Jupiter European Opportunities Trust PLC : Jupiter European Opportunities Trust PLC : Half-yearly report

  Jupiter European Opportunities Trust PLC : Jupiter European Opportunities
                        Trust PLC : Half-yearly report

                   Jupiter European Opportunities Trust PLC
                        Unaudited Half Yearly Results
                    for the six months to 30 November 2012

Financial Highlights for the six months to 30 November 2012
Capital Performance
                                                30 November  31 May
                                                       2012    2012 % Change
Total Assets less Current Liabilities (£'000)       277,151 231,584   +18.9*
FTSE World Europe ex-UK Total Return Index**         719.21  596.16    +20.6
Ordinary Share Performance
                                                30 November  31 May
                                                       2012    2012 % Change
Net Asset Value (pence)                              346.14  291.05    +18.9
Mid Market Price (pence)                             350.25  257.75    +35.9
Premium/(discount) to Net Asset Value (%)               1.2  (11.4)

** Adjusted for the issue of shares during the
period.
** This document  contains information based  on the FTSE  World Europe ex  UK 
Total Return Index. 'FTSE®' is a trade mark jointly owned by the London  Stock 
Exchange Plc and The Financial Times Limited and is used by FTSE International
Limited ('FTSE') under licence. The FTSE World Europe ex UK Total Return Index
is calculated by FTSE. FTSE does  not sponsor, endorse or promote the  product 
referred to in this document  and is not in any  way connected to it and  does 
not accept any liability in relation to its issue, operation and trading.  All 
copyright and database rights in the index values and constituent list vest in
FTSE.

Chairman's Statement

Equity markets recovered strongly  during the period  under review, not  least 
those of Continental  Europe. As  mentioned in  Alexander Darwall's  Manager's 
Review, part of the credit goes to the President of the European Central Bank,
Mario Draghi, who told a  London conference last July  that the Bank would  do 
whatever was needed to ensure  the survival of the  euro "and, believe me,  it 
will be enough". Markets  were further encouraged when  both the American  and 
European central banks promised an  open-ended commitment to monetary  easing, 
with Mr. Bernanke, Chairman of the Federal Reserve Bank, linking the programme
to a reduction in unemployment  to 6.5 per cent.  (currently it stands at  7.7 
per  cent.).  Both  the  new  Chinese  and  Japanese  administrations   appear 
determined to go for growth.

Thus the net asset value of your Company's shares rose by 18.9 per cent.  over 
the six month period, slightly  underperforming our benchmark, the FTSE  World 
Europe ex-UK Total Return Index.

Growing your Company

Your Board and Manager  have for a  long time been seeking  ways to grow  your 
Company over and  above its organic  growth. There are  several ways of  doing 
this. One is to acquire another, underperforming, investment trust from within
our peer group; but so far any opportunities that might have come our way have
quickly evaporated.

Other methods include issuing new shares  with warrants, offering a new  class 
of equity, or issuing convertible stock.

Your Board and Manager keep all these possibilities under review; but for  the 
time being  the cheapest,  least  dilutive, and  most straightforward  way  of 
enlarging your Company  is by issuing  new shares  at a premium  to net  asset 
value. The superior relative  long term performance  of your Company,  coupled 
with a  wider  shift  in  market  sentiment  towards  European  equities,  has 
attracted additional buying interest in your  shares. Such was the demand  for 
shares that by the end of the period your shares were standing at a premium to
asset value. Since  30 November we  have issued 1,875,000  shares at a  small 
premium to  asset value,  raising a  total  (to date)  of £6,565,165  in  cash 
without diluting existing shareholders.

One benefit of a larger Company is that the expenses of running it are  spread 
over a larger number of shares,  bringing down our Ongoing Charges (what  used 
to be known as our Total Expense Ratio, or TER) by a tiny amount each time  an 
issue takes place.

Under Resolution  10 at  our last  Annual General  Meeting, shareholders  gave 
authority to the Board to allot (i.e. issue) up to 26,257,942 Ordinary  Shares 
by this means, equivalent to roughly 33 per cent. of the shares then in issue.
We are able to issue, without the need to publish a new prospectus, new shares
up to 10 per cent. of the shares in  issue over the last 12 months and, as  of 
today, are still some way short of this figure.

Retail Distribution Review

This regime began on 1 January this year. So far it is not clear what  effect, 
if any, it is having on demand  for investment trust shares generally. I  hope 
there will be more to say on this subject at the end of our financial year.

AIFM Directive

The new "Alternative Investment Fund Managers Directive" coming out of  Europe 
is due to be implemented in 2013. It  is still not clear how this is going  to 
affect investments trusts in all respects and what benefit, if any, this  will 
bring to investment trust shareholders; the only certainty is that it will add
to  management  and  administration  costs.  You  may  have  to  suffer  extra 
paragraphs about it  in the Directors'  Report in due  course. Once again,  we 
hope to be wiser six months from now.

Outlook

We read recently that UK pension funds now have a greater percentage of  their 
portfolios invested in bonds than in shares  - at a time when the majority  of 
central bankers and politicians are bent on getting the global economy  moving 
again, even if this results in  higher consumer price inflation, which  should 
benefit equities  more than  fixed  interest investments.  Back in  the  1960s 
George Ross Goobey,  Manager of  the Imperial Tobacco  Pension Funds,  decided 
that there  was better  value, as  well as  superior yields,  to be  found  in 
equities than in gilts; and over  time he was proved correct. Recent  articles 
have suggested that the so-called "cult of  the equity" is dead. It could  be, 
as with  Mark  Twain, that  reports  of  its demise  may  turn out  to  be  an 
exaggeration, in which case  there would seem to  be further upside in  equity 
markets even  if there  are further  cliffs -  fiscal and  otherwise -  to  be 
climbed.

H M Priestley
Chairman
22 January 2013

Manager's Review

The Net Asset Value of  the Company's Ordinary shares  rose by 18.9 per  cent. 
during the six months to 30 November 2012. This compares with a 20.6 per cent.
rise, Sterling adjusted, for the FTSE World Europe ex-UK Index. The  Company's 
total borrowings  barely changed  during  the period  under review  being  £52 
million at 30 November representing gearing of 18.8 per cent.

The FTSE World  (total return) Index  improved by 8.6  per cent., whilst  your 
Company's benchmark, the FTSE World Europe  ex-UK Total Return Index, rose  by 
20.6 per cent. The MSCI Latin America Index was 2.4 per cent. higher; the MSCI
AC Asia ex-Japan Index was up 11  per cent. It is not immediately obvious  why 
Europe's stock markets should have  enjoyed such a good relative  performance. 
Corporate earnings  estimates were  revised down  during the  course of  2012: 
according to UBS (the  investment bank), 2012  estimates for European  profits 
growth, ex-UK and ex-financials,  dropped from around 7  per cent. to 2.2  per 
cent. over the course  of 2012; a  further 10.8 per  cent. earnings growth  is 
forecast for 2013. The political  backdrop deteriorated with the  introduction 
of some  anti-business policies  and the  failure to  tackle Europe's  chronic 
labour inflexibility. Energy policy,  too, is a  long-term threat to  Europe's 
competitiveness where a high cost energy policy contrasts with developments in
America. Energy-intensive  businesses in  America have  received a  tremendous 
boost from the  benefit of  low cost  shale oil  and gas.  Yet Europe's  stock 
markets performed well. We believe that the spur to this good performance  was 
ECB President, Mario Draghi's announcement in July that he would intervene  to 
keep interest rates  low; the ECB's  main refinancing rate  dropped a  further 
0.25 per cent.  to 0.75 per  cent., a rate  that compared with  1.5 per  cent. 
twelve  months  earlier.  This  'dirigiste'  intervention  was,   surprisingly 
perhaps, applauded by the markets. For many reasons there is a low correlation
between GDP and stock market  performance and the increasing globalisation  of 
Europe's businesses is one important reason. We estimate that over half of the
earnings of  the companies  currently  in the  portfolio are  derived  outside 
Europe. This global presence  allows many companies to  benefit from both  the 
cost and revenues opportunities that this affords.

There were two main  reasons for your  Company's slight underperformance.  The 
most obvious  was  the  underweight  position  in  financials.  Banks'  shares 
rallied; moreover,  the  politicians  have 'levelled  the  playing  field'  by 
penalising the 'good'  banks and supporting  the 'bad' banks.  Thus the  banks 
that we consider  to be  of good  quality have  not performed  well. A  second 
reason for  the underperformance  was  indifferent stock-picking.  The  recent 
share price performance  of Novozymes,  the world  leading industrial  enzymes 
company,  and   one  of   your  Company's   largest  investments,   has   been 
disappointing. However, the business model remains strong: it is a  singularly 
impressive company in its area of activity. For this reason it is retained  as 
a core holding.  Another poorly performing  stock was Fugro.  The company  has 
suffered management ructions; it is not clear that the business is  delivering 
as we would hope. But there were positive factors to offset these  performance 
drivers: some  good  performing  stocks  and gearing.  The  'winners'  in  the 
portfolio  fall  into  three   (sometimes  overlapping)  categories:   'global 
winners', digital  'plays' and  focused niche  companies. Syngenta,  the  most 
significant contributor to performance, is a world leading technology supplier
to the agricultural industry.  It is strongly cash  generative; it is able  to 
deploy its  technology  in  many  regions of  the  world  and  many  different 
segments; it can harvest synergies that its competitors find hard to match. It
is typical of  what we  try to  find. Reed  Elsevier is  a good  example of  a 
digital 'play'  - although  it  is a  global winner  also  - and  was  another 
significant contributor to performance.  Reed Elsevier controls information  - 
legal, scientific and  personal. Digital technology  allows it to  disseminate 
this more  widely to  interested  parties and  to monetise  this  accordingly. 
Wirecard, like  Reed Elsevier,  is  a 'digital  play', offering  internet  and 
payment processing services and it has  benefited from the increase in  online 
retailing. Provident Financial fits in the category of focused, niche play. As
a lender to the non-standard segment of  the UK consumer lending market it  is 
gaining market share as the mainstream lenders retreat from what is for them a
fringe activity.

There were  only four  significant  outright sales  in the  reporting  period. 
Takkt, the German mail order business, was sold as it is failing to develop  a 
convincing global strategy;  Neopost, a manufacturer  of mail room  equipment, 
was sold as growth rates continued to disappoint; shares in Standard Chartered
were sold following the imposition of a fine by the New York state  regulator; 
and we  disposed  of the  holding  in  Modern Times  Group  (the  Scandinavian 
broadcaster) as the growth rate  stalled, raising questions about the  quality 
of the  business model.  Three  of the  major  positions were  reinforced:  we 
increased the holding  in NovoNordisk, the  world leader in  the treatment  of 
diabetes,  when  temporary  setbacks  presented  good  buying   opportunities. 
Likewise, the positions in Reed  Elsevier and Fresenius SE were  strengthened. 
In all cases we believed that valuations were attractive. There were only  two 
new positions of  any significance, Wartsila  and SCA. The  former is a  world 
leader in the manufacture of generating equipment for power plants and  marine 
propulsion. Its products complement renewable  energy generation and meet  the 
need for cleaner emissions. SCA is a global hygiene (tissue and other  papers) 
and forest  products company,  which  is pursuing  a  brand strategy  that  is 
improving the quality of the business.

Outlook

It is, as ever,  difficult and unwise to  speculate unduly about future  macro 
developments. Our investment decisions are  always micro focused; the  success 
or otherwise  of your  Company depends  to a  great extent  on stock  picking. 
Nevertheless, the  context is  framed  by major  macro  trends. Three  of  the 
identifiable trends in Europe are likely to continue: pernicious anti-business
action (notably in  France); the  Draghi-led ECB's 'cheap'  money policy;  and 
Europe's costly  energy policy.  Globally, the  key positive  factor which  is 
vital to our investment strategy is the continuing growth in world trade.  The 
protectionist impulses in America have  been blunted by the competitive  surge 
in American industry,  itself largely  due to cheaper  energy in  the form  of 
shale gas. For  this reason, we  still believe that  the prizes for  companies 
that offer distinctive,  valuable, and  competitive products  and services  in 
many different economic regions are considerable.

Alexander Darwall
Jupiter Asset Management Limited
22 January 2013

                      Statement of Comprehensive Income
              For the six months to 30 November 2012 (unaudited)

                                    30 November 2012          30 November 2011
                            Revenue Capital          Revenue  Capital
                             Return  Return    Total  Return   Return    Total
                              £'000   £'000    £'000   £'000    £'000    £'000
Gains/(loss) on investments
at fair
value through profit or
loss (Note 2)                     -  48,445 (48,445)       - (41,465) (41,465)
Foreign exchange loss on
loan                              -   (515)    (515)       -        -        -
Currency exchange
gain/(loss)                       -      36       36       -    (193)    (193)
Investment income             2,848       -    2,848   1,796        -    1.796
Total income                  2,848  47,966   50,814   1,796 (41,658)   39,862
Investment management fee   (1,203)       -  (1,203)   (950)        -    (950)
Other expenses                (313)       -    (313)   (312)        -    (312)
Total expenses              (1,516)       -  (1,516) (1,262)        -  (1,262)
Return before finance costs
and tax                       1,332  47,966   49,298     534 (41,658) (41,124)
Finance costs                 (344)       -    (344)   (316)        -    (316)
Return before taxation          988  47,966   48,954     218 (41,658) (41,440)
Taxation                      (104)       -    (104)      14        -       14
Return after taxation           884  47,966   48,850     232 (41,658) (41,426)
Return per Ordinary share
(Note 3)                      1.11p  60.28p   61.39p   0.29p (52.32)p (52.03)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 published  by  the 
Association of Investment Companies ('AIC'). All items in the above  statement 
derive from continuing operations.

The Company's wholly owned subsidiary, JEOT Securities Limited was placed into
members' voluntary liquidation on 24 July 2012. Other than this, no operations
were discontinued or acquired during the period.

The financial information does not constitute 'accounts' as defined in section
434 of the Companies Act 2006.

           Statement of Financial Position
As at 30 November 2012
                                                      30 November    31 May
                                                             2012      2012
                                                      (unaudited) (audited)
                                                            £'000     £'000
Non current assets
Investments held at fair value through profit or loss     326,171   280,022
Current assets
Receivables                                                 3,678     4,892
Cash at bank                                                1,415       659
                                                            5,093     5,551
Total assets                                              331,264   285,573
Current liabilities                                      (54,113)  (57,520)
Total assets less current liabilities                     277,151   228,053
Capital and reserves
Called up share capital                                       800       795
Share premium                                              43,001    41,286
Special reserve                                            33,687    33,687
Capital redemption reserve                                     45        45
Retained earnings (Note 6)                                199,618   152,240
Total equity                                              277,151   228,053
Net Asset Value per Ordinary share (Note 7)               346.14p   291.05p

                        Statement of Changes in Equity

For the six months to 30 November 2012

                                                     Capital
                            Share   Share Special Redemption Retained
For the six months to     Capital Premium Reserve    Reserve Earnings    Total
30 November 2012            £'000   £'000   £'000      £'000    £'000    £'000
1 June 2012                   795  41,286  33,687         45  152,240  228,053
Net gain for the period         -       -       -          -   48,850   48,850
Ordinary share issue            5   1,715       -          -        -    1,720
2012 interim dividend           -       -       -          -  (1,472)  (1,472)
Balance at 30 November
2012                          800  43,001  33,687         45  199,618  277,151
                                                     Capital
                            Share   Share Special Redemption Retained
For the six months to     Capital Premium Reserve    Reserve Earnings    Total
30 November 2011            £'000   £'000   £'000      £'000    £'000    £'000
1 June 2011                   798  41,286  34,376         42  176,311  252,813
Net loss for the period         -       -       -          - (41,426) (41,426)
Ordinary share
cancellation                  (3)       -   (689)          3        -    (689)
2011 interim dividend           -       -       -          -  (4,217)  (4,217)
Balance at 30 November
2011                          795  41,286  33,687         45  130,668  206,481

                Cash Flow Statement
For the six months to 30 November 2012 (unaudited)
                                                                 2012     2011
                                                                £'000    £'000
Cash flows from operating activities
Purchases of investments                                     (21,436) (54,863)
Sales of investments                                           23,005   44,853
Realised gains/(losses) on foreign currency                        36    (193)
Investment income received                                      3,348    2,148
Interest received                                                   1        2
Investment management fee paid                                (1,114)  (1,524)
Investment performance fee paid                                     -  (4,237)
Other cash expenses                                             (350)    (404)
Dividend paid                                                 (1,472)  (4,217)
Cash inflow/(outflow) from operating activities before
finance costs and taxation                                      2,018 (18,435)
Finance costs paid                                              (306)    (291)
Taxation (paid)/received                                          (4)      278
Net cash inflow/(outflow) from operating activities             1,708 (18,448)
Financing activities
Ordinary shares cancelled                                           -    (689)
Short-term loans received                                     102,817   89,000
Short-term loans repaid                                     (102,726) (74,000)
Increase/(decrease) in cash                                     1,799  (4,137)
Cash and cash equivalents at start of period                    (384)      488
Cash and cash equivalents at end of period                      1,415  (3,649)

   Notes to the Financial Statements for the six months to 30 November 2012

1. Accounting Policies

The accounts comprise the unaudited financial  results of the Company for  the 
six months to 30 November 2012. The accounts are presented in pounds sterling,
as this is the functional currency of the Company.

During  the  period  JEOT  Securities  Limited,  the  Company's  wholly  owned 
subsidiary, was placed into members' voluntary liquidation.

The accounts have  been prepared  in accordance  with International  Financial 
Reporting Standards  (IFRS),  which  comprise  standards  and  interpretations 
approved  by  the   International  Accounting  Standards   Board  (IASB)   and 
International  Accounting  Standards  Committee  (IASC),  as  adopted  by  the 
European Union.

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 is accounted for on an accruals basis.

Presentation of Statement of Comprehensive Income

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 Statement of Comprehensive Income between items of a revenue  and 
capital nature has  been presented  alongside the  Statement of  Comprehensive 
Income.

An analysis of retained  earnings broken down into  revenue items 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 for that part of any Investment performance fee  which 
is deemed by  the Directors  to relate to  the capital  outperformance of  the 
Company's investments. Any such amount is charged to capital.

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 statement  of 
comprehensive income as 'Gains 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    Six months to
                                             30 November 2012 30 November 2011
                                                        £'000            £'000
Net gain/(loss) realised on sale of
investments                                             5,843          (8,185)
Movement in investment holding gains                   42,602         (33,280)
Gains/(loss) on investments                            48,445         (41,465)

3. Return per Ordinary Share
The return per Ordinary share figure is based on the net gain for the six
months of £48,850,000 (six months to 30 November 2011: Loss £41,426,000) and
on 79,573,348 Ordinary shares (six months to 30 November 2011: 79,625,230),
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    Six months to
                                    30 November 2012 30 November 2011
                                               £'000            £'000
Net revenue profit                               884              232
Net capital profit/(loss)                     47,966         (41,658)
Net total profit/(loss)                       48,850         (41,426)
Weighted average number of Ordinary
shares in issue during the period         79,573,348       79,625,230
Revenue return per Ordinary share              1.11p            0.29p
Capital return per Ordinary share           (60.28)p         (52.32)p
Total return per Ordinary share               61.39p         (52.03)p

4. Transaction costs
During the period expenses were incurred in acquiring or disposing of
investments classified as fair value through profit or loss. These have been
expensed through capital and are included within gains/(losses) on investments
in the Statement of Comprehensive Income. The total costs were as follows:

             Six months to    Six months to
          30 November 2012 30 November 2011
                     £'000            £'000
Purchases               53              148
Sales                   23               55
                        76              203

5. Comparative information
The financial information contained in this interim report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
financial information for the six months to 30 November 2012 and 30 November
2011 has not been audited.

The information for the  year ended 31  May 2012 has  been extracted from  the 
latest  published  audited   financial  statements.   The  audited   financial 
statements for the year ended 31 May 2012 have been filed with the Register of
Companies.  The  report  of  the  auditors  on  those  accounts  contained  no 
qualification or statement under section 498(2) of the Companies Act 2006.

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 1 June 2012              4,341 147,899 152,240
Net return for the period     884  47,966  48,850
Dividend paid             (1,472)       - (1,472)
At 30 November 2012         3,753 195,865 199,618

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 £277,151,000 (31 May 2012: Group £231,584,000)
and on 80,069,523 Ordinary shares (31 May 2012: 79,569,523), being the number
of Ordinary shares in issue at the period end.

8. Related Party Transactions
Mr. Darwall is an employee of Jupiter Asset Management Limited. Jupiter  Asset 
Management Limited  and Jupiter  Administration  Services Limited,  a  company 
within the same group as Jupiter Asset Management 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 Company  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 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 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 Net Asset Value per Ordinary share on the last  business 
day of the previous  accounting period; (b) the  Net Asset Value per  Ordinary 
share 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 4.99
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 £71,274, 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 2012 was East European Food Fund representing 0.01 per cent.
of total investments.

Planned Life of the Company
The Articles of Association provide that at the annual general meeting of  the 
Company to be held in 2014 an  ordinary resolution shall be proposed that  the 
Company shall continue in existence as an investment trust. If the  resolution 
is passed,  a similar  ordinary resolution  will be  proposed at  every  third 
annual general meeting thereafter. If that resolution is not passed at any  of 
those meetings,  the  Directors shall,  within  90 days  of  the date  of  the 
resolution, put forward to Shareholders proposals (which may include proposals
to wind up or  reconstruct the Company) whereby  Shareholders are entitled  to 
receive cash in respect of their shares  equal as near as practicable to  that 
to which they would be entitled on  a liquidation of the Company at that  time 
(and  whether  or  not  Shareholders  are  offered  other  options  under  the 
proposals).

Dividend Policy
The Directors intend to  manage the Company's  affairs to achieve  Shareholder 
returns through  capital  growth rather  than  income. It  is  therefore  not 
expected that the Company will pay  an annual dividend. However, in order  to 
qualify for approval by HM Revenue and Customs as an investment trust, no more
than 15 per cent. of the income which the Company derives from Ordinary shares
or securities can be retained in respect of each accounting period. As  such, 
there are circumstances  in which the  Company could be  obliged to declare  a 
dividend to Ordinary Shareholders.

Discount Control Policy
The Directors have always  believed that it is  not in Shareholders'  interest 
for the  Company's  shares  to  trade  at  a  significant  discount  to  their 
prevailing estimated net asset value. The  Directors review the level of  the 
discount between the middle market price of the Company's Ordinary shares  and 
their Net Asset Value on a regular basis.

Shareholder authority is in  place, up to the  next Annual General Meeting  in 
October 2013 when renewal will  be sought, for the  company to purchase up  to 
14.99 per cent. of its own shares at a price that is not less than 1p and  not 
more than 5 per cent.  above the average of  the middle market quotations  for 
the five business days preceding the day of purchase. The Board believes that
the power to purchase  its own shares in  the market will potentially  benefit 
all shareholders  of  the Company.  The  purchase  of Ordinary  shares  at  a 
discount to  the underlying  Net Asset  Value  would enhance  the NAV  on  the 
remaining Ordinary shares if they were cancelled on repurchase or reissued  at 
a lesser discount than that on which they were first repurchased. In the last
3 years the following shares have been bought back:

Date             No. of shares   Price     NAV
4 February 2010        115,000 185.09p 213.83p
5 February 2010        150,000 184.00p 213.83p
8 February 2010        100,000 182.50p 213.83p
8 February 2010         65,000 184.25p 213.83p
9 February 2010         35,000 182.00p 213.73p
16 February 2010       125,000 186.00p 218.33p
7 April 2010           275,000 212.00p 246.89p
9 April 2010           130,000 214.00p 246.89p
16 April 2010          155,000 216.98p 247.37p
11 July 2011           250,000 273.97p 299.97p
                     1,400,000

                          Interim Management Report

Related Party Transactions

During the first six months of the current financial year no transactions with
related parties have taken place which have materially affected the  financial 
position or performance of the Company during the period. Details of  related 
party transactions are contained in the  Annual Report & Accounts 2012 and  in 
Note 8 to this report.

Principal Risks and Uncertainties

The Company  is exposed  to  the effect  of variations  in  the price  of  its 
investments. A fall in the value of its portfolio will have an adverse  effect 
on Shareholders' funds. It is not the  aim of the Board to eliminate  entirely 
the risk of capital loss, rather it  is its aim to seek capital growth.  Other 
key risks faced by the Company relate to foreign currency movements,  interest 
rates, use of derivatives, liquidity risk,  gearing risk, the discount to  Net 
Asset Value, regulatory risk, loss  of key personnel, operation and  financial 
risks. A  detailed  explanation of  the  Risks and  Uncertainties  facing  the 
Company can be found on page 13 under the heading 'Risks and Uncertainties' in
the Company's report and accounts for the year to 31 May 2012.

Directors' Responsibility Statement

In accordance with  Chapter 4  of the  Disclosure and  Transparency Rules  the 
Directors confirm that to the best of their knowledge:

a.the condensed set of financial statements has been prepared in  accordance 
    with applicable UK accounting standards and gives a true and fair view  of 
    the assets, liabilities, financial position and return of the Company; 

b.the half-yearly report includes a fair review of the important events that
    have occurred during the first six months of the financial year and  their 
    impact on the financial statements;

c.the Directors' Statement of Principal Risks and Uncertainties shown  above 
    is a  fair  review  of  the principal  risks  and  uncertainties  for  the 
    remainder of the financial year; and 

d.the half-yearly report includes details on related party transactions.

The half-yearly  financial report  for  the six  months  to 30  November  2012 
comprises  the  Chairman's   Statement,  Manager's   Review,  the   Directors' 
Responsibility Statement and a condensed set of financial statements, and  has 
not been  audited  or  reviewed  by the  auditors  pursuant  to  the  Auditing 
Practices Board guidance on Review of Interim Financial Information.

By Order of the Board

H M Priestley
Chairman
22 January 2013

Investment Objective and Restrictions

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 Company will at all times invest and manage its assets with the  objective 
of spreading risk and  in accordance with its  published investment policy  as 
set out in the Annual Report 2012. In order to comply with the Listing Rules:

i.the Company will not conduct any  trading activity which is significant  in 
   the context of its group as a whole; and

ii.the Company will not invest more than 10 per cent. of its Gross Assets  in 
    other listed closed-ended investment funds, whether managed by the Manager
    or not, except  that this restriction  shall not apply  to investments  in 
    listed  closed-ended  investment  funds   which  themselves  have   stated 
    investment policies to invest no more than 15 per cent. of it Gross Assets
    in other closed-ended investment funds.

The Company does  not make  investment in  other closed-ended  funds. For  the 
avoidance of doubt, this means that the  Company will not invest more than  15 
per cent. of its Gross Assets  in other listed closed-ended investment  funds, 
notwithstanding whether or not  such funds have stated  policies to invest  no 
more than 15 per cent. of these gross assets in other closed-ended  investment 
funds.

The foregoing represents the full text  of the Half-Yearly Report for the  six 
months to 30  November 2012, which  will be posted  to those shareholders  who 
have requested to receive a copy  shortly. The Report will also be  available 
for download from the Company's website (www.jupiteronline.com) or on  request 
from the Company Secretary.

The interim  report for  the 6  months ended  30 November  2012 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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Source: Jupiter European Opportunities Trust PLC via Thomson Reuters ONE
HUG#1672269