Annual Financial Report

Jupiter European Opportunities trust Plc
       Annual Financial Report for the year ended 31 May 2009

The following is an extract from the Company's Annual Report and
Accounts for the year ended 31 May 2009. The full Annual Report will
shortly be available to be viewed on or downloaded from the Company's
website at www.jupiteronline.co.uk.


                        CHAIRMAN'S STATEMENT

The year under review  was probably the  most testing, and  certainly
the least successful, in your  Company's short history. Not only  did
our benchmark, the FTSE World Europe  ex UK Total Return Index,  fall
by a quarter, but the  Net Asset Value of  your shares dropped by  no
less than 30 per cent. Worse, the discount between the price of  your
shares and their underlying value widened considerably, from 4.9  per
cent at the start of your  Company's financial year to 14.9 per  cent
at its close. The  high level of borrowings  - albeit reduced  during
the year in absolute  terms-- which had served  so well in the  past,
vitiated performance. However  it was a  year of two  halves: in  the
second six  months of  your Company's  financial year  the Net  Asset
Value per share  recovered by  28.2 per cent,  whereas our  benchmark
Index rose by 12.3 per cent.

During the  year a  total  of 795,200  shares  were bought  back  for
cancellation at an average discount of  over 15 per cent. Once  again
we are seeking shareholders' permission at the Annual General Meeting
to buy back shares, either to place in treasury for later reissue  or
for outright cancellation.

Gearing

The Company  has a  revolving bank  loan facility  with the  Bank  of
Ireland for a maximum of £60  million. At the start of our  financial
year your Company's net gearing (total borrowings less cash held) was
entirely drawn in euros and was equivalent to £55.1 million  compared
with total gross assets  of £248 million, giving  a gearing ratio  of
22.2 per cent. By the end of the year net gearing had fallen to £42.4
million, but so also had total gross assets to £181 million, giving a
gearing ratio of 23.4 per cent-marginally higher than at the start of
the year. As of 28 July 2009 net borrowings-by now drawn in a mix  of
sterling and euros-less cash  held stood at  £38.3 million and  total
gross assets at £186.07 million, giving  a gearing ratio of 20.6  per
cent.

With hindsight we should have reduced borrowings far earlier, and  to
a greater  extent, than  we did.  By  and large  the profits  of  the
companies in which we had invested  your money held up well; what  we
had not  anticipated was  the degree  of forced  selling, notably  by
hedge  funds   which   themselves   were  faced   with   calls   from
investors-some of them under financial pressure-demanding some or all
of their money back. In consequence  the slide in share prices  often
bore  little  relationship  to  the  health  and  prospects  of   the
underlying investments. Having by then realised what we ought to have
done, we did not wish to risk compounding the error by selling shares
at what we  believed to be  low prices into  an unwilling market.  To
date, that decision appears to  have been justified. However you  may
rest assured that your Board  will monitor the gearing position  with
vigilance.

The Board

Sir Marrack Goulding retires at the Annual General Meeting and is not
seeking  re-election.  Sir   Marrack's  knowledge  of   international
politics, economics and diplomacy has been immensely valuable and  we
shall greatly miss his  wise counsel. Earlier in  the year the  Board
was strengthened by  the appointment of  Philip Best, an  experienced
European specialist fund  manager based in  Switzerland. Quite  apart
from any  other consideration,  the  average age  of your  Board  has
fallen somewhat since  his arrival.  His extensive  knowledge of  the
European investment scene will be of great benefit.


VAT Recovery

Refunds of Value Added Tax on management expenses were received  last
November, equivalent to 1.37p per  share.  Refunds have been  treated
partly as capital and partly as income.

Special Interim Dividend

A Special Interim Dividend  was declared on 18  August 2009 of  0.85p
(net) per  Ordinary  share payable  on  25 September  2009  to  those
shareholders who appear on the register of shareholders 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.

Outlook

We are  cautiously  optimistic as  regards  the economic  and  market
outlook. It will not be plain  sailing; rising oil prices and  higher
costs of  capital give  cause for  concern. But  private client  fund
managers are taught  that investors will  tolerate losing money  when
markets are falling;  what they  cannot accept is  for a  fund to  be
excessively liquid  in a  rising market.  That is  unlikely to  be  a
complaint in the case of your  Company; but we will endeavour not  to
go too far in the other direction.
H.M. Priestley
Chairman
24 August 2009
                          MANAGER'S REVIEW

The Net Asset Value of the Company's Ordinary shares fell by 29.6 per
cent. during the twelve months to  31 May 2009. This compares with  a
25.3 per cent. decline, in sterling,  of the FTSE World Europe ex  UK
Total Return Index.

The level of the Company's borrowings decreased to £48.6m from £57.2m
over the period under review. The Company's trading subsidiary,  JEOT
Securities Limited, made a £952,000 loss.

The FTSE World All World (total return) Index fell by 22.2 per cent.;
the Company's benchmark,  the FTSE  World Europe ex  UK Total  Return
Index fell by 25.3 per  cent..  Europe's relatively poor  performance
probably reflects its banks'  exposure to US  subprime loans and  the
weakness of the region's export markets. A further explanation is the
severe slowdown in  the Baltic countries  and other Eastern  European
economies to which the  West European banks  are exposed. The  policy
response to the  credit crisis  in Continental  Europe, however,  has
often been better than that in the Anglo Saxon economies.

This was a  period of extraordinary,  even unprecedented  volatility.
The index fell from  a high in  the period by 51  per cent. and  then
rallied 35 per cent. by the end  of May. The oil price was  similarly
volatile.  Western Texas Intermediate peaked at $146 in July 2008 and
hit a low of $30.5 before rallying: at the time of writing it is $71.
This volatility  was fuelled  by the  seemingly synchronised  way  in
which  economies  contracted   and  stock  markets   fell.  This   is
symptomatic of  the increasingly  global  nature of  business  (world
trade has been increasing  as a proportion of  the world economy  for
years) and the way that digital technology has speeded up the flow of
information.

Although our stockpicking was relatively good your Company's  gearing
in  weak   markets  resulted   in   a  poor   relative   performance.
Nevertheless, it should be  noted that over  a longer period  gearing
has  increased  returns.  At   a  stock  level  Halfords,   Syngenta,
NovoNordisk, Novozymes  and Intertek  all contributed  positively  to
returns. Our  underweight  positions in  financials  and  commodities
helped. Our  main bank  investment, the  Norwegian DNB,  nevertheless
performed relatively well  vindicating our  long standing  confidence
that DNB  was  well positioned.  On  the negative  side  the  notable
detractors to performance were the oil services company CGG  Veritas,
Fugro,  the  Dutch  oil  services  company  and  Nokian  Tyres;  this
company's principal market is Russia  and therefore it is  indirectly
affected by the  oil price.  Other poor  performers included  Johnson
Matthey, a company that suffered from  its large exposure to the  car
market. The sharp recovery in the Carphone Warehouse price vindicated
our decision to increase our holding 'at the bottom'.

Amongst the  new purchases,  two merit  particular comment.  Experian
(the world leader in credit and marketing services) continues to grow
despite the difficult market background, a sign of a strong business.
Oriflame Cosmetics (direct seller of cosmetics) too is flourishing as
many retailers founder. Other new positions were taken in the  French
electricals group  Schneider, SGS  (the world's  leading testing  and
inspection business),  Bayer  (the agrochemicals  and  pharmaceutical
company), Croda (the  UK based oleochemicals  business), and Saft  (a
French world leader in industrial batteries). These companies are all
leaders in their  particular businesses and  enjoy, we believe,  good
structural growth prospects.  We increased holdings  in CGG  Veritas,
Halfords, Johnson Matthey, Tomra, BioMerieux and Takkt. All of  these
face short term challenges but fit  our criterion of being long  term
structural winners. We sold the  holding in Nokian Tyres on  concerns
about that company's robustness  in the face of  a sharp slowdown  in
its principal  market, Russia.  The shares  in Wellstream  were  sold
following a warning about its prospects. Other notable sales included
Dexia (a  casualty  of  subprime lending),  Sartorius  (poor  sales),
Imerys (European building materials) and  K+S (potash and salt).  The
holding in SE Banken was also sold as its prospects have not improved
as we expected.  We reduced holdings  in NovoNordisk, Essilor,  Euler
Hermes  and  Novozymes  on   valuation  grounds  and  for   portfolio
management reasons.

Investment Outlook

The markets still face  significant challenges: the European  economy
is expected  to contract  by 4-5  per cent.  this year;  a figure  of
around 2-3 per cent. contraction  is expected for the world  economy;
public finances in the Anglo Saxon economies are in a poor state. But
there are positive factors: protectionism  has not developed as  many
had feared; the immediate banking crisis that threatened to melt  the
whole system  appears  to have  passed;  and emerging  economies  are
proving resilient. There has  been at least  a degree of  decoupling.
Commentators expect China and India to grow their economies by around
7.5 per cent. and 5.8 per cent. respectively this year, signifying  a
shift in  economic power  to some  key emerging  markets. This  trend
chimes with our view, and the companies in which your Company invests
are beneficiaries of this. As  well as this 'global' character  there
are other features  of the portfolio  which underpin our  confidence.
Debt levels in  'our' companies  are lower  than average,  reflecting
both the low capital intensity of  the companies we select and  their
self financing (as opposed to acquisition led) growth. In many  areas
there is too much  capacity so capital  goods and cyclical  companies
are likely to struggle  for some time to  come. Our emphasis, on  the
other hand, has been to select companies that, in many cases, provide
relatively  low  cost  productivity  and  cost  saving  products  and
services. Demand in these cases remains robust. The current  economic
backdrop is an excellent test  of business models. We remain  hopeful
that your  Company's portfolio  of investments  will pass  this  test
relatively well.


Alex Darwall
Jupiter Asset Management Limited
24 August 2009

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   growth   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 Portfolio 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 their
  products or services will enjoy long-term growth; and
*                an understanding that structural changes are likely
  to benefit rather than negatively impact that company's prospects.
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
cashflow in the long-term.
Any material change in the investment policy of the Company described
above may  only be  made  with the  approval  of Shareholders  by  an
ordinary resolution.

                       RISKS AND UNCERTAINTIES

The principal  risks  the Group  faces  in its  portfolio  management
activities are:
(a)                 Foreign currency risk
(b)                 Market  price risk  i.e.  movements in  value  of
investment holdings caused  by factors  other than  interest rate  or
currency movement
(c)                 Interest rate risk
(d)                 Liquidity risk
(e)                 Credit and counterparty risk
The investment  Manager's  policies  for  managing  these  risks  are
summarized below and have been applied throughout the year.

Policy

(a)                 Foreign Currency Risk
The Group may hedge against foreign currency movements affecting  the
value  of  the  investment  portfolio  where  adverse  movements  are
anticipated  otherwise  takes  account  of  this  risk  when   making
investment decisions.
(b)                 Market Price Risk
By the very  nature of  its activities, the  Group's investments  are
exposed to  market price  fluctuations.  Further  information on  the
investment portfolio and investment policy is set out in the Manger's
Review.
(c)                 Interest Rate Risk
Interest rate movements may affect  the fair value of investments  of
fixed interest securities  and the  level of  income receivable  from
interest-bearing securities and cash at bank and on deposit.
(d)                 Liquidity Risk
The Group's  assets  comprise mainly  readily  realizable  securities
which can be sold to  meet funding requirements if necessary.   Short
term flexibility is achieved through the use of short term borrowings
and overdraft facilities.
(e)                 Credit and Counterparty Risk
The failure of  the counterparty  to a transaction  to discharge  its
obligations under  that  transaction  could  result  in  the  Company
suffering a loss.

A detailed explanation of principal risks and uncertainties can be
found in the Annual Report and Accounts for the year ended 31 May
2009, which will be available on the Company's website shortly.

Consolidated Income Statement for the year ended 31 May 2009


                                  31 May 2009          31 May 2008
                    Revenue  Capital          Revenue Capital
                     Return   Return    Total  Return  Return   Total
                      £'000    £'000    £'000   £'000   £'000   £'000
(Losses) / gains
on  investments at        - (48,358) (48,358)       -  11,596  11,596
fair
value through
profit or loss
Foreign    exchange       -  (9,498)  (9,498)       - (6,868) (6,868)
losses on loans
Other exchange gain     149      769      918       -      73      73
Investment income     5,050        -    5,050   5,338       -   5,338
Other Income            286        -      286      30       -      30
Dealing (losses)  /   (952)        -    (952)     162       -     162
profits          of
subsidiary
Foreign    exchange
gain /(loss) by           3        -        3    (12)       -    (12)
Subsidiary
Total income          4,536 (57,087) (52,551)   5,518   4,801  10,319
Investment            (510)        -    (510) (1,734)       - (1,734)
management fee
Investment                -      280      280       -       -       -
performance fee
Other expenses        (349)        -    (349)   (464)       -   (464)
Total expenses        (859)      280    (579) (2,198)       - (2,198)
Return before         3,677 (56,807) (53,130)   3,320   4,801   8,121
finance costs and
tax
Finance costs       (2,538)        -  (2,538) (2,643)       - (2,643)
Return before               (56,807)                    4,801
taxation              1,139          (55,668)     677           5,478
Taxation              (473)        -    (473)   (617)       -   (617)
Return after                (56,807)                    4,801
taxation                666          (56,141)      60           4,861
Return per Ordinary
share                 0.82p (69.85)p (69.03)p   0.07p   5.88p   5.95p


The total column  of this statement  is the income  statement of  the
Group prepared  in accordance  with IFRS.  The supplementary  revenue
return and capital  return columns are  both prepared under  guidance
published by the Association of Investment Companies ('AIC').

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 31 May 2009


                                                        2009     2008
                                                       £'000    £'000
Non current assets
Investments held at fair value through profit or
loss                                                 174,492  231,506
Current assets
Investments held at fair value through profit or
loss                                                       -   12,182
Receivables                                            1,107    2,276
Cash at bank                                           6,280    2,149
                                                       7,387   16,607
Total assets                                         181,879  248,113
Current liabilities                                 (50,422) (59,594)
Total assets less current liabilities                131,457  188,519

Capital and reserves
Called up share capital                                  810      818
Share premium                                         41,286   41,286
Special reserve                                       36,676   37,597
Capital redemption reserve                                30       22
Retained earnings                                     52,655  108,796
Total equity                                         131,457  188,519
Net Asset Value per Ordinary share                   162.35p  230.56p


Consolidated Statement of Changes in Equity


                                            Capital
                   Share   Share Special Redemption Retained
For the year     Capital Premium Reserve    Reserve Earnings    Total
ended 31 May
2009
                   £'000   £'000   £'000      £'000    £'000    £'000
31 May 2008          818  41,286  37,597         22  108,796  188,519
Net profit for         -       -       -          - (56,141) (56,141)
the year
Ordinary share       (8)       -   (921)          8             (921)
cancellation
Balance at 31        810  41,286  36,676         30   52,655  131,457
May 2009





                                             Capital
                    Share   Share Special Redemption Retained
For the year      Capital Premium Reserve    Reserve Earnings   Total
ended 31 May 2008
                    £'000   £'000   £'000      £'000    £'000   £'000
31 May 2007           812  39,912  37,597         22  103,935 182,278
Ordinary share          6   1,385       -          -        -   1,391
issue
Share issue costs       -    (11)       -          -        -    (11)
Net profit for          -       -       -          -    4,861   4,861
the year
Balance at 31 May     818  41,286  37,597         22  108,796 188,519
2008





Consolidated Cash Flow Statement for the year ended 31 May 2009


                                                        2009     2008
                                                       £'000    £'000
Cash flows from operating activities
Purchases of investments                            (80,991) (90,229)
Sales of investments                                  91,243   98,250
Realised gains on foreign currency                       921       61
Investment income received                             4,787    5,527
Interest received                                        287       30
Other cash receipts                                      340      466
Investment management fee paid                       (1,470)  (1,676)
VAT recovery on investment management fee                837        -
Investment performance fee paid                            -  (1,611)
VAT recovery on investment performance fee               280        -
Purchases by dealing subsidiary                      (5,402) (26,800)
Sales by dealing subsidiary                           16,149   19,918
Other cash expenses                                    (326)    (502)
Cash inflow from operating activities before
finance costs and taxation                            26,655    3,434
Finance costs                                        (2,859)  (2,509)
Taxation                                               (688)    (774)
Net cash inflow from operating activities             23,108      151

Financing activities
Ordinary shares issued                                     -    1,391
Ordinary shares cancelled                              (921)        -
Share issue costs                                          -     (11)
Short term loans received                             28,500   91,168
Short term loans repaid                             (46,556) (85,482)
Increase in cash                                       4,131    7,217
Cash and cash equivalents at start of year             2,149  (5,068)
Cash and cash equivalents at end of year               6,280    2,149


NOTES:

1. Income


                                                 2009   2008
                                                Group  Group
                                                £'000  £'000
Income from investments
Dividends from United Kingdom companies         1,320    649
Dividends from overseas companies               3,730  4,689
                                                5,050  5,338
Other income
Interest on VAT recovery                          131      -
Deposit interest                                  155     30
Foreign exchange gains                            149      -
(Loss) / profit on dealings by subsidiary       (952)    162
Foreign exchange gains / (losses) by subsidiary     3   (12)
                                                (514)    180
Total income                                    4,536  5,518

Total income comprises
Dividends                                       5,050  5,338
Interest                                          286     30
Other income                                    (800)    150
                                                4,536  5,518

Income from investments
Listed in the UK                                1,320    649
Listed overseas                                 3,730  4,689
                                                5,050  5,338



2 Reconciliation of profit before  finance costs and taxation to  net
cash inflow from operating activities


                                                        2009     2008
                                                       Group    Group
                                                       £'000    £'000
Profit before finance costs and taxation            (53,130)    8,121
Loss / (gain) on non current asset investments        48,358 (11,596)
Foreign exchange loss on loans                         9,498    6,868
Purchases of non current asset investments          (80,991) (90,229)
Sales of non current asset investments                91,243   98,250
Decrease in prepayments and accrued income                57      123
Decrease / (increase) in current asset investments    12,182  (6,784)
Decrease   in    subsidiary   purchases    awaiting    (450)    (106)
settlement
Decrease in subsidiary sales awaiting settlement           -      366
Decrease in other creditors and accruals               (112)  (1,579)
Net cash inflow from operating  activities before
interest and taxation                                 26,655    3,434


3      Related parties

Mr. Darwall is a Director of Jupiter Asset Management Limited and
Jupiter Investment Management Group Limited whose subsidiaries
Jupiter Asset Management Limited and Jupiter Administration Services
Limited receive investment management and administration fees as set
out below.

Jupiter Asset Management Limited is contracted to provide  investment
management services to  the Company  (subject to  termination by  not
less than one years  notice by either party)  for a quarterly fee  of
0.1875 per cent. of the net  assets of the Group excluding the  value
of any Jupiter managed investments payable  in arrears on 31 May,  31
August, 30 November and the last calendar day of February. Management
fees of  £335,617  were  outstanding  as  at  31  May  2009    (2008:
£459,381).

Jupiter Asset Management  Limited is also  entitled to an  investment
performance fee which is based on the out-performance of the lower of
the price of an  Ordinary share or the  Net Asset Value per  Ordinary
share over the total  return on the Benchmark  Index, the FTSE  World
Europe ex  UK  total  return  index  in  an  accounting  period.  Any
performance fee payable  will equal  15 per  cent. of  the amount  by
which the increase  in the lower  of the price  of an Ordinary  share
(plus any dividends per Ordinary share paid during the period) or the
Net Asset Value per Ordinary  share (plus any dividends per  Ordinary
share paid or payable and any accrual for unpaid performance fees for
the period)  exceeds  the higher  of  (a)  the closing  price  of  an
Ordinary share or the Net Asset Value per Ordinary share on the  last
business day  of the  previous accounting  period (whichever  is  the
lower); (b) the lower of  the price of an  Ordinary share or the  Net
Asset Value per Ordinary share (as the  case may be) on the last  day
of a period in respect of which a performance fee was last paid:  and
(c) 100p.  In each case the values of (a), (b) and (c) are  increased
by the percentage by  which the total return  of the Benchmark  Index
increases or  decreases during  the  calculation period.   The  total
amount of any performance  fee payable in  respect of one  accounting
period is  limited  to 7.5  per  cent. of  the  Total Assets  of  the
Company. No performance  fee was payable  for the year  ended 31  May
2009 (2008: Nil).

Jupiter Administration  Services  Limited is  contracted  to  provide
secretarial, accounting and  administrative services  to the  Company
for an annual  fee of  £62,977 adjusted each  year in  line with  the
Retail Price Index payable quarterly (2008: £60,381). None of the fee
payable for the year  ended 31 May 2009  was outstanding at the  year
end  (2008: Nil).

The Company  has invested  from  time to  time  in funds  managed  by
Jupiter Investment Management Group Limited or its subsidiaries.  The
only such  holding as  at 31  May 2009  was East  European Food  Fund
representing 0.3 per cent. of total investments.

4. Going Concern

The Articles  of  Association  provide that  at  the  annual  general
meeting of the Company to be held in 2011, and at every third  annual
general meeting thereafter, an ordinary resolution shall be  proposed
that the Company shall continue in existence as an investment trust.
After making enquiries  the Directors have  a reasonable  expectation
that the Company  has adequate resources  to continue in  operational
existence for the foreseeable future.  For this reason they  continue
to adopt the going concern basis in preparing the accounts.

5. Directors' Responsibilities For The Financial Statements

The Directors are responsible for preparing the Directors' Report and
financial statements  in accordance  with  applicable law  and  those
International Financial Reporting  Standards ('IFRS')  as adopted  by
the European Union.
The Directors are required to  prepare financial statements for  each
financial year which  present fairly  the financial  position of  the
Company and of the Group and the financial performance and cash flows
of the Company and of the  Group for that period. In preparing  those
financial statements, the Directors are required to:
(i)        select suitable  accounting policies and  then apply  them
consistently;
(ii)       present information, including  accounting policies, in  a
manner   that   provides    relevant,   reliable,   comparable    and
understandable information;
(iii)      provide additional  disclosures when  compliance with  the
specific requirements in  IFRSs is  insufficient to  enable users  to
understand the impact  of particular transactions,  other events  and
conditions  on  the   entity's  financial   position  and   financial
performance; and
(iv)      state that the Group has complied with IFRS, subject to any
material  departures  disclosed  and   explained  in  the   financial
statements.
The Directors are responsible  for keeping proper accounting  records
which disclose with  reasonable accuracy  at any  time the  financial
position of the Company  and of the Group  and enable them to  ensure
that the financial statements comply with the Companies Act 2006  and
Article 4  of  the IAS  Regulation.  They are  also  responsible  for
safeguarding the assets of the Group and hence for taking  reasonable
steps  for  the   prevention  and  detection   of  fraud  and   other
irregularities.
So far as each Director is aware at the time the report is  approved,
there is  no relevant  audit information  of which  the auditors  are
unaware and that each Director has taken all reasonable steps to make
themselves aware of  any relevant information  and to establish  that
the auditors are aware of that information.

The Directors, who are  listed on page 4  of the Report and  Accounts
for the year to 31 May 2009,  confirm to the best of their  knowledge
that:

(i)                     the   financial   statements,   prepared   in
accordance with the  applicable set of  accounting standards, give  a
true and fair view of the assets, liabilities, financial position and
profit or loss of the Company; and

(ii)                 the Management  Report includes a  fair view  of
the development and performance of  the business and the position  of
the Company, together with a  description of the principal risks  and
uncertainties that the Company faces.

By Order of the Board
H M Priestley
Chairman
24 August 2009



The annual report will be sent to all registered shareholders and
copies may be obtained from the registered office of the Company at 1
Grosvenor Place, London, SW1X 7JJ.

The Annual General Meeting of the Company is scheduled to take place
at 12.00 noon on 25 September 2009 at the Company's registered
office.

By order of the Board
Jupiter Asset Management Limited
Secretaries

Enquiries:
Jenny Thompson
Jupiter Asset Management Limited
020 7412 0703

Richard Pavry
Jupiter Asset Management Limited
020 7412 0703

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.