31 January 2024

EUROPEAN OPPORTUNITIES TRUST PLC

("EOT" or the "Company")

Results of the Tender Offer

Further to the announcement on 6 November 2023 and the publication of the circular on 5 December 2023 (the "Tender Circular"), the Board today announces the results of the tender offer to purchase up to 25% of the Company's Ordinary Shares in issue (excluding treasury shares) (the "Tender Offer").

The Tender Offer was taken up in full and, after taking account of roundings, the Company will purchase a total of 24,074,030 Shares at the Tender Price of 918.0734 pence per share.

20.2% of the Shares in issue were tendered in applications that will be met under the Basic Entitlement of Shareholders to tender up to 25% of their shareholdings and a further 37.1% of the Shares in issue were tendered by Shareholders wishing to share in the Basic Entitlements which were not taken up by others (the "Excess Applications"). 38% of the Company's registered Shareholders participated in the tender.

Eligible Shareholders who validly tendered a percentage of their Shares equal to or less than their Basic Entitlement shall have all tendered Shares purchased in full under the Tender Offer. Eligible Shareholders who validly tendered Excess Applications shall have their Basic Entitlement and a pro rata proportion of their Excess Applications purchased pursuant to the Tender Offer.

Once the remaining conditions under the Repurchase Agreement have been met, 24,074,030 Shares will therefore be purchased by Singer Capital Markets Securities Limited ("Singer Capital Markets") at the Tender Price. Under the terms of the Repurchase Agreement, Singer Capital Markets shall sell the Shares purchased to the Company pursuant to the Tender Offer at the Tender Price. The Shares purchased by the Company pursuant to the Repurchase Agreement will be cancelled.

The Tender Price is 98% of the NAV per Share as at close of business on the Calculation Date, less the pro rata costs of the Tender Offer, as more particularly set out in the Tender Circular. The 2% discount to the NAV applied to the tendered Shares will result in an uplift in the NAV per Share of continuing holders of approximately 0.67%.

As set out in the Tender Circular, it is anticipated that the proceeds payable to Shareholders whose tendered Shares are held through CREST accounts are expected to be made on 5 February 2024 and that cheques for the certificated Shares purchased under the Tender Offer will be despatched on 5 February 2024. Cheques and balance share certificates will be despatched in the week commencing 5 February 2024.

The Company's Chair Matthew Dobbs said:

"We are pleased to see that the Company's Tender Offer has been taken up in full by a range of both retail and institutional investors. As a sizeable trust, we have been able to offer a 25% tender and still retain sufficient scale to be competitive in an environment where the minimum bar for assets and liquidity continues to increase. We note the total of validly tendered Ordinary Shares as a percentage of issued share capital is in line with similar offers in recent years and reflects the opportunity to redeem holdings at a profit to the current share price, at a time when the entire investment trust sector is trading at a discount.

"The Company successfully passed its Continuation Vote at our recent AGM and we are encouraged by the support of our shareholders for our differentiated strategy. Looking forward, the Board remains committed to its stated buy back policy, the primary purpose of which is to reduce discount volatility and to maintain the discount in single digits in normal market conditions. We look forward to updating shareholders on our recent performance at the Company's forthcoming half year results."

Total Voting Rights

Following the completion of the Tender Offer, the Company will have 72,222,292 Shares in issue (with 16,579,009 Shares held in treasury). Therefore, the total number of voting rights in the Company will be 72,222,292 and this figure may be used by Shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Defined terms used in this announcement have the meanings given in the Tender Circular unless the context otherwise requires.

For further information, please contact:

LEI - 549300XN7RXQWHN18849