Interim Management Statement

Jupiter European Opportunities Trust PLC Interim Management Review for the three months ended 29 February 2008 The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased to announce its interim management review for the quarter ended 29 February 2008. During the period from 1 December 2007 to 29 February 2008, the Company's net asset value per share fell by 2.5 per cent. to 216.18p, which compares with a fall of 7.3 per cent. for the Company's benchmark, the FTSE World Europe ex UK Total Return Index, over the same period. Investment Manager's Report for the Quarter Ended 29 February 2008 Equity markets were very volatile early in the quarter as concerns about the credit crisis deepened. Markets rallied somewhat in the latter half of December after coordinated intervention by central banks to support the interbank money markets during a year-end lack of liquidity. But the ameliorating effect proved temporary and European markets fell sharply in January as worries continued about the ramifications of US growth prospects. The US Federal Reserve acted swiftly and decisively, making two very aggressive cuts in interest rates to address market concerns. Nevertheless, the European reporting season started well, especially for many of our holdings. The Trust's out-performance was a consequence of both strong results from our holdings (a reflection of their exposure to strongly growing markets around the world) and modest exposure to financials. Alex Darwall Fund Manager, Jupiter Asset Management Limited Total Assets as at 29 February 2008: £176,758,138 Shares in Issue on 29 February 2008: 81,764,723 Net Asset Value (p) Market Price (p) Discount Ordinary Shares* 216.18 207.50 (4)% Portfolio Distribution on 29 February 2008 Percentage of Total Assets France 42% United Kingdom 18% Denmark 15% The Netherlands 12% Switzerland 11% Germany 7% Others 17% Cash and fixed interest (22%) 100% The Company's exposure to other UK listed investment companies was nil on 29 February 2008. Top Ten Holdings on 29 February 2008 Company Country of Listing % Novo-Nordisk Denmark 9.7 Geophysique France 8.3 Elsevier The Netherlands 7.2 Neopost France 7.0 Syngenta Switzerland 6.8 Johnson Matthey United Kingdom 6.0 Euler Hermes France 5.7 Novozymes Denmark 5.6 Intertek Group United Kingdom 5.1 Essilor France 4.6 _____ 66.0 Comparative Performance to 29 February 2008 1 Month % 3 Months 1 Year % 3 Years 5 Years Since Since Last % Launch % Annual Report % Total Assets* 7.3 (2.5) 8.6 61.0 187.0 99.0 (3.7) FTSE World Europe ex UK Index 2.2 (7.3) 4.8 53.8 144.2 39.5 (7.4) Ordinary Share NAV 7.3 (2.5) 8.6 66.6 228.6 128.4 (3.7) Ordinary Share Price 11.3 (1.9) 7.1 69.0 279.0 104.4 (6.2) *Adjusted for changes to share capital in September & October 2002, March & April 2003, May & July 2007 and changes to amounts borrowed. OBJECTIVE OF THE COMPANY The objective of the Company is to invest in securities of European companies and in sectors or geographical areas which are considered by the investment manager to offer good prospects for capital growth, taking into account economic trends and business development. INVESTMENT POLICY The Investment Manager adopts a stock picking approach in the belief that a thorough analysis and understanding of a company is the best way to identify long-term superior earnings prospects. This understanding begins with identifying those companies where the ownership structure and incumbent management are conducive to the realisation of the aim of achieving superior long-term earnings growth. The Investment Manager will seek to identify companies which enjoy certain key business characteristics including some or all of the following: _ a strong management record and team, and the confidence that the Investment Manager has in that management's ability to explain and account for its actions; _ proprietary technology and other factors which indicate a sustainable competitive advantage; _ a reasonable expectation that demand for companies' products or services will enhance long-term growth; and _ an understanding that structural changes are likely to benefit that company's prospects rather than have a negative impact on them. It is intended that the Company will have some exposure to all the major sectors of the European economy. There may be sectors which do not enjoy the business characteristics described above and in such circumstances the Investment Manager will seek to identify companies that are expected to generate superior earnings growth within that sector. In analysing potential investments, the Investment Manager will employ differing valuation techniques depending on their relevance to the business characteristics of a particular company. However, the underlying feature will be the sustainability and growth of free cash-flow in the long-term. Material Events Following a ruling by the European Court of Justice, HM Revenue and Customs has recently accepted that VAT will no longer be charged on investment management fees. For the Company it may also be possible to recover some of the VAT paid in the past on management fees. However, the amount repayable is subject to a number of legal and procedural considerations which currently are under review by the Directors. The Board is not aware of any other significant events or transactions which have occurred between 1 December 2007 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. 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 Ordinary shares are listed on the London Stock Exchange and the prices are published in the Financial Times and The Times under `Investment Companies'. The Net Asset Values of the Company's ordinary shares are calculated weekly and can be viewed on the London Stock Exchange website at www.londonstockexchange.com (under the heading `Market News'). 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.
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