Interim Management Statement

Jupiter European Opportunities Trust PLC

Interim Management Review for the three months ended 31 August 2009

The Board of Jupiter European Opportunities Trust PLC (the "Company")
is pleased to announce its interim management review for the  quarter
ended 31 August 2009.

During the period from 1 June  2009 to 31 August 2009, the  Company's
net asset value per share excluding income and expenses rose by  14.2
per cent. to 185.40p,  which compares with a  rise of 15.3 per  cent.
for the Company's benchmark, the FTSE World Europe ex UK Total Return
Index, over the same period.

Since 31  August  2009  the  Company's  net  asset  value  per  share
excluding income and expenses has risen by a further 9.8 per cent. to
203.49p as at 29th September 2009, which compares with a rise of  7.8
per cent.  for the  Company's benchmark  over the  same period.   The
Company's middle market  share price  as at 29th  September 2009  was
177.0p which represents a  13.0 per cent. discount  to its net  asset
value on that date.

Investment Manager's Report for the Quarter Ended 31 August 2009

Equity markets continued to rally over the summer led by cyclicals.
Results from the start of the second quarter reporting season proved
better than expected. Investors reacted positively to news that
companies had been vigorous in their cost-cutting programmes.
However, for many companies there were still few signs of top line
sales growth, while outlook statements remained brief and
non-committal.

Neopost, the postal services group, confirmed its resilient business
model and reported second quarter sales up almost 4 per cent. and
higher recurring revenues across all regions. Vopak, the global
leader in tank storage services for chemical and oil industries,
issued a strong trading update reflecting the increasing resilience
of this business.

Shares in Reed Elsevier dipped slightly after new management gave
itself some headroom for future investment via a modest rights issue
to reduce debt. This rather overshadowed the half yearly results
which were better than expected.

In July we bought into Aixtron. This electronic component maker
expects strong order growth across Asia driven by demand for the
light emitting diodes used in flat screen televisions. We also opened
a small position in Ryanair. The low cost airline should be a major
beneficiary of the potential failures and cutbacks of other carriers
this winter.

We added to our position in Oriflame, which reported second quarter
results broadly in line with consensus. This Swedish cosmetics group
operates in 60 countries using a direct sales force. Cosmetics have
historically been very resilient during recessions, where women
consumers continue to spend on make-up while cutting down on big
ticket items. They do, however, trade down to lower-end cosmetics.
This should benefit Oriflame which is positioned in the middle-market
but has a very strong brand name. The use of part-time sales agents
makes the cost base flexible. We believe Oriflame shows
contra-cyclical elements in its top line, where periods of economic
weakness increase the inflow of consultants.

We top sliced our position in Norwegian bank Den Norske Bank as the
shares continued to rally along with other financials. We took
profits and sold out of KWS Saat. The shares had performed strongly
on expectations that higher sugar prices would increase demand for
the company's sugar beet seeds.

The global economy appears to be recovering from recession but the
crisis is not yet over. Major economic imbalances still need to be
corrected while the possibility of an escalation in protectionist
measures should not be ruled out.

Alex Darwall
Fund Manager, Jupiter Asset Management Limited

Total Assets as at 31 August 2009: £150,117,250

Shares in Issue on 31 August 2009: 80,969,523


+------------------------------------------------------------------------+
|        |Net Asset Value per share  |Net Asset Value per|Market|Discount|
|        |excluding                  |share including    |Price |        |
|        |income/expenses(p)         |income/expenses(p) |(p)   |        |
|--------+---------------------------+-------------------+------+--------|
|Ordinary|185.40                     |186.39             |156.00|(16)%   |
|Shares* |                           |                   |      |        |
+------------------------------------------------------------------------+


Portfolio Distribution on 31 August 2009 Percentage of Total Assets


France                  33%
United Kingdom          30%
Denmark                 14%
The Netherlands         14%
Germany                 10%
Norway                  10%
Switzerland             7%
Others                  8%
Cash and fixed interest (26%)
                        100%


The Company's exposure to other UK listed investment companies was
nil on 31 August 2009.

Top Ten Holdings on 31 August 2009


Company           Country of Listing %
Neopost           France             7.0
Geophysique       France             6.3
Ingenico          France             5.8
Novozymes         Denmark            5.7
Den Norske Bank   Norway             5.6
Johnson Matthey   United Kingdom     5.6
Koninklijke Vopak The Netherlands    5.3
Novo-Nordisk      Denmark            5.1
Elsevier          The Netherlands    4.9
Experian          United Kingdom     4.8
                                     _____
                                     56.1


Comparative Performance to 31 August 2009


                1 Month 3 Months 1 Year % 3     5     Since  Since
                %       %                 Years Years Launch Last
                                                      %      Annual
                                                             Report %
Total Assets*   9.4     14.2     (11.3)   6.3   61.2  71.1   14.2
FTSE World
Europe ex UK
Index           9.0     15.3     (5.8)    8.2   68.1  29.5   15.3
Ordinary Share  9.4     14.2     (11.3)   7.1   69.4  95.9   14.2
NAV
Ordinary Share  8.7     13.0     (16.1)   (5.7) 57.2  53.7   13.0
Price


*Adjusted for changes to share  capital in September & October  2002,
March & April 2003, May & July 2007, October 2008, February 2009  and
March 2009 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 most  of
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

On 18  August 2009  the  board announced  the  payment of  a  special
interim dividend  of 0.85p  (net) per  Ordinary share  payable on  25
September 2009  to shareholders  who  appear on  the register  on  28
August 2009.

This special interim dividend  is being paid in  order to ensure  the
Company's continuing  status  with  HM  Revenue  and  Customs  as  an
investment trust.  Section  842 of the  Income and Corporation  Taxes
Act 1988 prohibits the Company from retaining more than 15 per  cent.
of its  eligible investment  income from  one financial  year to  the
next.

The Directors stated dividend policy is to manage the Company's
affairs in order to achieve shareholder returns through capital
growth rather than through the generation of income. It is therefore
not expected that the Company will pay a regular dividend in future
financial years.

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
[e-mail]
020 7314 4822

Jenny Thompson
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
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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