Interim Management Statement

Jupiter European Opportunities Trust PLC

Interim Management Review for the three months ended 31 August 2008

The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased
to announce its interim management review for the quarter ended 31 August 2008.

During  the period from 1 June 2008 to 31 August 2008, the Company's  net  asset
value per share fell by 9.4 per cent. to 208.97p, which compares with a fall  of
8.6  per  cent. for the Company's benchmark, the FTSE World Europe ex  UK  Total
Return Index, over the same period.

Investment Manager's Report for the Quarter Ended 31 August 2008

The  impact  of  the credit crisis is being felt in Europe: Ireland  is  now  in
recession.  Other  countries in Europe will follow. Those  countries  where  the
property  bubble has been most obvious - Ireland, the UK, Spain - are the  first
in the queue to join the recession. Other countries are also likely to fall into
recession.  It  is not the credit crisis itself which gives greatest  cause  for
concern;  rather  it  is  the  possible  policy  response,  specifically,  undue
regulations and quasi-protectionism.

Recessions  are  an  integral part of the business cycle and  should  not  be  a
surprise.  We endeavour to be positioned with companies that are well placed  to
cope  with  a  downturn by dint of strong balance sheets,  exposure  to  growing
economies  and  robust  demand. The evidence of the  last  quarter  has  largely
vindicated  this  approach. Nevertheless, we note that our  financials  holdings
were weak as were some of the small capitalisation stocks.

Alex Darwall
Fund Manager, Jupiter Asset Management Limited

Total Assets as at 31 August 2008: £170,865,608

Shares in Issue on 31 August 2008: 81,764,723

                      Net Asset Value (p)   Market Price (p)  Discount
Ordinary Shares*      208.97                186.00            (11)%

Portfolio Distribution on 31 August 2008 Percentage of Total Assets

France                         40%
United Kingdom                 25%
Denmark                        15%
The Netherlands                13%
Switzerland                    10%
Norway                         8%
Germany                        8%
Others                         8%
Cash and fixed interest        (27%)
                               100%

The Company's exposure to other UK listed investment companies was nil on 31
August 2008.

Top Ten Holdings on 31 August 2008

Company                    Country of Listing        %
Neopost                    France                    8.4
Geophysique                France                    8.4
Novozymes                  Denmark                   8.2
Syngenta                   Switzerland               7.2
Novo-Nordisk               Denmark                   6.7
Elsevier                   The Netherlands           6.5
Intertek Group             United Kingdom            6.3
Ingenico                   France                    6.2
Halfords                   United Kingdom            6.0
Johnson Matthey            United Kingdom            5.7
                                                     _____
                                                     69.6

Comparative Performance to 31 August 2008

                      1 Month %   3 Months    1 Year %   3 Years    5 Years    Since       Since Last
                                  %                                            Launch %    Annual
                                                                                           Report %
Total Assets*         6.8         (9.4)       (6.5)      45.9       104.8      92.3        (9.4)
FTSE World Europe ex                                     38.1       91.3       37.4
UK Index              4.0         (8.6)       (3.4)                                        (8.6)
Ordinary Share NAV    6.8         (9.4)       (6.5)      49.9       118.5      120.8       (9.4)
Ordinary Share Price  4.2         (15.2)      (15.4)     40.1       136.2      83.3        (15.2)

*Adjusted  for  changes to share capital in September & October  2002,  March  &
April 2003, May & July 2007 and changes to amounts borrowed.

OBJECTIVE OF THE COMPANY

The  objective  of the Company is to invest in securities of European  companies
and  in  sectors  or geographical areas which are considered by  the  investment
manager to offer good prospects for capital growth, taking into account economic
trends and business development.

INVESTMENT POLICY

The  Investment  Manager adopts a stock picking approach in the  belief  that  a
thorough  analysis and understanding of a company is the best  way  to  identify
long-term   superior   earnings  prospects.  This  understanding   begins   with
identifying  those  companies  where  the  ownership  structure  and   incumbent
management  are  conducive to the realisation of the aim of  achieving  superior
long-term  earnings  growth.  The  Investment  Manager  will  seek  to  identify
companies which enjoy certain key business characteristics including some or all
of the following:

_  a  strong  management record and team, and the confidence that the Investment
Manager has in that management's ability to explain and account for its actions;

_  proprietary  technology  and  other  factors  which  indicate  a  sustainable
competitive advantage;

_  a reasonable expectation that demand for companies' products or services will
enhance long-term growth; and

_  an understanding that structural changes are likely to benefit that company's
prospects rather than have a negative impact on them.

It  is  intended that the Company will have some exposure to most of  the  major
sectors  of the European economy.  There may be sectors which do not  enjoy  the
business   characteristics  described  above  and  in  such  circumstances   the
Investment Manager will seek to identify companies that are expected to generate
superior earnings growth within that sector.

In analysing potential investments, the Investment Manager will employ differing
valuation   techniques   depending   on  their   relevance   to   the   business
characteristics of a particular company. However, the underlying feature will be
the sustainability and growth of free cash-flow in the long-term.

Material Events

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.

The  Board  is  not aware of any other significant events or transactions  which
have  occurred between 1 June 2008 and the date of publication of  this  interim
management  statement  which  would  have a material  impact  on  the  financial
position of the Company.

Availability of Monthly Fact Sheets

Monthly   fact   sheets  for  the  Company  are  available  for  download   from
www.jupiteronline.co.uk  and  by  post  or  fax  on  request  from  the  company
secretarial department.

The  Company's Ordinary shares are listed on the London Stock Exchange  and  the
prices  are  published  in the Financial Times and The Times  under  `Investment
Companies'.

The  Net Asset Values of the Company's ordinary shares are calculated weekly and
can    be    viewed    on    the    London    Stock    Exchange    website    at
www.londonstockexchange.com (under the heading `Market News').

For further information, please contact:

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
[e-mail]
020 7314 4822

Jenny Thompson
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
020 7314 5565

The Company's Registered office is at 1 Grosvenor Place, London SW1X 7JJ.

This   interim  management  statement  has  been  prepared  solely  to   provide
information  to  meet the requirements of the UK Listing Authority's  Disclosure
and Transparency Rules.