hitherto.

As regards gearing, prior to your Company's launch it was felt that a simple
capital structure, with a multi-currency borrowing facility, provided the
optimum in terms of flexibility. Gearing works both ways, of course, and in a
falling market had a marginally adverse impact on returns in the period under
review. Net borrowings at the period end were £9.547 million, 11,4% of total
assets, significantly below the maximum authorised gearing of 45%.

Compared with other major equity markets, Europe was disappointing. The reasons
for Europe's under-performance remain for the most part the same factors which
have affected the area for a number of years. The combination of relatively low
GDP growth rates and limited productivity gains resulted in pedestrian earnings
growth. The euro's chronic weakness reflects the continuing failure to tackle
structural supply side rigidities. Labour markets remain inflexible compared
with the Anglo Saxon economies, where the greater efficiency of resource
allocation - both capital and labour - helps to create wealth.

Encouragingly, there are some signs of progress on such key issues as pension
reforms in Italy and Germany and tax reform in Germany. The key determinant of
your Company's success lies in your manager's ability to identify companies
which can deliver consistently superior earnings growth. Europe has a large
number of companies which compete and succeed on the world stage.

Market conditions have remained volatile during the current year and the euro
has weakened further against sterling, although having our borrowings
denominated in euros has helped to mitigate such currency weakness. For myself,
I regard it as a great honour to have been invited to join your Company's board
as Chairman and I invite shareholders to attend our first Annual General Meeting
in order to meet the board and talk to your investment manager.

H M Priestley
Chairman
7th August 2001


                      JUPITER EUROPEAN OPPORTUNITIES TRUST PLC

The preliminary announcement is prepared on the same basis as set out in the
statutory accounts for the period ended 31st May 2001.

                      CONSOLIDATED STATEMENT OF TOTAL RETURN 
                       (INCORPORATING THE REVENUE ACCOUNT) 
                         for the period ended 31st May 2001
   
                                                     16th August 2000 to
                                                        31st May 2001        
                                               Revenue      Capital      Total
                                                £'000        £'000       £'000

Realised losses on investments                      -         (135)       (135)
Unrealised depreciation of fixed asset investments  -       (3,514)     (3,514)

Total capital losses on investments                 -       (3,649)     (3,649)
Foreign exchange losses                             -         (548)       (548)
Income                                            918            -         918
Investment management fee                        (417)           -        (417)
Other expenses                                   (223)           -        (223)

NET RETURN/(LOSS) BEFORE FINANCE COSTS            278       (4,197)     (3,919)
 AND TAXATION
Interest payable                                 (424)           -        (424)

LOSS ON ORDINARY ACTIVITIES BEFORE TAX           (146)      (4,197)     (4,343)
Tax on ordinary activities                       (119)           -        (119)_

LOSS ON ORDINARY ACTIVITIES AFTER TAX FOR 
THE FINANCIAL PERIOD                             (265)      (4,197)     (4,462)

LOSS PER ORDINARY SHARE (PENCE)                (0.32p)      (5.06p)     (5.38p)

The revenue column of this statement is the profit and loss account of the
Group. 

All revenue and capital items in the above statement derive from continuing
operations.

The Company was incorporated on 16th August 2000 and its shares were listed on
the London Stock Exchange on 20th November 2000, on which date it commenced
business.


                  JUPITER EUROPEAN OPPORTUNITIES TRUST PLC
                
                            CONSOLIDATED BALANCE SHEET
                                  at 31st May 2001
                                 
                                                                £'000

FIXED ASSETS 
Investments                                                     84,329


CURRENT ASSETS 
Investments                                                      1,476
Debtors                                                            191
Cash at bank                                                       181
                                                     
                                                                 1,848
CREDITORS: amount falling due within one year                   (2,577)

NET CURRENT LIABILITIES                                           (729)

TOTAL ASSETS LESS CURRENT                                       83,600
LIABILITIES

CREDITORS: amounts falling due after more than one year         (9,547)

NET ASSETS                                                      74,053

CAPITAL AND RESERVES                                             
Called up share capital                                            829
Share premium                                                   77,686
Capital reserve-realised                                        (1,290)
Capital reserve -unrealised                                     (2,907)
Revenue reserve                                                   (265)

TOTAL SHAREHOLDERS' FUNDS                                       74,053

NET ASSET VALUE PER ORDINARY SHARE (pence)                       89.29p

Approved by the Board of Directors on 7 August 2001 and signed on its behalf.

H M Priestley 
Chairman



                   CONSOLIDATED CASH FLOW STATEMENT 
                 for the period ended 31st May 2001
                                                                 £'000

OPERATING ACTIVITIES 
Net cash outflow from operating activities                      (1,071)

SERVICING OF FINANCE 
Interest paid                                                     (310)         
                   

Net cash outflow from servicing of finance                        (310)

TAXATION
Net tax paid                                                      (197)


CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 
Purchase of fixed asset investments                           (121,343)
Sale of fixed asset investments                                 33,490

Net cash outflow from capital expenditure                      
  and financial investment                                     (87,853)

Net cash outflow before financing                              (89,431)

FINANCING
Proceeds of shares issued                                       82,940
Costs of share issue                                            (4,425)
Long term loan received                                         15,454
Long term loan repaid                                           (6,513)

Net cash inflow from financing                                  87,456

Decrease in cash                                                (1,975)



INCOME
                                           16th August 2000 to 31st May 2001 
                                                                       Group
INCOME FROM INVESTMENTS                                                £'000
Dividends from United Kingdom companies                                   35
Dividends from overseas companies                                        918

OTHER INCOME                                                              
Deposit interest                                                          71
Losses on dealings by subsidiary                                        (139)  
Other                                                                     33

                                                                         (35)
TOTAL INCOME                                                             918

TOTAL INCOME COMPRISES


Dividends                                                                953
Interest                                                                  71
Other                                                                   (106)

                  
                                                                         918

RECONCILIATION OF CONSOLIDATED OPERATING PROFIT TO NET CASH 
OUTFLOW FROM OPERATING ACTIVITIES

                                                                      2001 
                                                                     £'000 
Net revenue return before finance costs                                278
Increase in prepayments and accrued income                            (113)
Increase in current asset investment dealings                       (1,476)
Increase in other creditors and accruals                               240

                                                                    (1,071)


 ANALYSIS OF CONSOLIDATED NET CASH BALANCES

                                16th August                    Foreign 31st May
                                       2000     Cashflow     Exchange      2001
                                      £'000       £'000       £'000       £'000
Cash at bank                              -         123          58         181
Bank overdraft                            -      (2,098)          -      (2,098)

                                          -      (1,975)         58      (1,917)

The figures for the year ended 31st May 2001 do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.

Statutory Accounts are expected to be posted to all registered shareholders
shortly and copies may be obtained from the registered office of the Company at
1 Grosvenor Place, London SWIX 7JJ

By order of the Board
Jupiter Asset Management Limited
Secretaries
7th August 2001