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Jupiter European Opportunities (JEO)

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Thursday 15 April, 2010

Jupiter European Opportunities

Interim Management Statement

Jupiter European Opportunities Trust PLC

Interim Management Review for the three months ended 28 February 2010

The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased
to  announce its  interim management  review for  the quarter  ended 28 February

During  the period from  1 December 2009 to 28 February  2010, the Company's net
asset  value per share  excluding income and  expenses rose by  8.6 per cent. to
228.68p, which  compares  with  a  decline  of  -0.6 per cent. for the Company's
benchmark,  the  FTSE  World  Europe  ex  UK  Total  Return Index, over the same

Investment Manager's Report for the Quarter Ended 28 February 2010

In  the period under review global  equity markets continued their upward trend,
making  modest  sterling  returns  on  further  evidence  of  improving economic
conditions. However, the euro remained under pressure as Greece's sovereign debt
problem remained unresolved.

Against  this backdrop  the Company's  strong performance  can be  attributed to
effective  stock  picking.  The  most  significant  contributions  came from our
healthcare  exposure. Strong full year results  and a positive outlook statement
helped  push the shares of diabetes care group Novo Nordisk to an all time high.
Novozymes, the world leader in enzymes, was another outstanding performer due to
strong  results and good news  flow. The US is  likely to increase the amount of
ethanol  used to  supplement gasoline.  Most fuel  ethanol comes  from sugar and
maize  but Novozymes is developing enzymes  that convert any vegetal matter into
the solvent thus reducing demands on arable land.

Other  strong performances came from seismic survey provider CGG Veritas and the
TV  and cable  broadcasting company  Modern Times  Group. Our holding in Aixtron
(manufacturer  of machines that  make light emitting  diodes) detracted modestly
from  performance. We remain  positive on the  growth prospects for this company
and took the opportunity to add to our position.

During  the period under review,  we reduced borrowings from  £35 million to £27
million on £215 million of net assets.

We  remain  positive  about  the  outlook  for our companies. Midway through the
fourth  quarter earnings  reporting season,  the majority  of our companies have
continued to exceed analysts' expectations.

Alex Darwall
Fund Manager, Jupiter Asset Management Limited

Total Assets as at 28 February 2010: £183,810,476

Shares in Issue on 28 February 2010: 80,379,523

|            |Net Asset Value per   |Net Asset Value per   |Market    |Discount|
|            |share excluding       |share including       |Price (p) |        |
|            |income/expenses(p)    |income/expenses(p)    |          |        |
|Ordinary    |228.68                |229.00                |193.25    |(15)%   |
|Shares*     |                      |                      |          |        |

Portfolio Distribution on 28 February 2010 Percentage of Total Assets

 Country                      %

 United Kingdom              26

 France                      21

 Denmark                     18

 The Netherlands             13

 Germany                     12

 Sweden                       9

 Switzerland                  8

 Norway                       6

 Others                       3

 Cash and fixed interest   (16)


The Company's exposure to other UK listed investment companies was nil on 28
February 2010.

Top Ten Holdings on 28 February 2010

 Company               Country of Listing   %

 Novozymes             Denmark              6.8

 Novo-Nordisk          Denmark              6.8

 Neopost               France               6.5

 Experian              United Kingdom       6.4

 Croda International   United Kingdom       5.9

 Johnson Matthey       United Kingdom       5.6

 Syngenta              Switzerland          5.2

 Elsevier              The Netherlands      5.1

 Koninklijke Vopak     The Netherlands      4.9

 Modern Times          Sweden               3.8


Comparative Performance to 28 February 2010

|            |1 Month %| 3 Months| 1 Year| 3 Years| 5 Years|    Since|    Since|
|            |         |        %|      %|       %|       %| Launch %|     Last|
|            |         |         |       |        |        |         |   Annual|
|            |         |         |       |        |        |         | Report %|
|Total       |      6.9|      8.6|   75.5|    14.9|    69.8|    110.7|     40.9|
|Assets*     |         |         |       |        |        |         |         |
|FTSE World  |         |         |       |        |        |         |         |
|Europe ex UK|         |         |       |        |        |         |         |
|Index       |      2.7|    (0.6)|   49.9|     1.8|    49.5|     35.6|     20.7|
|Ordinary    |         |         |       |        |        |         |         |
|Share NAV   |      6.9|      8.6|   75.5|    14.9|    76.2|    141.6|     40.9|
|Ordinary    |         |         |       |        |        |         |         |
|Share Price |      5.7|      5.7|   89.5|   (0.3)|    57.4|     90.4|     40.0|

*Adjusted  for changes  to share  capital in  September &  October 2002, March &
April  2003, May  &  July  2007, October  2008, February 2009 and March 2009 and
changes to amounts borrowed.


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.


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

During  the  period  under  review  the  Company  purchased for cancellation the
following shares:

| Date             | Number of shares | Price Paid Per share (pence) |
| 4 February 2010  |          115,000 |                      185.087 |
| 5 February 2010  |          150,000 |                      184.000 |
| 8 February 2010  |          100,000 |                      182.500 |
| 8 February 2010  |           65,000 |                      184.250 |
| 9 February 2010  |           35,000 |                      182.000 |
| 16 February 2010 |          125,000 |                      186.000 |

Since  the  period  end  the  Company  purchased  for cancellation the following

| Date         | Number of shares | Price Paid Per share (pence) |
| 7 April 2010 |          275,000 |                      212.000 |
| 9 April 2010 |          130,000 |                      214.000 |

Availability of Monthly Fact Sheets

Monthly   fact   sheets   for  the  Company  are  available  for  download  from  <> 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

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

For further information, please contact:

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
[email protected] <mailto:[email protected]>
020 7314 4822

Jenny Thompson
Company Secretarial Department
Jupiter Asset Management Limited
[email protected] <mailto:[email protected]>
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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