Final Results

Jupiter European Opps. Trust PLC
31 August 2004


                    JUPITER EUROPEAN OPPORTUNITIES TRUST PLC

                            Preliminary Announcement

                              CHAIRMAN'S STATEMENT

Performance Review
Another year of out-performance saw a 30.3 per cent recovery in your Company's
net asset value, more than double the rise in the FTSE World Europe ex-UK Index,
our benchmark, while the share price discount to net asset value narrowed from
17.7 per cent to 9.6 per cent. Since launch in November 2000 the net asset value
has risen by 14.5 per cent whereas the benchmark has fallen by no less than 29.8
per cent. Performance was boosted by judicious use of our gearing facility while
the dealing subsidiary, JEOT Securities, contributed a useful profit, albeit
less than in the previous year.

Over the year under review the euro gave back most of the previous year's gain
against sterling, falling from 1.39 to 1.50. In this respect the gain in net
asset value is even more impressive, and a tribute to your Manager's consistent
and robust investment process.

Share Repurchases
Whilst the Board has given the Managers authorisation to buy back shares where
appropriate, no shares were purchased for cancellation during the year. The
discount has narrowed over the year and compares favourably with those of our
peer group. The Board and the Managers will continue to monitor the situation
and will make further share repurchases as appropriate. In order to do this,
shareholders will be asked at the Annual General Meeting to approve renewed
powers for the Board to buy in up to 15 per cent of the Company's issued share
capital for cancellation or, as further described below, for treasury.

Treasury Shares
With effect from 1st December 2003, the Companies Act has been amended to permit
the Company to buy up to 10 per cent of its own shares into treasury (for
reissue or cancellation at a future date) as an alternative to purchasing for
immediate cancellation. The Board considers that circumstances could arise in
which it would be in shareholders' interests for such a power to be exercised
and it has therefore given the Managers permission to use this authority. The
Managers will also be permitted to reissue treasury shares for the Company's
benefit subject to obtaining general approval from its shareholders.

The Board believes that the responsible use of treasury shares will enable the
Company to take advantage of moments of sudden volatility in the discount to net
asset value at which the shares may trade for the benefit of shareholders. Any
reissue of treasury shares will assist in maintaining the Company's market
capitalisation; its secondary market liquidity and in reducing the Company's
total expense ratio.

Both the repurchase for cancellation and the use of treasury shares should
assist the Managers in their objective of enhancing the net asset value of the
Company's shares. The Board believes that the added flexibility afforded by the
choice between immediate cancellation and the prospect of reissue of treasury
shares will be a useful additional tool in the active management of the
Company's investment portfolio.

The Board has determined the following policies in respect of the Manager's
discretion in the use of treasury shares. In the event that treasury shares are
not reissued to the market within six months of their date of purchase they will
automatically be cancelled. During any period in which treasury shares are held
by the Company the Managers will publish both a diluted and an undiluted
estimate of net asset value for its shares (to reflect their attributable value
if the shares, were either to be reissued or cancelled on the date of
valuation). The Managers shall not repurchase shares for treasury at a discount
to net asset value of less than 10 per cent. on the date or purchase. The number
of treasury shares that may be held for reissue at any one time will be limited
to 10 per cent of the shares in issue. Treasury shares will only be reissued at
a lesser discount to net asset value than that at which they were acquired. Any
treasury shares will only be reissued at a price not less than the market bid
price at the time of sale.

The Board has considered carefully the pros and cons of restricting the reissue
of treasury shares at prices in excess of their net asset value and has
concluded that the maximum flexibility for the Managers in the use of this
facility is in the interests of shareholders. In any event, the Board would be
free to issue either treasury or new shares at prices in excess of net asset
value if the opportunity were to arise.

Accordingly shareholders will also be asked at the Annual General Meeting to
approve resolution 6 which will disapply the statutory pre-emption rights, this
will enable the Company to sell shares held in treasury (or issue new shares for
cash) without having to make a pro rata offer to all shareholders.

Board Changes
Shareholders will doubtless be aware of the greater attention being paid by the
Boards of listed companies, including investment trusts, to corporate
governance. In many respects this is a commendable development, but it also has
unfortunate consequences. Having regard to the new Stock Exchange Listing Rules,
which are due to come into effect on 1st April next year and the Combined Code
on Corporate Governance, James D'Albiac as a director of two investment trusts
managed by Jupiter Asset Management Limited has decided to retire from our Board
at the Annual General Meeting. James has been a director of your Company since
inception. We shall miss his wise counsel, attention to detail, and ability (in
cricketing parlance) to bowl cunningly flighted, apparently innocuous, but
deadly balls out of a dark background - in other words, to keep his fellow
directors and the Managers up to the mark. We wish him every future success. Our
regret at his departure is tempered by the knowledge that his successor, and the
Jupiter representative on our Board, will be Alex Darwall, who manages your
Company's investments on a day to day basis and who has a sizeable personal
investment in its shares.

According to an internal Treasury memorandum, "all the major uncertainties lie
in the future". Currently these include acts of terrorism, the price of oil,
rising interest rates and the Chinese economy, to name but a few. The European
Union has recently taken in 10 new members and is becoming increasingly
difficult to manage, in spite of the best efforts of Brussels bureaucrats. The
world economy continues to grow, while company profits and dividends are rising,
although the major equity market indices show very little advance over 2004 to
date. On this basis, equities in general offer better value than at the start of
the year, and we are hopeful that your Company's portfolio will continue to
outperform.

H M Priestley
Chairman
31st August 2004

                                MANAGER'S REVIEW

The background for equities was favourable during the year under review. The
FTSE All World equity index rose by 8% (in sterling). The S&P 500 rose by only
3.9%; Japan and the emerging markets of Central and Eastern Europe and China
performed strongly. The FTSE World Europe ex-UK index rose by 12.6%. Given that
Europe has one of the weakest economic records in regional terms, this shows
what a complicated connection there is between macro economic factors and stock
market performance. Notwithstanding this favourable backdrop there is no doubt
that your Company's performance depends above all on our ability to pick stocks.
The investment process remains the same: we endeavour to invest in companies
with a good record, proven product and business model, combined with evidence of
entrepreneurial drive and the prospect of above average growth opportunities. We
seek to find companies that have a truly advantageous point of differentiation;
companies whose success depends as far as reasonably possible on their own
efforts. Market fashions have some influence over shorter term performance but
over a longer term investment period the fundamental qualities, or otherwise, of
a company are recognised by the stock market.

There were a number of interrelated reasons for the rise in equity markets. A
major concern for investors had been the possibility of deflation. But these
fears subsided as demand, especially in the US, strengthened and corporates
regained some pricing power. This, together with strong productivity progress,
amounted to a favourable set of circumstances for equity markets. Moreover,
interest rates remain low by historic standards even if European inflation is
stuck just above the European Central Bank's 2% target. A further fillip came
from the strong economic growth in China and the emerging economies of Central
and Eastern Europe. After years of stagnation the Japanese economy is now
showing signs of growth once more. However, economic growth remains
comparatively sluggish in Europe. Mainstream economists expect less than 2%
growth in 2004 and again in 2005. The root cause of this poor performance is the
weak productivity advance. The OECD and the ECB estimate that European
productivity growth is running at 1.2-1.5%. This compares with a figure of 2.5%
in the US, according to the OECD. Restrictive labour practices remain an
enduring obstacle to progress in the EU, and the latest manifestation of this is
the increasingly protectionist actions by European governments. Both the French
and German governments have tried to interfere in a range of industrial and
commercial restructurings in the private sector. Such intervention by
politicians is clearly to the detriment of owners' interests and Europe's
reputation. The EU Commission's response to this political interference is one
of initial fulmination giving way to acquiescence. One of the results of this is
that unemployment remains at high levels. Economic forecasts estimate that
eurozone unemployment will, at 8.8% in 2004, remain broadly at the same level as
in 2003. Europe has had other difficulties including sharply rising commodity
prices, notably that of oil. The oil price has, roughly, doubled since its sub
$20 a barrel price of December 2001.

Despite all these factors European equity markets have performed relatively
well. Part of the explanation lies in the fact that many of the best European
companies are increasingly global and therefore less than ever before tied to
the fortunes of Europe. Another important factor is the strength of the euro
against the US dollar. Over the period under review the US dollar has fallen by
3.7% against the euro largely because of concerns that America's deficits are
unsustainable. One stimulus to European performance was the accession of ten
countries to the EU in May of this year which is an exciting development but
exacerbates the tensions between protectionist and free trade interests.

Given our consistent investment process it is not surprising that turnover in
the portfolio is relatively low. Our changes made to your portfolio reflect this
process rather than stock market fashions. The main sales were those of Matalan,
Stedim, Depfa Bank, TDC and UFF. Other sales included Waterford Wedgwood. We
reduced positions in Dassault Systemes and Imerys. These stocks were sold either
because of disappointing news or because valuations became too demanding. Other
positions that were bought and sold in the period included Stada, the German
drug generics company, SES Global and MTG. Important purchases included Clarins,
the French skincare and cosmetics company; FMC the German renal care company;
ebookers, the online ticketing company; Repsol, the Spanish oil company; and
Oriflame the Swedish based direct selling cosmetics company. We increased
positions in Medion, DNB, Numico, and Essilor. The relatively good performance
of the fund came from a number of stocks, across a range of sectors. Geographic
considerations play little part in our investment process as most of your
Company's investments compete on the international stage. Returns were improved
by gearing the portfolio. The level of gearing is determined by the manager's
confidence in finding attractive investment opportunities. Your Company's
borrowings, which were € 23.6m at the start of the period under review, were
reduced to €7.5m by the end of 2003. Borrowings were then increased to €14.7m in
February 2004. The trading subsidiary reported an overall profit of £648,000
after losses of £384,000 from short positions.

As ever our focus is trying to identify great companies, ones whose success
depends as far as possible on their own efforts. Such companies tend to perform
well in a range of different economic circumstances. Even if challenges remain
at the 'macro' level, the realisation that great companies exist underpins our
confidence for the future.

Alex Darwall
Manager
Jupiter Asset Management Limited

                     CONSOLIDATED STATEMENT OF TOTAL RETURN
                      (Incorporating the Revenue Account)
                        for the year ended 31st May 2004
                                        
                                             2004                         2003
                       Revenue   Capital    Total   Revenue   Capital    Total
                         £'000     £'000    £'000     £'000     £'000    £'000
Realised gains/
(losses)                     -     1,575    1,575         -      (468)    (468)
on investments
Increase/ (decrease)
in
unrealised
appreciation                 -    17,371   17,371         -    (5,670)  (5,670)
of fixed asset
investments
                       ______    ______    ______   ______    ______    ______
Total capital
gains/(losses) on
investments                  -    18,946   18,946         -    (6,138)  (6,138)
Foreign exchange
gains/(losses) on loan       -       901      901         -    (1,798)  (1,798)
Other exchange
(losses)/gains               -       (62)     (62)        -        12       12
Income                   2,584         -    2,584     2,942         -    2,942
Investment management
fee                       (811)        -     (811)     (649)        -     (649)
Other expenses            (389)        -     (389)     (382)        -     (382)
                       ______    ______    ______   ______    ______    ______
Net return /(loss)
before finance costs     1,384    19,785   21,169     1,911    (7,924)  (6,013)
and taxation
Interest payable          (363)        -     (363)     (471)        -     (471)
                       ______    ______    ______   ______    ______    ______
Return / (loss) on
ordinary activities      1,021    19,785   20,806     1,440    (7,924)  (6,484)
before tax
Tax on ordinary
activities                (297)        -     (297)     (229)        -     (229)
                       ______    ______    ______   ______    ______    ______
Return/(loss) on
ordinary activities
after                      724    19,785   20,509     1,211    (7,924)  (6,713)
tax
                       ______    ______    ______   ______    ______    ______
Return/(loss) per
Ordinary share            0.89p    24.53p   25.42p     1.48p    (9.67)p  (8.19)p

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.

No operations were acquired or discontinued during the year.

                           CONSOLIDATED BALANCE SHEET
                              as at 31st May 2004
                                                             2004         2003
                                                            £'000        £'000
Fixed assets
Investments                                                93,335       80,578
                                                       ________     ________
Current assets
Investments                                                 1,070        4,145
Debtors                                                     1,148        1,689
Cash at bank                                                2,821          130
                                                       ________     ________
                                                            5,039        5,964
Creditors: amounts falling due within one year               (459)      (1,950)
                                                       ________     ________
Net current assets                                          4,580        4,014
                                                       ________     ________
Total assets less current liabilities                      97,915       84,592
Creditors: amounts falling due after more than one
year                                                       (9,791)     (16,977)
                                                       ________     ________
Net assets                                                 88,124       67,615
                                                       ________     ________

Capital and reserves
Called up share capital                                       807          807
Share premium                                              38,843       38,843
Special reserve                                            37,597       37,597
Redemption reserve                                             22           22
Capital reserve - realised                                 (6,028)      (7,541)
Capital reserve - unrealised                               16,291       (1,981)
Revenue reserve                                               592         (132)
                                                       ________     ________
Total equity shareholders' funds                           88,124       67,615
                                                       ________     ________

Net asset value per ordinary share                         109.25p       83.82p

Approved by the Board of Directors on 31st August 2004 and signed on its behalf.

H M Priestley Chairman

                        CONSOLIDATED CASH FLOW STATEMENT
                        for the year ended 31st May 2004


                                                              2004        2003
                                                             £'000       £'000
Operating activities
Net cash inflow from operating activities                    4,487         928
                                                         _______     _______
Servicing of finance
Interest paid                                                 (390)       (525)
                                                         _______     _______

Net cash outflow from servicing of finance                    (390)       (525)
                                                         _______     _______
Taxation
Net tax paid                                                  (411)       (106)
                                                         _______     _______
Capital expenditure and financial investment
Purchase of fixed asset investments                        (31,519)    (56,147)
Sale of fixed asset investments                             38,391      53,950
                                                         _______     _______
Net cash inflow/(outflow) from capital expenditure and
financial investment                                         6,872      (2,197)
                                                         _______     _______
Net cash inflow/(outflow) before financing                  10,558      (1,900)
                                                         _______     _______
Financing
Long term loan received                                      4,925      10,016
Long term loan repaid                                      (11,210)    (10,291)
Shares repurchased and cancelled                                 -      (1,246)
                                                         _______     _______
Net cash outflow from financing                             (6,285)     (1,521)
                                                         _______     _______
Increase/(decrease) in cash                                  4,273      (3,421)
                                    
                                      NOTES

1. Income

                                                             2004        2003
                                                        Group       Group
                                                            £'000       £'000

Income from investments
Dividend from United Kingdom companies                        414         262
UK unfranked investment income                                  -         130
Scrip dividends                                                10           -
Dividend from overseas companies                            1,251         930
                                                            1,675       1,322

Other income
Deposit interest                                               52          31
Profit on dealings by subsidiary                              857       1,589
                                                              909       1,620
Total income                                                2,584       2,942

Total income comprises
Dividends                                                   1,675       1,192
Interest                                                       52         161
Other income                                                  857       1,589
                                                            2,584       2,942

Income from investments
Listed in the UK                                              414         392
Listed overseas                                             1,261         930
                                                            1,675       1,322

2. Reconciliation of consolidated operating profit to net cash outflow from
operating activities
                                                               2004       2003
                                                           Group      Group
                                                              £'000      £'000
Net revenue before finance costs and taxation                 1,384      1,911
Decrease in prepayments and accrued income                        -          9
Decrease/(increase) in current asset investments              3,075       (979)
Increase/(decrease) in other creditors and accruals              28        (13)
                                                           ______     ______
                                                              4,487        928

3.      Creditors : amounts falling due after more than one year

                                          2004                           2003
                  Group & Company                Group & Company
                                         £'000                          £'000
Bank loan                                9,791                         16,977

The Company's bank loan is with Commerzbank AG, London with a loan facility
available up to a maximum of 45% of the Group's total assets but not exceeding
£30 million. The amount outstanding at 31st May 2004 was £9.791 million (€14.7
million) (2003: £16.977 million (€23.65 million)). The interest rate is variable
and is linked to Euribor plus a margin of 0.8% p.a. The latest all-in rate being
applied to the loan is 2.918% p.a. (2003: 3.276%).

The Annual General Meeting of the Company has been convened for Thursday 23rd
September 2004.

The preliminary announcement is prepared on the same basis as set out in the
Statutory Accounts for the year ended 31st May 2004 and was approved by the
Board of Directors on 31st August 2004. The above financial information does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The Auditors have reported on the Statutory accounts for the year ended
31st May 2004; their report was unqualified, and did not contain statements
under s237(2) or (3) Companies Act 1985. Statutory accounts for the year ended
31st May 2004 including an unqualified audit report will be delivered to the
Registrar of Companies in due course.

The Annual Report and 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 SW1X 7JJ.

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