Ashmore Global Op Ld Half-yearly Report

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Ashmore Global Opportunities Limited ("AGOL", or the "Company")

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 Results

For the period ended 30 June 2015

The financial information set out in this announcement does not constitute the
Company's statutory accounts for the period ended 30 June 2015. All figures are
based on the unaudited financial statements for the period ended 30 June 2015.

The financial information for the period ended 30 June 2015 is derived from the
financial statements delivered to the UK Listing Authority.

The unaudited interim report and financial statements for the period ended 30
June 2014 will shortly be posted to shareholders and will also be available on
the company website: www.agol.com

Financial Highlights

30 June 2015 31 December 2014

Total Net Assets US$107,569,803 US$170,431,338

Net Asset Value per Share

US$ shares US$5.20 US$5.28

GBP shares GBP5.11 GBP5.21

Closing-Trade Share Price

US$ shares US$3.85 US$4.05

GBP shares GBP3.70 GBP3.93

Discount to Net Asset Value

US$ shares (25.96)% (23.30)%

GBP shares (27.59)% (24.57)%

Chairman's Statement

The Company's Net Asset Values ("NAVs") per share have fallen slightly from
US$5.28 and GBP5.21 at the end of 2014 to US$5.20 and GBP5.11 as at 30 June 2015.

The US$ and GBP share prices stood at US$3.85 and GBP3.70 respectively as at 30
June 2015, decreases of 4.94% and 5.85% respectively against 31 December 2014
levels. As at 30 June 2015, the NAV of the Company was US$107.57 million and
its market capitalisation was US$78.64 million, reflecting an average discount
of 26.90% between the NAVs and the share prices. The discounts widened slightly
over the period.

The main contributors to negative performance were Asian Genco, Largo Resources
and Bedfordbury (previously Alphaland). These detractors were substantially
off-set by positive contributions from Microvast, AEI, the Everbright Ashmore
China Real Estate Fund, and a further earn-out from GEMS/Utileco (which was
sold during the previous financial year). Further details on these companies
are given in the Investment Manager's Report.

In terms of realisations during the period, AGOL sold its direct and indirect
positions in MCX; indirect positions in Al-Noor Medical, Indostar and Pacnet;
and most of its indirect position in ISM. Within Bedfordbury, the Alphaland
Tower was sold, which was one of the three assets resulting from the Alphaland
asset split.

AGOL shareholders received proceeds from these realisations of US$46.75 million
(including the distribution announced on 21 July 2015 with reference to the NAV
as at 30 June 2015, and excluding the distribution paid in January 2015 with
reference to the NAV as at 31 December 2014). Since the announcement of the
managed wind-down of the Company, total distributions including the above have
amounted to US$284.4 million.

The Board continues to receive regular updates from the Investment Manager on
the progress made towards further realisations. A number of exit discussions
are at an advanced stage and are expected to be completed by the end of the
year. The Board is confident that the target set in the 2014 Annual Report
remains achievable, namely; to realise approximately half of the Company's
remaining NAV as at 31 December 2014 after January's distribution of US$40.5
million, during 2015. This of course remains subject to market conditions being
conducive to the sale of the Company's holdings by the Investment Manager.

Richard Hotchkis

27 August 2015

Investment Manager's Report

Performance

As at 30 June 2015, the Net Asset Values ("NAVs") per share of the US$ and GBP
share classes stood at US$5.20 and GBP5.11, returns of -1.52% and -1.92% over the
six months to 30 June 2015.

Portfolio

In the first six months of the year, Ashmore Global Opportunities Limited
("AGOL") realised a number of underlying portfolio positions as detailed below.
This enabled the declaration of a further US$46.75m of distributions (excluding
the distribution announced in the annual report, which was based on the 31
December 2014 NAV, and including the distribution announced on 21 July 2015
with reference to the NAV at 30 June 2015).

In April 2015, the Ashmore Funds realised their holdings in Pacnet, which was
sold to Telstra, an Australian telecoms company. Investors received 85% of the
sale price in cash with the remainder to be disbursed on the attainment of
certain performance hurdles.

An agreement was reached in 2014 between Alphaland Corporation and its local
Filipino shareholder group to split the assets of the business. Bedfordbury
Development Corporation ("BDC"), a Philippines company in which the Ashmore
Funds are indirect shareholders, acquired the main commercial asset (the
"Alphaland Tower") and the two main land banks (Alphaland Bay City and Boracay
Gateway). BDC agreed the sale of the Alphaland Tower in early February 2015
with proceeds applied; to meet certain obligations of the 2014 asset split
transaction, to pay down senior debt, and to provide working capital. BDC
management is now discussing the potential sale of the remaining land bank
assets.

Also in February, the Ashmore Funds realised their investment in Indostar, the
Indian non-bank finance company. Indostar was performing in line with
expectations; both in terms of growth and profitability, and the final sale
price was higher than its most recent mark which had been revalued upward by
22% in late 2014.

A part realisation of ISM was made in the first quarter of 2015, when ISM used
the proceeds of its sale of The Philippine Bank of Communications ("PBCom") to
buy back shares from investors.

AGOL realised its direct and indirect positions in MCX, the Mumbai Stock
Exchange listed Multi Commodity Exchange, by selling its holdings on the stock
exchange; a gradual process which started in November 2014 and was completed in
early 2015.

Following its June 2013 listing, the Ashmore Funds realised their holdings in
Al Noor, the UAE healthcare business, via a joint placement of shares into the
public market in April 2015.

Aside from the realisations mentioned above, the result for the six months to
30 June 2015 was negatively affected by write downs, while some mark to market
price movements contributed to performance.

AEI continues to focus on its two remaining greenfield projects; "Fenix" in
Peru and "Jaguar" in Guatemala, while further non-core assets have been sold
off. Fenix is generating full cash flows through the transmission of power to
the state grid and management have initiated a sale process which is expected
to complete later this year. Jaguar achieved commercial operation in May 2015
and at the time of writing, is expected to be fully operational by August 2015.
Once this has been achieved, management will begin the sale process which is
expected to complete by summer 2016. AEI was marked up 5% during the period by
the third party valuation agent.

Microvast, which develops and manufactures fast-charge batteries for electric
vehicles, performed strongly over the period. The company continues to supply
batteries to the Chongqing region of China, and there are now over 1,000
Microvast powered buses in operation. With a steady flow of orders and signed
contracts to supply batteries to bus companies in both London and Belgium, the
business is now looking to expand further including into the USA and Germany.

Far East Energy engages in the acquisition, exploration, development and
production of coal bed methane gas assets in China. Demand for energy in China
has been strong, and the company has continued to actively "spud" new wells
across its fields. We see this domestic producer, which is backed by global
investors and industry experts, as well placed to benefit from China's desire
to reduce its dependence on imported energy.

GZ Industries is an aluminium can manufacturer based in Nigeria. The Nigerian
market has experienced difficult macro-economic conditions for the last 12-18
months but despite this, GZ has achieved 2014 results close to budget.
Management is focussed on getting the new plants in Nigeria and Kenya fully
contracted and on protecting the relatively flat Nigerian market from
competitor Nampak, while exploring opportunities for further international
diversification.

Largo, the Brazilian metals and mining producer, was a detractor from
performance over the period. Production is below capacity and vanadium is
trading at a five year low. Largo recently agreed to settle arbitration with
Global Tungsten & Powders ("GTP") for US$11m after an award in GTP's favour. A
private placement and debt restructuring have resulted in the dilution of the
Ashmore Funds to 5% of equity.

Asian Genco agreed to a restructuring in which the Government of Sikkim,
previously a 26% partner in the hydro project, increased its stake to 51%
converting the project from private to a public venture. As a result the
Ashmore Funds saw their positions diluted.

Outlook

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