Interim Results

Jupiter European Opps. Trust PLC
07 February 2005


Jupiter European Opportunities Trust PLC

Announcement of Unaudited Interim Results for the half year to 30th November
2004

CHAIRMAN'S STATEMENT
--------------------

Your Company's net asset value per share rose by 10.0 per cent, from 109.25p to
120.14p during the six months under review. This result is marginally ahead of
our benchmark, the FTSE World Europe ex-UK Index, which appreciated by 9.8 per
cent. The return to shareholders is enhanced by the fact that the discount to
net asset value contracted from 9.6 per cent to 5.9 per cent over the period.

It will be noted that the list of the twenty largest investments shows little
alteration since your Company's last year end. One of the holdings, Medion, fell
sharply over the six month period. Your Manager, Alex Darwall, whom we welcomed
on to the board at the last Annual General Meeting, comments specifically on the
portfolio in his Manager's Report. Given our relatively concentrated list, where
the top twenty investments account for over 90 per cent of the portfolio by
value, the significant outperformance or underperformance of one holding will
have a proportionate impact on the overall results. Nonetheless your Company's
performance was ahead of the benchmark and remains one of the best in our sector
since launch.

The strength of the euro, particularly against the US dollar has caused the
European Central Bank and other commentators to adjust downwards their estimate
for European growth in the year ahead. Possibly because of this, European shares
still appear reasonably valued. Indeed the combination of rising dividends and
share buybacks provides a positive backdrop and, if oil prices continue to
recede, we could see a worthwhile inflow of money into European equities in the
months ahead.

H M Priestley
Chairman
7th February 2005


MANAGER'S REVIEW
----------------

Your Company performed in line with its Benchmark Index during the six month
period under review. Your Company had borrowings of €14.7m throughout the period
and this gearing added marginally to returns so that the Company's NAV increased
very slightly more than the Index. The trading subsidiary JEOT Securities made a
pre tax profit of £152,000. On the positive side, a number of long standing
stocks in the portfolio delivered returns which were superior to the market.
Against this, we had a number of disappointments, chiefly that of Medion, whose
share price fell sharply following a profits warning, itself largely due to a
sudden drop in consumer demand in Germany. A further negative factor was the
portfolio's relatively high exposure to the dollar and relatively low commodity
exposure. As a result, the portfolio was affected by the dollar's fall against
the euro (down by 8.2% in the period under review) and failed to benefit fully
from the strong performance of cyclical companies in the wake of rapid growth in
China.

The FTSE World Europe ex UK Index (+9.8%) has, again, outperformed the FT World
Index (+4.2%). This continues the European pattern of the last three years;
weaker economic growth than other regions of the world, but better equity
markets than the world average. Clearly there is a paradox that domestic
economic performance is a poor guide to equity market performance. Eurozone
growth slowed through 2004; after 0.5% growth in 2003, the eurozone expectations
are for 1.8% growth in 2004 and 1.5% in 2005. All these numbers are below the
Organisation for Economic Co-operation and Development countries' forecasts. Yet
some of Europe's cyclical companies have benefited from the strong Chinese
demand. This exemplifies our belief that strict regional categorisations fail to
recognise the increasingly international nature of many businesses.

A number of crucial elements in the European business background changed in
2004. In Germany there were significant reforms of the welfare provisions. More
significantly, a number of high profile labour agreements in the private sector
are evidence of the changing political climate in Germany and recognition of the
massive structural challenges that the Country faces. These problems confront
all countries in Europe and are exacerbated by the European Union's admission of
new members, whose lower taxes and labour costs are attracting companies to
them.

The effects of these developments were reflected in sector performance. The
better performing sectors such as steel, metals, mining and chemicals benefited
from the 'China effect'. Likewise, those sectors that performed badly, such as
industrial products and consumer products, were indirectly hit by the strength
of the Chinese economy as the cost of raw materials were driven up and European
demand remained weak. It was no surprise given the sharp increase in the oil
price that oil companies performed well. New cross-border mergers helped stocks
in banking and financial services to perform relatively well. On the other hand,
the pharmaceutical sector continued to under-perform as did the retail sector
because of the malaise in European domestic economies notably in Germany, where
consumer confidence remains low, and in France where the failure to reform
retail laws continues to damage retailers. Furthermore, the growing presence of
own label products has also had a negative impact on branded consumer goods.

Turnover in the portfolio remained fairly low. Major purchases included Celesio,
the German owner of wholesaling and retailing chains in the pharmaceutical
sector. Other purchases included that of DIS, the premier German agency for
temporary work in the 'white collar' sector, and BioMerieux, the French IVD
company. Johnson Matthey a world leader in the field of catalysis, and RAC, a
roadside service company, were purchased in the UK market. In Switzerland a new
investment was made in Barry Callebaut, the world's leading chocolate company.
The portfolio's position in Syngenta, one of the world's leading agrochemical
companies, was increased, as was its holding in Dexia, the public sector lending
bank based in France. The position in Autoliv was enlarged, as was the holding
in Dassault Systemes. Major sales included those of ebookers and Ryanair, both
motivated by concern about the strength of their business models. Repsol and
Oriflame were sold following the announcement of disappointing profits. In the
case of Zodiac and Clarins the positions were sold on valuation grounds and
holdings in NovoNordisk and Intertek were slightly reduced for the same reasons.

Investment outlook
------------------
For the market as a whole, the growth of the US and Chinese economies, and the
level of the dollar are important short term factors. It is evident that
technology is facilitating growth in emerging markets, notably China, and this
is a tremendously positive factor for the foreseeable future. There are
encouraging developments in Europe; in spite of the low rates of growth in many
European countries, there are welcome signs that in Germany reforms are
recognised as a necessity; the construction sector is recovering from its four
year recession; and mergers and acquisitions activity is reviving. Your
Company's objective continues to be the identification of companies whose
success depends as far as possible on their own efforts. Such companies tend to
perform well over a longer period of time, because they are less reliant on a
particular set of economic circumstances and because the growth of globalisation
is a positive development for 'better' companies. It is this perception that
underpins our confidence for the future.


Alex Darwall
Manager
Jupiter Asset Management Limited
7th February 2005


                     CONSOLIDATED STATEMENT OF TOTAL RETURN
                     --------------------------------------
                      (Incorporating the Revenue Account)
                    for the six months to 30th November 2004
                                  (unaudited)

                                            2004                          2003
                     Revenue   Capital     Total   Revenue   Capital     Total
                       £'000     £'000     £'000     £'000     £'000     £'000
Realised gains /
(losses) on
investments                -       327       327         -    (1,775)   (1,775)
Increase in
unrealised
appreciation of
fixed                      -     9,336     9,336         -    15,328    15,328
asset investments
                     _______   _______   _______   _______   _______   _______
Total capital
gains on
investments                -     9,663     9,663         -    13,553    13,553
Foreign exchange
(losses) / gains
on loan                    -      (429)     (429)        -       540       540
Other exchange
gains/(losses)             -        49        49         -        (1)       (1)
Income                   651         -       651       706         -       706
Gain on dealings
by subsidiary            131         -       131       714         -       714
Foreign exchange
gains by
subsidiary                11         -        11         -         -         -
Investment
management fee          (450)        -      (450)     (359)        -      (359)
Performance fee         (383)        -      (383)        -         -         -
Other expenses          (205)        -      (205)     (236)        -      (236)
                     _______   _______   _______   _______   _______   _______
Net return before
finance costs and
taxation                (245)    9,283     9,038       825    14,092    14,917
Interest payable        (171)        -      (171)     (210)        -      (210)
                     _______   _______   _______   _______   _______   _______
Return on ordinary
activities before
tax                     (416)    9,283     8,867       615    14,092    14,707
Tax on ordinary
activities             (8273)        -     (8273)      (91)        -       (91)
                     _______   _______   _______   _______   _______   _______
Return on ordinary
activities after
tax                  (489)8      9,283   8,79485       524    14,092    14,616
                     _______   _______   _______   _______   _______   _______
Transfer (from) /
to reserves          (489)98     9,283   8,79485       524    14,092    14,616
                     _______   _______   _______   _______   _______   _______
Return per
Ordinary share        (0.612)p   11.51p  10.8990p    0.65p    17.47p    18.12p

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.
The financial information does not constitute 'accounts' as defined in section
240 of the Companies Act 1985.


                           CONSOLIDATED BALANCE SHEET
                           --------------------------
                            as at 30th November 2004
                                                   30th November      31st May
                                                            2004          2004
                                                     (Unaudited)     (Audited)
                                                           £'000         £'000
Fixed assets
Investments                                              106,373        93,335
                                                         _______        _______
Current assets
Investments                                                  412         1,070
Debtors                                                      890         1,148
Cash at bank                                                 341         2,821
                                                         _______         _______
                                                           1,643         5,039
Creditors: amounts falling due within one year              (887)         (459)
                                                         _______        _______
Net current assets                                           756         4,580
                                                         _______        ______
Total assets less current liabilities                    107,129        97,915
Creditors: amounts falling due after more than
one year                                                 (10,220)       (9,791)
                                                         _______        _______
Net Assets                                                96,909        88,124
                                                         _______        _______

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                                (5,652)       (6,028)
Capital reserve - unrealised                              25,198        16,291
Revenue reserve                                               94           592
                                                         _______       _______
Total equity shareholders' funds                          96,909        88,124
                                                         _______       _______

Net asset value per Ordinary share                        120.14p       109.25p



                        CONSOLIDATED CASH FLOW STATEMENT
                        ---------------------------------
                    for the six months to 30th November 2004
                                  (unaudited)

                                                              2004        2003
                                                             £'000       £'000
Operating activities
Net cash inflow from operating activities                      807       4,071
                                                           _______      _______
Servicing of finance
Interest paid                                                 (162)       (247)
                                                            _______     _______
Net cash outflow from servicing of finance                    (162)       (247)
                                                            _______     _______
Taxation
Net tax received / (paid)                                      118         (56)
                                                           _______     _______
Capital expenditure and financial investment
Purchase of fixed asset investments                        (22,146)    (15,262)
Sale of fixed asset investments                             18,843      23,213
                                                           _______     _______
Net cash (outflow) / inflow from capital expenditure
and financial investment                                    (3,303)      7,951
                                                            _______     _______
Net cash (outflow) / inflow before financing                (2,540)     11,719
                                                            _______     _______
Financing
Long term loan repaid                                            -     (11,210)
                                                            _______     _______
Net cash outflow from financing                                  -     (11,210)
                                                            _______     _______
(Decrease) / increase in cash                               (2,540)        509

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

BY ORDER OF THE BOARD
JUPITER ASSET MANAGEMENT LIMITED
SECRETARIES


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