Interim Management Statement

Jupiter European Opportunities Trust PLC

Interim Management Review for the three months ended 31 August 2011

The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased
to announce its interim management review for the quarter ended 31 August 2011.

During  the period from  1 June 2011 to 31 August  2011, the Company's net asset
value  per share  excluding income  and expenses  declined by  15.1 per cent. to
269.03p, which  compares  with  a  decline  of  16.3 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 2011

European markets endured a turbulent summer that saw the FTSE World Europe ex UK
Total  Return Index retreat by 16.3 per cent. The European debt crisis continued
to  take centre stage. In July, eurozone  leaders agreed to a second bailout for
Greece, but markets and rating agencies were unconvinced that a default had been
averted.  Concerns over the sustainability of  high sovereign debt levels spread
to  Italy and Spain and prompted the  European Central Bank ('ECB') to intervene
in  an effort to reduce yields. The financials  sector led the fall due to fears
over  European banks' exposure to Greek government  debt. A second set of stress
tests  struggled  to  allay  fears  that  further  bank  recapitalisations  were
unwarranted.  Economic data pointing to a slowing global economy also weighed on
markets.

Second  quarter results were more mixed  and there were fewer earnings surprises
than  in the recent past. Shares in Grenkeleasing, Germany's largest provider of
B2B  small ticket  leasing of  IT equipment,  performed well  in anticipation of
strong new business figures. Dassault Systèmes, a provider of 3D design software
to  the aerospace and automotive industries, produced another quarter of results
well above expectations. Its Q2 results showed strong growth in new licences and
recurring   revenues.  Wirecard,  the  electronic  payments  business,  won  two
substantial  new contracts with Air Berlin  and a Singaporean airline. Ingenico,
maker  of  electronic  payment  terminals,  reported  strong  growth in emerging
markets,  which accounted for 43% of  sales. Oriflame Cosmetics delivered stable
Q2 results driven by an improvement in profit margins.

Shares  in  Marine  Harvest  slipped  after  interim results in which the salmon
farmer  said it expected  a near-term increase  in supply to  lower fish prices.
Aixtron, a maker of equipment for the manufacture of light emitting diodes, also
reported  disappointing  results  and  lowered  2011 guidance.  Shares  in Fugro
slipped  slightly  on  weak  interim  results  caused  by the cancellation of an
offshore project in Asia.

Portfolio  activity was modest. We  added Amadeus IT to  the portfolio, a global
leader  in the provision of cost-saving  transaction processing solutions to the
airline  industry.  We  also  bought  back  into Ingenico, a maker of electronic
payment  terminals. We  added to  our position  in Edenred,  the world's leading
vouchers  business. We also  added to our  position in Tomra,  the leader in the
sale  of reverse vending machines. We sold  our holdings in Kudelski, De La Rue,
Nokian Tyres and Qiagen for portfolio management reasons.

The  problems of the West  - high levels of  debt, inflexible labour markets and
anaemic  growth - remain and may yet  worsen. But this should not overshadow the
bigger  picture. Europe is  a massive region  and we can  be sure that there are
companies capable of making good returns there. When putting your money to work,
our  focus is on identifying dominant operators  in niche areas that can prosper
in  different  macroeconomic  scenarios.  For  example,  the  rationale for your
Company's   holding  in  Johnson  Matthey,  the  catalysis  specialist,  is  the
tightening  of  emissions  regulations  globally.  As  an  established leader in
catalytic  converters,  Johnson  Matthey  can  benefit  from this trend over the
medium term. We spend little time forecasting truck volumes and focus instead on
understanding  Johnson Matthey's  technological developments  and its ability to
gain market share worldwide. Today, more than ever, the fate of thriving, world-
class  companies does not depend  on the economic prospects  of their country of
listing.  Their exposure to economies around  the world should continue to prove
beneficial in helping to sustain their profitability.

Alexander Darwall
Fund Manager, Jupiter Asset Management Limited

Total Assets as at 31 August 2011: £214,066,021

Shares in Issue on 31 August 2011: 79,569,523

+------------+----------------------+----------------------+----------+--------+
|            |Net Asset Value per   |Net Asset Value per   |Market    |Discount|
|            |share excluding       |share including       |Price (p) |        |
|            |income/expenses(p)    |income/expenses(p)    |          |        |
+------------+----------------------+----------------------+----------+--------+
|Ordinary    |269.03                |265.47                |235.00    |(13)%   |
|Shares*     |                      |                      |          |        |
+------------+----------------------+----------------------+----------+--------+

Portfolio Distribution on 31 August 2011 Percentage of Total Assets

 Country                      %

 United Kingdom              35

 Germany                     14

 France                      14

 Denmark                     14

 Norway                      12

 The Netherlands             11

 Switzerland                  8

 Sweden                       6

 Others                       4

 Cash and fixed interest   (18)



                            100


The Company's exposure to other UK listed investment companies was nil on 31
August 2011.

Top Ten Holdings on 31 August 2011

 Company               Country of Listing   %

 Novozymes             Denmark              6.8

 Croda International   United Kingdom       6.4

 Experian              United Kingdom       6.1

 Syngenta              Switzerland          5.8

 Johnson Matthey       United Kingdom       5.2

 Intertek Group        United Kingdom       5.1

 Novo-Nordisk          Denmark              5.0

 Elsevier              The Netherlands      4.2

 Marine Harvest        The Netherlands      3.7

 Koninklijke Vopak     Netherlands          3.7

                                            _____
                                            52.0


Comparative Performance to 31 August 2011

+------------+---------+---------+-------+--------+--------+---------+---------+
|            |1 Month %| 3 Months| 1 Year| 3 Years| 5 Years|    Since|    Since|
|            |         |        %|      %|       %|       %| Launch %|     Last|
|            |         |         |       |        |        |         |   Annual|
|            |         |         |       |        |        |         | Report %|
+------------+---------+---------+-------+--------+--------+---------+---------+
|Total       |    (7.6)|   (15.1)|   11.7|    28.7|    53.9|    147.7|   (15.1)|
|Assets*     |         |         |       |        |        |         |         |
+------------+---------+---------+-------+--------+--------+---------+---------+
|FTSE World  |         |         |       |        |        |         |         |
|Europe ex UK|         |         |       |        |        |         |         |
|Index       |   (10.8)|   (16.3)|    3.4|   (2.8)|    11.6|     33.6|   (16.3)|
+------------+---------+---------+-------+--------+--------+---------+---------+
|Ordinary    |         |         |       |        |        |         |         |
|Share NAV   |    (7.6)|   (15.1)|   11.7|    28.7|    55.4|    184.2|   (15.1)|
+------------+---------+---------+-------+--------+--------+---------+---------+
|Ordinary    |         |         |       |        |        |         |         |
|Share Price |   (11.9)|   (19.0)|    9.0|    26.3|    42.0|    131.5|   (19.0)|
+------------+---------+---------+-------+--------+--------+---------+---------+

*Adjusted for changes to share capital and 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 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 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.

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.

Material Events

During the period under review 250,000 of the Company's Ordinary shares were
bought back for cancellation at 273.97p per share.

Availability of Monthly Fact Sheets

Monthly fact sheets for the Company are available for download
fromwww.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 atwww.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.







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Source: Jupiter European Opportunities Trust PLC via Thomson Reuters ONE

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