Half-yearly report

Jupiter European Opportunities Trust PLC

Announcement of Unaudited Interim Results for the half year to 30th
November 2008

                        CHAIRMAN'S STATEMENT
                    and Interim Management Report

The six months under review were arguably the most difficult in the
life of your Company. One should never say "The market has got it
wrong".  The fault lies with oneself.  But although your Company's
performance-in terms both of Net Asset Value per share and of share
price-was worse than that of our benchmark and peer group, the
companies which comprise the underlying portfolio have emerged from
challenging market conditions in good shape. Some have even actually
hinted at earnings upgrades to come.

The underlying portfolio had little or no exposure to banks, oils,
mining, cyclical and consumer-oriented companies.  Despite this the
Net Asset Value per share dropped by 45.1 per cent. over the period
(and the share price more than halved), whereas our benchmark was
down by 33.5 per cent. Our relatively high level of gearing, and our
decision to borrow wholly in euros, compounded the weakness in
individual share prices. The euro component of our multi-currency
facility has subsequently been reduced, as has the overall level of
gearing. No share can withstand forced selling pressure from funds
which, unlike your Company, are required to raise cash in order to
meet redemptions.  It frequently happens that the most liquid shares
to sell are precisely those which one should not be selling, given
their business models, market dominance or strong balance sheets. In
other words, the good companies get thrown out with the bad, and long
term holders, such as your Company, have to take short term pain.
However, their holdings are more likely to be intact when better
times return.

In the belief that markets were oversold, a total of 700,000 shares
were repurchased in October and cancelled. Should the discount (of
share price to Net Asset Value) widen to what we regard as an
attractive level, further repurchases will be made.

In November we received a VAT repayment amounting to £1,159,010 or
approximately 1.42p. per share, the bulk of which will be treated as
revenue. At the end of our current financial year we shall be
required to consider the payment of a special dividend.

Recent market experience is reminiscent of the 1972-74 bear market.
The difference this time is that inflation has never approached
double digits and that the authorities have reacted far more promptly
than they did then. It would be rash to assume that markets will
rebound as rapidly as they did in 1975. But with equity valuations at
historic lows and offering cash yields higher than bonds and cash
equivalents, we believe that those shareholders who have ridden the
downturn with us will start to recover some of the ground lost over
the past eighteen months.

H M Priestley
Chairman

23 January 2009

                          MANAGER'S REVIEW

The Net Asset Value of the Company's Ordinary shares fell by 45.1%
during the six months to 30 November 2008. This compares with a 33.5%
decline, in sterling, of the FTSE World Europe ex UK Index.

The level of the Company's borrowings decreased to ¤63.8m following a
¤9m reduction in October 2008.  The Company's trading subsidiary,
JEOT Securities Limited, made a £949,000 loss. Tax changes mean that
there is little incentive to use this subsidiary and future activity
is expected to be negligible.

This was an extremely difficult and turbulent period. All markets
have suffered from the effects of massive deleveraging following the
recognition of systemic banking and regulatory failures. Europe's
relatively poor performance (in constant currency terms the FTSE
World Index was down by 25%, the FTSE All-Share down 29.3%) probably
reflects its banks' exposure to US subprime loans and the perceived
impact of the 'strong' euro. Against that Europe has lower levels of
household and public debt (compared with the UK and US) and less
'hot' money than in emerging markets. One of the (many) remarkable
features of this crisis is the speed and synchronisation of the
downturn across the world (doubtless in part because of the efficacy
of digital information flows). Forecasts for economic growth in 2009
have fallen markedly across all regions. This too has alarmed
investors.

Your Company's poor performance relative to the Index is largely due
to gearing, its impact accounting for 8.9% of the 11.6% of
underperformance. Over a longer period gearing has increased returns.
Notwithstanding our confidence that the portfolio has a high quality
collection of companies which are currently undervalued, we have,
since the period end, reduced borrowings to £50m. At a stock level
Neopost, Novozymes and NovoNordisk all contributed positively. Our
underweight positions in financials and commodities helped too. On
the negative side the notable detractors to performance included
Geophysique, the oil and gas seismic testing company, and Fugro, the
Dutch oil services company. We believe that these businesses will
prove resilient. Syngenta's shares were weak as falling soft
commodity prices hit sentiment though we believe the company's
prospects have not been damaged. Carphone Warehouse was one of the
worst performers as its retail franchise was considered vulnerable to
the UK's macro economic problems. However, we believe that the
company's core business, telecoms, remains strong.  Moreover the
company has virtually no debt. The marked decline in the value of
Ingenico reflects, we believe, investor sentiment rather than any
deterioration in its fundamental attractions. Reed Elsevier shares
suffered as the company's debt has increased. Nokian Tyres, the
world's most profitable (winter) tyre company saw sales fall in
Russia and Ukraine.  Prospects for Nokian Tyres depend greatly on the
macro developments in those countries.

We increased holdings in Halfords, Johnson Matthey, Tomra, and Takkt.
All of these face short term challenges but fit our criterion of long
term structural winners. New positions were taken in Renishaw (the
British engineering company), SGS (the world's leading testing and
inspection business), Bayer (the agrochemicals and pharmaceutical
company), Croda (the UK based oleochemicals business), Experian (the
credit information company) and Saft (a French world leader in
industrial batteries). These companies are all leaders in their
particular fields and enjoy, we believe, good structural growth
prospects.

Shares in Wellstream were sold following a warning about its
prospects. We also sold out of St James Place, a company that is
likely to be impacted by UK's poor economic prospects. Other notable
sales included Dexia (a casualty of subprime lending), Sartorius
(poor sales) and Imerys (European building materials). The holding in
SE Banken was also sold as its prospects have not improved as we
expected.

Investment Outlook
Critical to near term prospects is the extent to which the
'deleveraging' process in equity markets is over. This is hard to
know. Likewise it is difficult to predict when economic growth will
resume. In the meantime the big threat remains protectionism, in all
its guises. However, there are a few certainties. Markets will
recover at some point. Official interest rates are so low that
investors will again look at equity dividend yields. European
interest rates are currently (for repo) 2.5% while in America
official rates are near zero. This compares with European equity
dividend yields of 5% or more. There is growth in the world: the
IMF's latest forecasts are for 2.2% world growth, the Eurozone is
expected to contract by 0.5%, while developing Asia is forecast to
enjoy 7.1% expansion in 2009. Even when economies contract, there are
always 'special' cases where companies are able to grow because of
secular demand growth. Our focus is consistent: we try to identify
world beating companies which have strong business models with
differentiated products or services that have a reasonable
expectation of structural demand growth. Such companies can even
benefit from the current economic difficulties. Longer term success
is often forged in times of crisis. The global exposure of the
companies we hold is, more than ever, an advantage.  These companies
are exposed to growing economies around the world. Nevertheless, the
difficult investment backdrop requires a healthy dose of patience.

Alex Darwall
Manager
Jupiter Asset Management Limited

23 January 2009

                 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 condensed financial statements give a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company, as required by the Disclosure and Transparency Rules 4.2.4R;
and

(c) a fair review of the information required by the Disclosure and
Transparency Rules 4.2.7R and 4.2.8R can be found in the Chairman's
Statement, Manager's Review and in the text below.

By order of the Board

H M Priestley
Chairman

23 January 2009

                          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
    the company's prospects rather than have a negative impact on
    them.


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.

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.

                    CONSOLIDATED INCOME STATEMENT
         For the six months to 30 November 2008 (unaudited)


                                Six months to           Six months to
                             30 November 2008        30 November 2007
                  Revenue   Capital           Revenue Capital
                   return    return     Total  return  return   Total
                    £'000     £'000     £'000   £'000   £'000   £'000
Loss on
investments at
fair value
through profit or
loss                    -  (81,866)  (81,866)       -   (158)   (158)
Foreign exchange
loss on loan            -   (2,579)   (2,579)       - (2,208) (2,208)
Other exchange
(loss) / gain           -     (692)     (692)       -       1       1
                   ______     _____     _____  ______   _____   _____
                        -  (85,137)  (85,137)       - (2,365) (2,365)
Income              2,563         -     2,563   1,189       -   1,189
Dealing (loss) /
profits of
subsidiary          (952)         -     (952)      60       -      60
Foreign exchange
gain by
subsidiary              3         -         3      31       -      31
                   ______     _____     _____  ______   _____   _____
Total income        1,614  (85,137)  (83,523)   1,280 (2,365) (1,085)
                   ______     _____     _____  ______   _____   _____

Investment
management fee      (722)         -     (722)   (769)       -   (769)
Investment
management fee
VAT recovery          837         -       837       -       -       -
Performance fee
VAT recovery            -       280       280       -       -       -
Other expenses      (166)         -     (166)   (270)       -   (270)
                   ______     _____     _____  ______   _____   _____
Total expenses       (51)       280       229 (1,039)       - (1,039)
                   ______     _____     _____  ______   _____   _____
Profit before
finance costs and
tax                 1,563  (84,857)  (83,294)     241 (2,365) (2,124)
Finance costs     (1,564)         -   (1,564) (1,200)       - (1,200)
                   ______     _____     _____  ______   _____   _____
Profit before
taxation              (1)  (84,857)  (84,858)   (959) (2,365) (3,324)
Taxation            (190)         -     (190)   (117)       -   (117)
                   ______     _____     _____  ______   _____   _____
Profit after
taxation            (191)  (84,857)  (85,048) (1,076) (2,365) (3,441)
                   ______     _____     _____  ______   _____   _____
Return per
Ordinary share    (0.23)p (103.93)p (104.16)p (1.32)p (2.90)p (4.22)p


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  November2008 31 May 2008
                                              (unaudited)   (audited)
                                    Note            £'000       £'000
Non current assets
Investments held at fair value
through profit or loss                            153,238     231,506
                                                  _______     _______
Current assets
Investments                                             -      12,182
Prepayments and accrued income                        735         337
Sales awaiting settlement                               -       1,327
Taxation recoverable                                  554         612
Cash and cash equivalents                           3,415       2,149
                                                  _______     _______
                                                    4,704      16,607
                                                  _______     _______
Total assets                                      157,942     248,113
                                                  _______     _______
Current liabilities
Bank loan                                        (52,759)    (57,246)
Interest payable                                    (464)       (477)
Accruals                                            (342)       (526)
Purchases awaiting settlement                     (1,722)     (1,345)
                                                  _______     _______
                                                 (55,287)    (59,594)
                                                  _______     _______
Total assets less current
liabilities                                       102,655     188,519
                                                  =======     =======

Capital and reserves
Called up share capital                               811         818
Share premium                                      41,286      41,286
Special reserve                                    37,597      37,597
Redemption reserve                                     29          22
Retained earnings                                  22,932     108,796
                                                  _______     _______
Total equity                                      102,655     188,519
                                                  =======     =======

Net Asset Value per Ordinary share   7            126.63p     230.56p


           CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY
         For the six months to 30 November 2008 (Unaudited)


                   Share   Share Special Redemption Retained
                 Capital Premium Reserve    Reserve Earnings    Total
                   £'000   £'000   £'000      £'000    £'000    £'000
For the six
months to 30
November 2008
31 May 2008          818  41,286  37,597         22  108,796  188,519
Share                (7)                          7    (816)    (816)
cancellation
Net loss for the       -       -       -          - (85,048) (85,048)
period
                  ______   _____   _____     ______  _______  _______
Balance at 30        811  41,286  37,597         29   22,932  102,655
November 2008
                  ______   _____   _____     ______  _______  _______




                  Share   Share   Special Redemption Retained
                  Capital Premium Reserve Reserve    Earnings Total
                  £'000   £'000   £'000   £'000      £'000    £'000
For the six
months to 30
November 2007
31 May 2007           812  39,912  37,597         22  103,935 182,278
Ordinary share          6   1,384       -          -        -   1,390
issue
Share issue costs       -    (11)       -          -        -    (11)
Net loss for the        -       -       -          -  (3,441) (3,441)
period
                   ______   _____   _____     ______  _______ _______
Balance at 30         818  41,285  37,597         22  100,494 180,216
November 2007
                   ______   _____   _____     ______  _______ _______



                  CONSOLIDATED CASH FLOW STATEMENT
         For the six months to 30 November 2008 (Unaudited)



                                    Six months to 30 Six months to 30
                                       November 2008    November 2007
                                               £'000            £'000
Cash flows from operating
activities
Purchases of investments                    (48,182)         (58,224)
Sales of investments                          46,739           64,689
Realised (loss) / gain on foreign              (689)               32
currency
Investment income received                     2,076            1,255
Deposit interest received                        121               25
Investment management fee paid                 (890)            (744)
VAT recovery on investment                       837                -
management fee
Investment performance fee paid                    -          (1,611)
VAT recovery on investment                       280                -
performance fee
Sales less purchases of dealing               10,747          (3,582)
subsidiary
Other cash receipts                                -              201
Other cash expenses                            (182)            (310)
                                             _______          _______
Cash inflow from operating
activities before
     finance costs and taxation               10,857            1,731
Finance costs                                (1,577)          (1,119)
Taxation                                       (132)                2
                                             _______          _______
Net cash inflow from operating                 9,148              614
activities

Financing activities
Short term loan received                     107,932           89,953
Short term loans repaid                    (114,998)         (89,953)
Share issue                                        -            1,390
Cost of share issue                                -             (11)
Share cancellation                             (816)                -
                                             _______          _______
Increase in cash                               1,266            1,993
                                             _______          _______

Change in cash and cash equivalents            1,266            1,993
Cash and cash equivalents at start             2,149          (5,068)
of period
                                             _______          _______
Cash and cash equivalents at end of
period                                         3,415          (3,075)
                                             _______          _______



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 30 November 2008. 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 'Loss 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 30 Six months to 30
                                       November 2008    November 2007
                                               £'000            £'000
Net gains realised on sale of                  1,462           18,045
investments
Movement in unrealised gains                (83,328)         (18,203)
                                            ________         ________
Loss on investments                         (81,866)            (158)
                                            ========         ========



3      Return per Ordinary share

The return per Ordinary share figure is based on the net loss for the
six months of £85,048,000  (six months to 30 November 2007: Loss
£3,441,000) and on 81,644,504  (six months to 30 November 2007:
81,595,324) 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 30 Six months to 30
                                       November 2008    November 2007
                                               £'000            £'000
Net revenue loss                               (191)          (1,076)
Net capital loss                            (84,857)          (2,365)
                                            ________         ________
Net total loss                              (85,048)          (3,441)
                                            ========         ========
Weighted average number of Ordinary
shares
in issue during the period                81,644,504       81,595,324

                                               pence            pence
Revenue return per Ordinary share             (0.23)           (1.32)
Capital return per Ordinary share           (103.93)           (2.90)
                                            ________         ________
Total return per Ordinary share             (104.16)           (4.22)
                                            ========         ========


4        Transaction Costs

The following transaction costs were incurred during the period:


          Six months to 30 Six months to 30
             November 2008    November 2007
                     £'000            £'000
Purchases              141              150
Sales                   83              110
                  ________         ________
                       224              260
                  ========         ========


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
30 November 2008 and 30 November 2007 has not been audited.

The information for the year ended 31 May 2008 has been extracted
from the latest published audited financial statements. The audited
financial statements for the year ended 31 May 2008 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 31 May 2008                 3,173  105,623  108,796
Movement during the period:
Net income for the period      (191) (84,857) (85,048)
Share repurchase                   -    (816)    (816)
                            ________ ________ ________
At 30 November 2008            2,982   19,950   22,932
                            ======== ======== ========



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 £102,655,000 (31 May 2008:
£188,519,000) and on 81,064,723 (31 May 2008: 81,764,723) Ordinary
shares, being the number of Ordinary shares in issue at the period
end.

                           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.

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.
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.

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 30 November 2008 was East European Food Fund
representing 0.5 per cent. of total investments.

                       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. A detailed explanation of the Risks and Uncertainties facing
the Company can be found in Note 11 on pages 48 to 51 of the
Company's published report and accounts for the year to 31 May 2008.

MATERIAL EVENTS SINCE 31 MAY 2008

On 22 October 2008 the Company recognised the recovery from HM
Revenue & Customs of £1,159,010 in respect of VAT paid on fees due to
the Investment Manager. Payment of that sum has now been received by
the Company. Approximately 75 per cent. of this recovery has been
accounted for in the Company's revenue account with the balance
carried to capital.
Since 31 May 2008 there have been the following buy-backs under the
facility granted to the Board by Shareholders at the last Annual
General Meeting:


                Amount      Price           Cancellation/Holding in
Date         Purchased   Paid (p)                          Treasury
29 October
2008           500,000     116.00                      cancellation
31 October
2008           200,000     115.50                      cancellation


The Board is not aware of any other significant events or
transactions which have occurred between 31 May 2008 and the date of
publication of this half year report which would have a material
impact on the financial position or the performance of the Company.

The foregoing represents the full text of the Half-Yearly Report for
the six months to 30 November 2008, 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.

The interim report for the 6 months ended 30 November 2008 has not
been reviewed by the Company's auditors.

By order of the Board

Jupiter Asset Management Limited

Secretaries
Enquiries:
Richard Pavry
Jupiter Asset Management Limited
020 7412 0703

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