AGOL.L Regulatory News (AGOL)

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ASHMORE GLOBAL OPPORTUNITIES LIMITED (the "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

17 May 2013

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. The Company's investments objectives were changed after AGOL shareholders voted in favour of a managed wind down of the company. The Company's investments will be realised in an orderly manner (that is, with a view to achieving a balance between returning cash to Shareholders promptly and maximising the exit value of its investments).

This interim management statement relates to the period 1 January 2013 to 31 March 2013.

Performance Summary

Returns are NAV to NAV, net of fees and include reinvestment of dividends paid. Returns are to 31 March 2013. 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.

The NAV of AGOL as at 31 March 2013 was $457.6m. Further to the approval by the Company's shareholders of the winding down proposals, the Company returned to shareholders 149.91 pence and 152.58 US cents per GBP and USD share respectively on 3 May 2013 by way of a compulsory partial redemption of shares.

Portfolio Overview

Market sentiment over the past several months has been positive as the global economy continues its recovery, albeit at a slow and fragmented pace. The change in sentiment has been brought about by a combination of factors. First, the general consensus is that many of the risks which had plagued the Eurozone in 2011 and 2012 have now diminished, albeit with a significant helping hand from policy makers. However, the recent handling of Cyprus and its bailout by the Eurozone/IMF will only serve as a reminder that the path to a permanent solution for Europe will be a rocky one despite the measures which have been put in place to limit contagion, avoid outright European bank failures and depression in peripheral Eurozone countries. Second, EM countries are also reporting some good economic data points meaning that many countries are now past their trough in the economic cycles. These countries of course face their own challenges in managing their business cycles, but with an increase in trade amongst EM countries is now less reliance on the global business cycle. Third, loose monetary policy particularly in the US, Japan, Europe and the UK has been supportive for financial asset prices. Quantitative easing by these four Central Banks, in a bid to stimulate economic growth, has also started to lead to significant currency debasement, in particular in the Japanese Yen.

Asset price performance over the period has been fairly mixed. In the EM Fixed Income space, External Debt was negative while Local Currency debt was flat. Corporate bonds, particularly those in the high yield space delivered good strong performance. EM currencies were flat over the period. In the Special Situations space, performance was mainly driven by mark to market price movements of the listed names. Outside of those listed names: TAAS' updated valuation saw a number of movements, some negative and some positive. The start of production has been delayed to summer 2013 due to a previous change in contractor for the processing facilities. Estimated operating expenditure until 2050 is higher than previously estimated although capital expenditure remains in line with expectations. A reduction in the corporate tax rate for oil producing fields in the Yakutia region, and an extension of the exemption from mineral extraction tax has added to the valuation. On balance, the independent valuation agent marked down the equity valuation by 14%.

As previously reported, the position in IMPACT, the main operating company under Bangkok Land, was sold to Bangkok Land by Ashmore Funds, Subsequently; Ashmore Funds have completed the sale of the position in Bangkok Land itself. This was done in the public markets over a period of time, at the prevailing share prices.

Just after the reporting period, in early April 2013, Ashmore Funds sold their position in Sweta Estates at a premium to the last valuation.

Top 10 underlying investments as at 30 September 2012

Recent company events

ETH Bioenergia

Weather-related sugarcane production shortfalls which had been plaguing the industry for the past two harvest seasons finally began showing signs of abating. ETH's production ramped up significantly from the second half of June, and reached 19.4 million tons of crushing in the recent harvest year. Despite a benign supply/demand dynamic, domestic ethanol prices have been stagnant for the past year, capped by regulated gasoline prices. These were raised earlier this year. As a result of earlier production shortfalls, ETH increased its debt load, which stood at over $4 billion as of 31 December. As interest rates in Brazil have come down, the cost of ETH's debt load has not increased commensurately. In addition, BNDES, Brazil's state-owned development bank has continued to support ETH as a key player in Brazil's strategic ethanol industry, and extended maturities and deferred payments on significant portions of ETH's debt.

EMTEK

There were no major developments in EMTEK. The Company continues to progress broadly according to plan, with the roll-out of its Pay TV business.

AEI

AEI made a further distribution in February 2013 from the sale of its remaining non-core businesses.

Greenfield development projects continued to progress. Fenix, AEI's 531MW gas-fired power plant in Peru, continued construction apace for Q3 2013 start-up. Jaguar, AEI's 300 MW coal-fired plant in Guatemala, is now expected to be able to begin operation in Q4 2014. Ar ayan, AEI's 115MW wind plant in Chile, is continuing to progress on engineering and procurement, but site works have not yet started due to delays in environmental permit approvals.

Alphaland

All the main construction projects (Balescin Resort, Makati Place Residential and City Club and the Alphaland Tower) continue to progress well. Alphaland Tower has been topped out and an active leasing programme has been started with a number of conversations for tenants looking to take large areas of the building.

Pacnet

A new CEO was appointed in July and senior hires were also made in Sales and Managed Services, further strengthening the management team. Management was tasked with a review of the cost structure and the profitability of its Network and Connectivity products. In response to this, the decision has been taken to exit the low margin Voice Data business and its product offering to retail customers. Management is targeting $30m pa in cost savings from these initiatives, mainly driven by reduced headcount, and which if achieved will see EBITDA grow by 20% in 2013. The business is now being positioned around a focus on providing Network and Managed Services to Carrier and Enterprise customers, whilst also looking to fully exploit the Company's business and licenses in China.

Enquiries:

Ashmore Investment Management 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