AGOL Ashmore Global Opportunities Limited

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

ASHMORE GLOBAL OPPORTUNITIES LIMITED (“AGOL”)

A Guernsey incorporated and registered limited liability closed-ended investment company with a Premium Listing of its US Dollar and Sterling share classes on the Official List.

Interim Management Statement to 31 March 2015
1 June 2015

Investment Objective

Ashmore Global Opportunities Limited (“AGOL”) is a closed ended investment company incorporated and registered in Guernsey and listed on the London Stock Exchange. On 13 March 2013, the Board of AGOL announced that shareholders had approved the proposals at the EGM held on the same day to amend the investment objective of AGOL to realise the Company's assets in an orderly manner and to deliver a regular, quarterly return of cash to shareholders and to remove the continuation vote. Please refer to the AGOL website (www.agol.com) for further information.

This update relates to the period 1 January 2015 to 31 March 2015.

NAV Performance Summary

Returns are NAV to NAV, net of fees and include reinvestment of dividends paid. Returns are to 31 March 2015. Data is provided for information purposes only. Shares in AGOL do not necessarily trade at a price equal to the prevailing NAV per Share, which may be at a discount or premium. Past performance is not a reliable indicator of future results. Periods greater than one year are annualised.

The NAV of AGOL as at 31 March 2015 was $122.42m. The NAV per share was $5.13 for the USD share class and £5.05 for the GBP share class. On 15 January 2015, the Company announced that it would return 123.78 pence and 125.39 US cents per GBP and USD share respectively, on a payment date of 30 January 2015 using the 31 December 2014 Net Asset Value.

On 16 April 2015, the Company announced that it would return 80.36 pence and 81.70 US cents per GBP and USD share respectively on 1 May 2015 using the 31 March 2015 NAV.

Portfolio Overview

The USD and GBP share classes returned -2.10% and -2.32% respectively in the first quarter of 2015.

The investment company continues to make progress on realising investments from the underlying Funds while discussions are ongoing with regards to the remaining investments.

Ashmore Funds realised their position in Indostar, an Indian financial services company, in January 2015. The equity interests of all the Ashmore Funds were sold in January 2015 to two co-investors under a right of first offer (ROFO).

Bedfordbury Development Corporation agreed the sale of the Ayala Avenue Tower asset, one of the three remaining portfolio assets. The transaction closed in early February 2015 with proceeds applied to meet certain obligations of the asset split transaction in 2014, and to pay down senior debt and provide working capital.

Outside of this reporting period, the underlying Funds also realised the position in Pacnet. The deal with Telstra completed in April 2015, and was paid 85% in cash. The remainder will be disbursed subject to Pacnet meeting performance hurdles. MCX, the multi commodity exchange, was also sold through the stock exchange, a process which started in November 2014 and which was completed in 2015. Al Noor was fully exited in late April 2015.

Existing shareholders of Asian Genco have agreed to a restructuring of the business in which Government of Sikkim (GoS), a 26% partner in the hydro project, will increase its stake to 51% and convert this from a private to a public project. Consequently, underlying Ashmore Funds saw the position diluted in Asian Genco.

Top 10 underlying investments as at 31 March 2015

Recent company events

AEI

One operating asset (San Felippe) and two greenfield projects (Fenix and Jaguar) remain within the business. Focus remains on selling all remaining operating assets as soon as possible and completing the greenfield projects before sale. Fenix achieved full commercial operation date (COD) on January 15 and is now generating full cash flows through transmission of power to the state grid. Active disposal processes are ongoing with target completion of Q3 2015. Jaguar in Guatemala commissioned the first 130MW of power and is on track for full commissioning. Arbitration proceedings are ongoing with the previous EPC contractor.

Bedfordbury

BDC agreed the sale of the Ayala Avenue Tower asset, one of the three remaining portfolio assets. The transaction closed in early February 2015. The transaction proceeds were applied to meet certain obligations of the asset split transaction in 2014, and to pay down senior debt and provide working capital. The remaining proceeds are held pending the outcome of a tax ruling, expected in Q2 2015. Ashmore and BDC staff are now discussing the potential transaction of the remaining two assets.

Pacnet

The deal with Telstra completed in April, and was paid 85% in cash, with the remaining dependent on certain performance hurdles.

Al Noor

Al Noor was fully exited in late April 2015, at an average IRR across Ashmore Funds of 51%.

MCX

The sale of MCX equity through the stock exchange, which started in November 2014, was completed in 2015.

Microvast

Production capacity is a constraining factor and additional funding is required for capital investment. The company is in discussions with shareholders and other parties to organise this funding.

Largo Resources

Largo is in dispute with Global Tungsten & Powders (GTP) concerning a contract which Largo entered into for the supply of tungsten, from Currais Novos (CN). A recent arbitration award was made against Largo, and Largo is negotiating the final outcome with GTP. CN remains shut due to production problems, including a lack of water.

GZ Industries

Business is on track on the overall African growth strategy with two new plants being built at the moment – one in eastern Nigeria and one in Kenya. The Company has entered into an agreement to buy Figroglass, the largest glass packaging manufacturer in Nigeria, subject to financing.

Allocation by Investment Theme

Allocation is shown by the investment themes of the underlying Funds or companies which AGOL is invested in. Allocation is calculated as a percentage of the investment portfolio.

Allocation by Country                                               

   
Allocation by Industry*

* Bloomberg industry group classifications

** Includes EM cash holdings which comprise 11.19% of the portfolio

Allocation by investment*

* Holdings of less than 0.5% not shown.

Enquiries:

Ashmore Investment Advisors Limited
Robert Hegt
Tel:         +44 (0) 203 077 6147

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden                    
Tel:         +44 (0) 1481 745 368