Half-yearly report

Jupiter European Opportunities Trust PLC Announcement of Unaudited Interim Results for the half year to 30th November 2007 INVESTMENT OBJECTIVE 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 as it believes 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 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. 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 those 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. COMPANY INFORMATION DIRECTORS H M Priestley Chairman A F C Darwall Sir M Goulding KCMG J W Robinson J D A Wallinger MANAGER, SECRETARY AND REGISTERED OFFICE Jupiter Asset Management Limited 1 Grosvenor Place, London SW1X 7JJ Telephone: 020 7412 0703 Facsimile: 020 7412 0705 Website: www.jupiteronline.co.uk Email: enquiries@jupiter-group.co.uk Authorised and regulated by the Financial Services Authority CUSTODIAN The Northern Trust Company 50 Bank Street, Canary Wharf, London E14 5NT Authorised and regulated by the Financial Services Authority REGISTRARS Capita Registrars The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TU Telephone: 0870 162 3100 Website: www.capitaregistrars.com AUDITORS Ernst & Young LLP 1 More London Place, London SE1 2AF SUBSIDIARY COMPANY JEOT Securities Limited 1 Grosvenor Place, London SW1X 7JJ The Company's Ordinary shares are listed on the London Stock Exchange and their middle market prices are published daily in the `Financial Times' and `The Times' under `Investment Companies'. FINANCIAL HIGHLIGHTS Capital performance 30th November 2007 31st May 2007 % Change Total Assets less Current Liabilities (£'000) 180,216 182,278 -1.9* FTSE World European ex-UK Total Return Index 741.81 741.91 0.0 * Adjusted for new shares issues in July 2007 30th November 2007 31st May 2007 % Change Ordinary share Performance Net Asset Value (pence) 220.41 224.58 -1.9 Middle Market Price (pence) 211.50 221.25 -4.4 Discount to Net Asset Value (%) 4.0 1.5 HISTORY SINCE LAUNCH Total Assets less Current Net Asset Value Liabilities per Ordinary share £'000 p 20 November 2000 93,969 94.66 (launch) 31st May 2001 83,600 89.29 31st May 2002 91,028 91.12 31st May 2003 84,592 83.82 31st May 2004 97,915 109.25 31st May 2005 117,679 133.54 (restated) 31st May 2006 154,927 167.47 31st May 2007 182,278 224.58 30th November 2007 180,216 220.41 PLANNED LIFE OF THE COMPANY The Articles of Association provide that at the annual general meeting of the Company to be held in 2008 an ordinary resolution shall be proposed that the Company shall continue in existence as an investment trust. If the resolution is passed, a similar ordinary resolution will be proposed at every third annual general meeting thereafter. If that resolution is not passed at any of those meetings, the Directors shall, within 90 days of the date of the resolution, put forward to shareholders proposals (which may include proposals to wind up or reconstruct the Company) whereby shareholders are entitled to receive cash in respect of their shares equal as near as practicable to that to which they would be entitled on a liquidation of the Company at that time (and whether or not shareholders are offered other options under the proposals). DIVIDEND POLICY The Directors intend to manage the Company's affairs to achieve shareholder returns through capital growth rather than income. It is therefore not expected that the Company will pay an annual dividend. CHAIRMAN'S STATEMENT And Interim Management Report Your Company's Net Asset Value per share fell by 1.9 per cent. in the period under review, compared with a zero per cent. return from the FTSE World Europe ex-UK Total Return Index, our benchmark. At 220.41 pence the Net Asset Value on 30th November 2007 was well over twice your Company's initial post-launch value in 2000 of 94.7 pence per share. As at 29th January 2008 the Net Asset Value per share had decreased to 201.86 pence. The Company's share price did not fully keep pace with the asset value, resulting in a discount (the difference between the Net Asset Value and the share price) of 4.0 per cent. at the end of the period under review. Share Buy Backs No shares were bought in by the Company for treasury or cancellation during the period under review, but we will make full use of this facility as and when necessary in order to maintain the discount at a reasonable level. VAT Recovery 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. Any recovery of VAT will be reflected in the Company's published net asset values upon receipt. Gearing The Company had access during the period under review to a revolving bank loan with Bank of Ireland PLC. The level of the Company's borrowings remained unaltered at €65.7 million throughout the period. Overview Global equity markets are currently falling after what was an impressive performance until October 2007. The sub-prime mortgage crisis in the USA, so aggressively trumpeted by a Press that seems to will us into financial pain, is discussed by Alex Darwall in his manager's report. Suffice to say that the end result has been some evidence of a flight into shares that have high liquidity, an understandable emotion in uncertain times. As a result your Fund has marginally underperformed its benchmark index, which is heavily weighted towards major, very liquid stocks. However, over a longer period of time, we believe that our investment style will continue the outperformance that it has demonstrated so clearly over the past eight years. H. M. Priestley Chairman 31st January 2008 MANAGER'S REVIEW The net asset value of the Company's Ordinary shares declined by 1.3 per cent. during the six months to 30 November 2007. This compares with no change, in sterling, in the FTS&P World Europe ex UK index. The level of the Company's borrowings remained unaltered at €65.7 million throughout the period, although due to the change in the exchange rate, the sterling equivalent increased. The Company's trading subsidiary, JEOT Securities Limited, made a pre-tax profit of £127,000. The fact that there was no change in the level of the European equity markets belies what has been a difficult and turbulent period for markets around the world. The FTSE World index fell by 1.9 per cent., led by the American market which was down by 5.1 per cent. in the period under review. The proximate cause of this setback was the subprime lending crisis in America (in part the result of a massive regulatory failure) which has caused a credit crunch. The recognition that risk has been under priced has damaged the value of property assets, and those structured products that depend on property assets, and stymied the most speculative parts of private equity and mergers and acquisitions (M&A) activity. The 9.6 per cent. fall in the value of the US dollar against the euro in 2007 is a reflection of the American origins of this problem. The Central Banks scope for cutting interests rates has been restricted as inflation is once again a key concern, a fact exacerbated by energy and `soft commodity' food costs. GDP growth has remained robust in 2007 (consensus estimates are 3.7 per cent. for the world, 2.2 per cent. for the US, and 2.6 per cent. for the Eurozone). But developed economies are facing the squeeze from lower growth and rising costs. Even though earnings growth in Europe is expected to weaken to about 5 per cent. in 2008, the region has escaped the worst impact of the credit crisis. Borrowings (whether corporate or household) are, in general, much lower in Europe than in North America. The markets for mortgages and other securitized products are far less developed in Europe, and therefore less vulnerable to the credit crunch. Moreover, Europe is more `eastward' looking with a disproportionate exposure to the markets of Eastern Europe, Russia and East Asia, all areas which continue to progress satisfactorily. Note that within Europe the worst performing market was Ireland (an Anglo Saxon facing economy) and the best two markets were Germany and Finland. Admittedly there were a number of factors explaining their good performance but undoubtedly one of them is their east-facing character. For the most part the portfolio was not impacted directly by the credit crunch. Typically, the companies in which we invest have strong balance sheets with relatively low levels of debt and a more `global' spread of business than the average. Positive contributors to performance included NovoNordisk, Novozymes, Essilor, Johnson Matthey, Syngenta, Numico, and Geophysique. The principal detractors to performance included Neopost, which disappointed with a mild profits warning, and Fimalac, a company which owns Fitch the third largest ratings agency. There were disappointments in smaller positions such as Husqvarna and Demag Cranes, but in the main our performance was impacted rather by a `liquidity crunch' in equity markets: the share prices of many of our successful mid sized companies declined sharply as Continental investors raised cash. This is likely to be a transient problem, as opposed to the structural concerns that bedevil `riskier' assets. We remain confident that our policy of investing in structural, long term `winners' will lead to outperformance over a reasonable period. Of the main transactions, the largest sale was that of Numico, a long standing holding. We disposed of this holding following a successful bid for the company. The position in Royal Caribbean was sold as it is particularly exposed to US consumer spending. Holdings of NovoNordisk and Novozymes were trimmed following good price performance. The position in Carphone Warehouse was sold on valuation grounds. We sold the holdings in Husqvarna and Demag Cranes following profits warnings. A fresh investment was made in BioMerieux, one of the world's leading in vitro diagnostics companies. Another new position was taken in Dexia. Dexia is a strong bank with an excellent monoline insurance business. We also bought shares in Wellstream, a British oil services company. Otherwise, most purchases were building on existing positions: Geophysique, the leading seismic company, continues to grow well; Essilor, a world leader in ophthalmic, produced more excellent results; Takkt, the German mail order business continues to thrive, and results from Euler Hermes justified further purchases. Investment Outlook The World Bank estimates that world trade in 2005 represented 58 per cent. of total global output, up from 44 per cent. in 1980. The growth of world trade, together with the spread of new technologies into developing economies, is crucial in explaining the `productivity story' that has helped keep inflation low. It is fashionable to say that the easy part of this `productivity story' is now behind us. It is likely that inflation concerns and a repricing of risk will result in higher absolute interest rates than had been expected a year ago. Variously, property, heavily indebted companies, and the American economy all face significant challenges. Nevertheless, we remain optimistic about investment opportunities. The world economy should grow at around 3.4 per cent. in 2008 despite the challenges faced in a number of developed economies. This is because the developing economies have, to a certain extent, `decoupled' from the American economy. There are many European listed companies which can yet benefit from powerful secular trends. Moreover, some equity valuations are not demanding. Alex Darwall Manager Jupiter Asset Management Limited 31st January 2008 LIST OF TOP TWENTY INVESTMENTS as at 30th November 2007 Company Country of Listing Market Value Percentage £'000 of Portfolio Geophysique France 15,953 7.2 Novo-Nordisk Denmark 15,419 7.0 Novozymes Denmark 11,835 5.4 Elsevier Netherlands 11,698 5.3 Euler Hermes France 11,250 5.1 Syngenta Switzerland 10,047 4.6 Neopost France 9,852 4.5 Johnson Matthey United Kingdom 9,391 4.3 Intertek Group United Kingdom 9,050 4.1 Essilor International France 8,291 3.8 Ingenico France 8,252 3.7 DNB Holdings Norway 7,637 3.5 Luxottica Group Italy 6,787 3.1 Halfords United Kingdom 6,618 3.0 Eurofins Scientific France 6,566 3.0 Dassault Systemes France 6,465 2.9 Nokian Renkaat Finland 6,464 2.9 Vopak Netherlands 5,841 2.6 Fimalac France 4,223 1.9 Biomerieux France 4,201 1.9 _______ ____ 175,840 79.8 CROSS HOLDINGS IN OTHER INVESTMENT COMPANIES The Company had no exposure to the shares of other UK listed investment companies on 30th November 2007. It is the Company's stated policy that this exposure should not be permitted to exceed 15 per cent. of total assets. DIRECTORS' RESPONSIBILITY STATEMENT We the Directors of Jupiter European Opportunities Trust PLC confirm to the best of our knowledge: a) The condensed set of financial statements have been prepared in accordance with the Accounting Standards Board's statement `Half-Yearly Financial Reports'; b) The Chairman's Statement includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7 (indication of important events, and description of significant risks, during the six months to 30 September 2007, and uncertainties for the remaining six months of the year); and c) The Chairman's Statement also includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein). By order of the Board Hugh Priestley Chairman 31st January 2008 CONSOLIDATED INCOME STATEMENT For the six months to 30th November 2007 (unaudited) Note Six months to Six months to 30th November 2007 30th November 2006 Revenue Capital Revenue Capital Return return Total return return Total £'000 £'000 £'000 £'000 £'000 £'000 (Loss)/gain on investments at fair value through profit or loss 2 - (158) (158) - 16,115 16,115 Foreign exchange (loss) / gain on loan - (2,208) (2,208) - 364 364 Other exchange gain / (loss) - 1 1 - (17) (17) ______ _____ _____ ______ _____ _____ - (2,365) (2,365) - 16,462 16,462 Income 1,189 - 1,189 1,288 - 1,288 Dealing profits of subsidiary 60 - 60 256 - 256 Foreign exchange gain / (loss) by subsidiary 31 - 31 (11) - (11) ______ _____ _____ ______ _____ _____ Total income 1,280 (2,365) (1,085) 1,533 16,462 17,995 ______ _____ _____ ______ _____ _____ Investment management fee (769) - (769) (686) - (686) Other expenses (270) - (270) (266) - (266) ______ _____ _____ ______ _____ _____ Total expenses (1,039) - (1,039) (952) - (952) ______ _____ _____ ______ _____ _____ Profit/(loss) before finance costs 241 (2,365) (2,124) 581 16,462 17,043 and tax Finance costs (1,200) - (1,200) (528) - (528) ______ _____ _____ ______ _____ _____ Profit/loss before taxation (959) (2,365) (3,324) 53 16,462 16,515 Taxation (117) - (117) (205) - (205) ______ _____ _____ ______ _____ _____ Profit/loss after taxation (1,076) (2,365) (3,441) (152) 16,462 16,310 ______ _____ _____ ______ _____ _____ Return per Ordinary share 3 (1.32p) (2.90p) (4.22p) (0.19p) 20.41p 20.22p 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 produced by the Association of Investment Companies. All items in the above statement derive from continuing operations. The financial information does not constitute `accounts' as defined in section 240 of the Companies Act 1985. CONSOLIDATED BALANCE SHEET 30 November2007 31st May 2007 (unaudited) (audited) Note £'000 £'000 Non current assets Investments held at fair value through profit and loss 220,492 226,817 _______ _______ Current assets Investments 9,017 5,398 Prepayments and accrued income 614 460 Sales awaiting settlement 1,247 1,912 Taxation recoverable 336 455 Cash and cash equivalents 7 - _______ _______ 11,221 8,225 _______ _______ Total assets 231,713 235,042 _______ _______ Current liabilities Bank overdraft (3,082) (5,068) Bank loan (46,900) (44,692) Interest payable (424) (343) Accruals (494) (2,105) Purchases awaiting settlement (597) (556) _______ _______ (51,497) (52,764) _______ _______ Total assets less current liabilities 180,216 182,278 ======= ======= Capital and reserves Called up share capital 818 812 Share premium 41,285 39,912 Special reserve 37,597 37,597 Redemption reserve 22 22 Retained earnings 100,494 103,935 _______ _______ Total equity 180,216 182,278 ======= ======= Net asset value per Ordinary share 7 220.41p 224.58p CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY For the six months to 30th November 2007 (Unaudited) Share Share Special Redemption Retained Capital Premium Reserve Reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 For the six months to 30th November 2007 31st May 2007 812 39,912 37,597 22 103,935 182,278 Ordinary share issue 6 1,384 - - - 1,390 Share issue costs - (11) - - - (11) Net loss for the period - - - - (3,441) (3,441) ______ _____ _____ ______ _______ _______ Balance at 30th November 2007 818 41,285 37,597 22 100,494 180,216 ______ _____ _____ ______ _______ _______ Share Share Special Redemption Retained Capital Premium Reserve Reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 For the six months to 30th November 2006 31st May 2006 807 38,843 37,597 22 57,823 135,092 Net profit for the period - - - - 16,310 16,310 ______ _____ _____ ______ _______ _______ Balance at 30th November 2006 807 38,843 37,597 22 74,133 151,402 ______ _____ _____ ______ _______ _______ CONSOLIDATED CASH FLOW STATEMENT For the six months to 30th November 2007 (Unaudited) Six months to Six months to 30th November 30th November 2007 2006 £'000 £'000 Cash flows from operating activities Purchases of investments (58,224) (47,465) Sales of investments 64,689 44,758 Realised gain / (loss) on 32 (17) foreign currency Investment income received 1,255 1,248 Deposit interest received 25 14 Investment management fee (744) (993) paid Investment performance fee (1,611) - paid Sales less purchases of (3,582) (3,014) dealing subsidiary Other cash receipts 201 245 Other cash expenses (310) (260) _______ _______ Cash inflow / (outflow) from operating activities before 1,731 (5,484) finance costs and taxation Finance costs (1,119) (405) Taxation 2 (52) _______ _______ Net cash inflow / (outflow) from operating 614 (5,941) activities Financing activities Short term loan received 89,953 29,245 Short term loans repaid (89,953) - Long term loan repaid - (19,448) Share issue 1,390 - Cost of share issue (11) - _______ _______ Increase in cash 1,993 3,856 _______ _______ Change in cash and cash 1,993 3,856 equivalents Cash and cash equivalents at (5,068) (4,015) start of period _______ _______ Cash and cash equivalents at end of period (3,075) (159) _______ _______ 1 Accounting Policies The Consolidated accounts comprise the unaudited financial results of the Company and its subsidiary JEOT Securities Limited for the six months to 30th November 2007. The accounts are presented in pounds sterling, as this is the functional currency of the Group. The Consolidated accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below: Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. Revenue includes dividends from investments quoted ex-dividend on or before the balance sheet date. Deposit and other interest receivable, expenses and interest payable are accounted for on an accruals basis. Presentation of income statement In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the income statement between items of a revenue and capital nature has been presented alongside the income statement. In accordance with the Company's status as a UK investment company under section 266 of the Companies Act 1985, net capital returns may not be distributed by way of dividend. An analysis of retained earnings broken down into revenue items, which may be distributed as dividends and capital items is given in note 6. The Company's Articles prevent the distribution of capital profits. In arriving at this breakdown, expenses have been presented as revenue items except any performance fees payable are allocated wholly to capital, reflecting the fact that, although they are calculated on a total return basis, they are expected to be attributable largely, if not wholly, to capital performance. Investments All investments are classified as held at fair value through profit or loss. Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the consolidated income statement as `Gains on investments at fair value through profit or loss'. The fair value of listed investments is based on their quoted bid market price at the balance sheet date without any deduction for estimated future selling costs. All purchases and sales are accounted for on a trade date basis. 2 Gains on Investments Six months to Six months to 30th November 30th November 2007 2006 £'000 £'000 Net gains realised on sale 18,045 15,643 of investments Movement in unrealised gains (18,203) 472 ________ ________ Gains on investments (158) 16,115 ======== ======== 3 Return per Ordinary share The return per Ordinary share figure is based on the net loss for the six months of £3,441,000 (six months to 30th November 2006: Gain £16,310,000) and on 81,595,324 (six months to 30th November 2005: 80,664,723) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period. The return per Ordinary share figure detailed above can be further analysed between revenue and capital, as below. Six months to Six months to 30th November 30th November 2007 2006 £'000 £'000 Net revenue loss (1,076) (152) Net capital (loss) / profit (2,365) 16,462 ________ ________ Net total (loss) / profit (3,441) 16,310 ======== ======== Weighted average number of Ordinary shares in issue 81,595,324 80,664,723 during the period pence pence Revenue return per Ordinary (1.32) (0.19) share Capital return per Ordinary (2.90) 20.41 share ________ ________ Total return per Ordinary (4.22) 20.22 share ======== ======== 4 Transaction Costs The following transaction costs were incurred during the period: Six months to Six months to 30th November 30th November 2007 2006 £'000 £'000 Purchases 150 146 Sales 110 50 ________ ________ 260 196 ======== ======== 5 Comparative Information The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months to 30th November 2007 and 30th November 2006 has not been audited. The information for the year ended 31st May 2007 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31st May 2007 have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under section 237(2) or (3) of the Companies Act 1985. 6 Retained earnings The table below shows the movement in the retained earnings analysed between revenue and capital items. Revenue Capital Total £'000 £'000 £'000 At 31st May 2007 3,113 100,822 103,935 Movement during the period: Net income for the (1,076) (2,365) (3,441) period ________ ________ ________ At 30th November 2007 2,037 98,457 100,494 ======== ======== ======== 7 Net asset value per ordinary share The net asset value per ordinary share is based on the net assets attributable to the equity shareholders of £180,216,000 (2006: £151,402,000) and on 81,764,723 (2006:80,664,723) Ordinary shares, being the number of Ordinary shares in issue at the period end. RELATED PARTY TRANSACTIONS Mr. Darwall is a Director of Jupiter Asset Management Limited and also of Jupiter Investment Management Group Limited, whose subsidiaries Jupiter Asset Management Limited and Jupiter Administration Services Limited provide investment management and administration services to the Company and receive a fee for their services. RISKS AND UNCERTAINTIES The risks to the Company are foreign currency movements, market price movements, interest rates, use of derivatives, liquidity risk, credit risk, the discount to net asset value and loss of investment trust status. IMPORTANT RISK WARNINGS The value of investment trust shares and the income from them may go down as well as up and you may not get back your original investment. Past performance is not a guide to future performance. Investment trust shares may trade at a discount or a premium to the value of the investment trust's assets. Funds investing in overseas securities are exposed to and can hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to decrease or increase. Investment trusts can borrow money to make additional investments on top of shareholders' funds (gearing). If these investments fall in value, gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing its value may be subject to sudden and large falls in value and you could get back nothing at all. Where investment trust companies are involved in corporate activity, this may change the risk profile of individual shares, as well as impacting on the portfolio strategy, capital structure and duration of the company. Where a fund holds a limited number of investments and one or more of those investments declines or is otherwise adversely affected, it may have a more profound effect on the fund's value than if a larger number of investments were held. ISAs were introduced on 6 April 1999 for an initial ten year period. ISAs and PEPs are subject to government legislation and as such their tax treatment may be changed in the future. The value of current tax relief depends on individual circumstances. If you have doubts about your tax position you should seek professional advice. HOW TO INVEST IN THE COMPANY Jupiter Asset Management Limited operates dedicated Investment Trust ISA, PEP and Savings Schemes (`Schemes') which offer a simple and cost-effective means of buying shares in the Company. Investors can use these Schemes to create a monthly savings plan, for lump sum investments or for a combination of both. Minimum Maximum · Jupiter Investment Trust Savings Scheme Lump Sum £500 N/A · Monthly £50 N/A · Jupiter Investment Trust ISA (Maxi only) for Lump Sum £1,000 £7,000 2007/8 · Monthly £125 £583 · Jupiter Investment Trust ISA Transfer £1,000 N/A · Jupiter Investment Trust ISA Transfer £1,000 N/A · Direct via the Stock Market Please refer to your stockbroker. For further information and details of the terms and conditions of the Schemes please write to Jupiter Asset Management Limited, PO Box 300, West Malling, Kent ME19 4YY, call 0845 30 60 100, e-mail investmentcompanies@jupiter-group.co.uk or connect online to www.jupiteronline.co.uk. PERFORMANCE UPDATES Jupiter publishes a monthly fact sheet for the Company containing key information about its performance, investment portfolio and pricing. The fact sheet, together with electronic copies of the most recent full and interim reports and accounts, are available for download from www.jupiteronline.co.uk. Should you wish to be added to an email distribution list for future editions of the monthly fact sheet, please send an e-mail to investmentcompanies@jupiter- group.co.uk. For investors who do not have access to the internet, these documents are also available on request from Jupiter's Customer Services Team on 0845 30 60 100. Further information about the Company is also available from third party websites such as www.hemscott.com, and www.trustnet.com. HALF YEARLY REPORT The foregoing represents the full text of the Half-Yearly Report for the six months to 30th November 2007, which will be posted to shareholders shortly. The Report will also be available for download from the Company's website (www.jupiteronline.co.uk) or on request from the Company Secretary.

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