Interim Results

Jupiter European Opps. Trust PLC
29 January 2004


Jupiter European Opportunities Trust PLC

Announcement of Unaudited Interim Results for the half year to 30th November
2003

CHAIRMAN'S STATEMENT

Your Company's net asset value per share rose by 21.6% from 83.82p to 101.94p
during the six months under review. This compares with a rise of 11.7% in the
FTSE World Europe ex-UK Index during the same period.

Performance in the six months to 30 November 2003 was helped by the judicious
use of gearing and a successful experience in the Company's trading subsidiary.
So far we have not made use of the new facility available to investment
companies to purchase the Company's shares in the market for treasury rather
than for immediate cancellation. In the event that the Company chooses to buy
shares into treasury in the future, those shares may either be reissued to
investors or cancelled at a later date. Used correctly, your board believes that
this facility should enhance shareholder returns.

Given the eclectic nature of the Company's investment portfolio, there will be
periods of underperformance against the indices, but over time we are confident
that the Manager's highly selective approach to portfolio construction will
serve shareholders well, as it has done hitherto. The current strength of the
euro may turn out to be a powerful discipline for European company managements,
forcing them to make unpalatable decisions regarding cost-cutting and thereby
engendering greater efficiency and competitiveness in a world where pricing
power is a rare commodity.

H M Priestley
Chairman
29th January 2004

                                MANAGER'S REVIEW

Your Company has performed well during the period under review relative to its
benchmark index. In part this outperformance is due to the purchase of stocks
when market sentiment was absurdly pessimistic in February and March of 2003.
Indeed, at that time your Company borrowed €23.7 million of bank debt to gear
the return on its investment portfolio. This gearing was effective in enhancing
the Company's net asset value per share, although the amount of drawn down bank
debt was reduced to €7.5m by 30 November. The Company's trading subsidiary
reported a profit of £760,000 for the six months under review despite a modest
loss from short positions. At the time of writing there are only three small
short positions in place.

Despite the encouraging performance of your Company during the half year under
review, the economic background in Europe remained disappointing. According to
the latest OECD forecasts the eurozone grew by only 0.5% in 2003. The worst
areas in Europe as a whole were Germany, France, Switzerland and the
Netherlands. The better areas included Belgium, Finland, Ireland, and Sweden.
There is no obvious end in sight to Europe's chronically poor economic
performance. Official estimates anticipate improvement in 2004, but these are
perennially optimistic. In a global context the two other major economic
regions, the United States of America and Japan, enjoyed stronger growth,
expanding their economies by 2.9% and 2.7% respectively. To our list of reasons
for Europe's disappointing performance we can add poor corporate governance and
accountability. Whilst much attention has been focussed on American corporate
scandals, in relative economic terms the impact of such events in Europe has
arguably been greater. Two factors are striking: the first is that such scandals
tend to remain hidden for longer in Europe; the second is that political
interference tends to sustain failing companies for longer. Thus, as America
enjoys the upswing of rapid economic growth, Europe is still contemplating, even
prolonging, the aftermath of the years of excesses.

In the six months to 30 November the FTSE World Europe ex-UK index rose by 11.7%
(in sterling terms) compared with 4.5% for the main American index and 26.2% for
Japan. This good performance of the markets in general is due to a number of
factors; the strength of the banking sector, historically low interest rates,
strong economic growth in America coupled with a remarkable profits recovery,
and a rise in corporate activity. The twin global concerns of a year earlier -
deflation and terrorism - were largely assuaged by events. In Europe the
breakdown of the Growth and Stability Pact was important. Faced with enormous
structural challenges manifest in high unemployment, massive pension shortfalls,
high budget deficits and low growth, the politicians have responded. In France's
case the response has been to reduce the number of national holidays by one.
Germany's response is more serious. Chancellor Schroder is having some success
with limited reforms as set out in Agenda 2010. The flouting of the budget
deficit rules by France and Germany has had a positive short term effect on the
markets but leaves the challenges in Europe greater than ever. The ambition of
getting the different European economies in step with one another remains
distant. Within the eurozone, for instance, the inflation span of 2.7% is, in
relative terms, as wide as it has been. The better performing equity markets
were Germany, Holland, Norway and Sweden. The weaker markets included Italy, and
France. In sector terms, the better performing included cyclicals such as
automotive and industrials. The best was software as demand improved for the
first time in three years. The worst sectors were those that are generally
regarded as being more defensive: retail, utilities, and pharmaceuticals. The
strong equity markets have been accompanied by a marked strengthening of the
euro against the dollar. In the period under review the euro gained only 1.2%
against sterling. From its nadir in October 2000 to 30 November 2003, it rose
46% against the dollar. This is not necessarily good news. Analysing currency
moves is notoriously difficult, but this is probably a reflection of America's
'debtor' and Europe's 'creditor' status.

Stock picking remains the key determinant of your Company's performance and our
approach to stock selection is unchanged. We seek to buy companies with a good
record, a proven product and business model, combined with evidence of
entrepreneurial endeavour and the prospects of above average growth
opportunities. Given the consistency of the investment approach turnover in the
portfolio is relatively low. The biggest sale was that of Matalan, where the
competition is intensifying. Other sales were of ebookers and Soitec, the
performance of the latter having disappointed. We reduced our holdings in
Coloplast, UFF, Euler, Stedim and Dassault Systemes, mainly on valuation
grounds. Purchases were made of shares in SES Global, the world's leading
satellite company. A new holding was taken in Clarins, the French skincare
company. The holding in Imerys, a French company which is one of the world's
leading industrial minerals companies, was increased. Further purchases of Depfa
bank, the European sovereign debt bank, and Essilor, the world's leading
ophthalmic company, were made. We also added to our existing positions in
Novozymes and Novo-Nordisk.

Geographic weightings play little part in the investment strategy. Investments
are made in companies in greater Europe outside the index zone when there is a
compelling case. The UK weighting has fallen to 13.2% and a small holding has
been taken in a Polish (NASDAQ listed) company. East European holdings are
likely to remain small as few companies in that area fulfil our investment
criteria, whilst many do in Western Europe.

The impact of such factors as the developing economies like China and the
accession of the Central and Eastern European countries to the EU will
accelerate the polarisation of winning and losing companies in Europe. Ten
countries are due to join the EU in May 2004, although the full impact will be
staggered over a number of years. The success of your Company depends, as
always, on your manager's ability to identify the winning business models.
Undoubtedly excellent investment opportunities will continue to exist in Europe.

Alex Darwall
Manager
Jupiter Asset Management Limited
29th January 2004

                     CONSOLIDATED STATEMENT OF TOTAL RETURN
                       (Incorporating the Revenue Account)
                      for the six months to 30th November 2003
                                  (unaudited)

                                            2003                          2002
                     Revenue   Capital     Total   Revenue   Capital     Total
                       £'000     £'000     £'000     £'000     £'000     £'000

Realised losses on
investments                -    (1,775)   (1,775)        -    (2,101)   (2,101)

Increase/(decrease)
in unrealised
appreciation               -    15,328    15,328         -   (10,310)  (10,310)
of fixed asset
investments
                     _______   _______   _______   _______   _______   _______
Total capital
gains/(losses) on
investments                -    13,553    13,553         -   (12,411)  (12,411)

Foreign exchange
gains/(losses) on
loan                       -       540       540         -      (178)     (178)

Other exchange
losses                     -        (1)       (1)        -       (11)      (11)

Income                   706         -       706       372         -       372

Gain on dealings
by subsidiary            714         -       714       513         -       513

Investment
management fee          (359)        -      (359)     (309)        -      (309)

Other expenses          (236)        -      (236)     (210)        -      (210)
                     _______   _______   _______   _______   _______   _______
Net return/(loss)
before finance
costs and                825    14,092    14,917       366   (12,600)  (12,234)
taxation

Interest payable        (210)        -      (210)     (198)        -      (198)
                     _______   _______   _______   _______   _______   _______
Return/(loss) on
ordinary
activities before
tax                      615    14,092    14,707       168   (12,600)  (12,432)

Tax on ordinary
activities               (91)        -       (91)      (22)        -       (22)
                     _______   _______   _______   _______   _______   _______
Return/(loss) on
ordinary
activities after
tax                      524    14,092    14,616       146   (12,600)  (12,454)
                     _______   _______   _______   _______   _______   _______
Transfer to
reserves                 524    14,092    14,616       146   (12,600)  (12,454)
                     _______   _______   _______   _______   _______   _______
Return/(loss) per
Ordinary share          0.65p    17.47p    18.12p     0.18p   (15.25)p  (15.07)p

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 2003

                                                   30thNovember     31st May
                                                             2003         2003
                                                      (Unaudited)    (Audited)
                                                            £'000        £'000
Fixed assets

Investments                                                88,516       80,578

Current assets

Investments                                                 1,279        4,145

Debtors                                                     1,001        1,689

Cash at bank                                                  123          130

                                                            2,403        5,964

Creditors: amounts falling due within one year             (3,461)      (1,950)

Net current (liabilities) / assets                         (1,058)       4,014

Total assets less current liabilities                      87,458       84,592

Creditors: amounts falling due after more than one
year                                                       (5,227)     (16,977)

Net Assets                                                 82,231       67,615

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                                 (9,317)      (7,541)

Capital reserve - unrealised                               13,887       (1,981)

Revenue reserve                                               392         (132)

Total equity shareholders' funds                           82,231       67,615


Net asset value per Ordinary share                         101.94p       83.82p

                        CONSOLIDATED CASH FLOW STATEMENT
                    for the six months to 30th November 2003
                                  (unaudited)

                                           30th November 2003 30th November 2002
                                                      £'000              £'000

Operating activities

Net cash inflow from operating
activities                                            4,071              1,877

Servicing of finance

Interest paid                                          (247)              (238)

Net cash outflow from servicing of
finance                                                (247)              (238)

Taxation

Net tax (paid) / received                               (56)                98

Capital expenditure and financial
investment

Purchase of fixed asset investments                 (15,262)           (37,735)

Sale of fixed asset investments                      23,213             39,426

Net cash inflow from capital
expenditure and financial investment                  7,951              1,691

Net cash inflow before financing                     11,719              3,428

Financing

Long term loan received                                   -              4,985

Long term loan repaid                               (11,210)           (10,292)

Shares repurchased and cancelled                          -               (540)

Net cash outflow from financing                     (11,210)            (5,847)

Increase/(decrease) in cash                             509             (2,419)

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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