AGOU.L Regulatory News (AGOU)

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" 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. 28 August 2014 Interim Results for the period ended 30 June 2014 The financial information set out below does not constitute the Company'sstatutory accounts for the period ended 30 June 2014. All figures are based onthe unaudited interim report and financial statements for the period ended 30June 2014. The unaudited interim report and financial statements for the period ended 30June 2014 will shortly be posted to shareholders and will also be available onthe company website: www.agol.com Financial Highlights 30 June 2014 31 December 2013 Total Net Assets US$234,796,177 US$278,192,239 Net Asset Value per Share US$ Shares US$5.92 US$6.26 £ Shares £5.88 £6.19 Closing-Trade Share Price US$ Shares US$4.61 US$4.72 £ Shares £4.45 £4.40 Discount to Net Asset Value US$ Shares (22.13)% (24.60)% £ Shares (24.32)% (28.92)% Chairman's Statement The Company's Net Asset Values (NAVs) per share have fallen from US$6.26 and £6.19 at the end of 2013 to US$5.92 and £5.88 as at 30 June 2014. The US Dollar and Sterling share prices stood at US$4.61 and £4.45 respectivelyas at 30 June 2014, a decrease of 2.3% and an increase of 1.1% respectivelyagainst 31 December 2013 levels. As at 30 June 2014, the NAV of the Company wasUS$ 234.80 million and its market capitalization was US$ 178.95 millionreflecting an average discount of 23.78% between the NAVs and the share prices.These discounts reduced somewhat over the period. Performance of the Company on a look through basis The main contributors to this negative performance were Alphaland, Media.Net(Skenzo), and Odebrecht Agroindustrial. The valuation of Alphaland wasprudently marked down by 27% in March 2014 based on a threat that the positionheld by the Company (and other Ashmore Funds) could be diluted, weighted by theprobability of that event occurring. Since March 2014, Alphaland's shareholdershave reached an agreement to divide its assets between them, which may infuture lead to a positive re-evaluation of the Company's underlying position.The Company's stake in Media.Net was marked down by 39% due to deterioratingoperating performance and limited diversification of revenues which depressedthe multiple at which its earnings are valued. The value of equity in OdebrechtAgroindustrial was marked down to zero by the independent valuation agent giventhat its net debt currently exceeds its enterprise value. Positive contributions came from EMTEK, Al Noor Medical and MCX, whose shareprices performed well due to strong operating performance and improving equitymarket sentiment. In addition, the valuations of Pacnet and Indostar were alsomarked up due to strong operating performance. In terms of cash raised during the period, Belde was sold during the reportingperiod for consideration that broadly covered the legal costs incurred by theunderlying funds on this investment since its purchase in 2006. The Companyalso received an earn-out from APET's sale of Arzum and additional income camefrom dividends and from realised gains on currency hedging. Your Board hasdecided to make another distribution to Shareholders with reference to the 30June NAV, and the Company will continue to distribute excess cash, whenavailable, to Shareholders at the end of each calendar quarter. The Board continues to receive updates from the Investment Manager on theprogress made towards investment exits. A number of exit discussions are inadvanced stages and are expected to be completed in the next few months. TheBoard is confident that the target of 50% of the NAV as at 21 December 2012being available for distribution by 31 December 2014, remains achievable. Thisof course remains subject to market conditions being conducive to the sale ofthe Company's holdings by the Investment Manager. Richard Hotchkis27 August 2014 Investment Manager's Report Performance As at 30 June 2014, the Net Asset Values ("NAVs") per share of the US dollarand Sterling classes stood at US$5.92 and £5.88, representing returns of -5.43%and -5.01% over the six months to 30 June 2014 and annualised returns of-7.16%and -7.28% since inception for the US dollar and Sterling classes respectively. Portfolio During the reporting period, the Company announced that a distribution paymentof US$36,900,000 was made in January 2014. The Board has announced that afurther distribution of US$7,250,000 will be paid on 8 August 2014. A number of the investee companies experienced a difficult trading period whichled to some significant write downs. In contrast, better operating performanceand improved market sentiment in the second quarter caused share prices ofseveral listed companies to rise during the reporting period.. One of the largest detractors from performance over the period was OdebrechtAgroindustrial, the Brazilian ethanol producer. Odebrecht has been hamperedover the past two years by poor harvests and politically motivated pricecontrols which have hurt the company's trading. The sector outlook continues tobe very negative, such that over 60 mills have closed since 2008 and over 65%of all ethanol producers are loss making. Petrobras, the state owned oilcompany, has also suffered significant losses by "subsidising" gasolineimports. We believe that this situation is unlikely to change until theBrazilian elections come around, which are scheduled to take place in October2014. The pressure on Odebrecht continues to build with the company facing aconstant need to be rescued by its group of controlling shareholders, and plansare now being formulated to restructure the business and its debt. As aconsequence, the equity valuation of Odebrecht was marked down to zero by theindependent valuation agent, given that its net debt currently exceeds itsenterprise value. The valuation of Alphaland, the Philippines real estate development company,was prudently marked down by 27% in March 2014. This was based on a threat thatthe positions held by the underlying funds owned by the Company could bediluted, weighted by the probability of that event occurring. Since then,Alphaland's shareholders have reached an agreement to split the assets betweenthem, which may in future lead to a positive re-valuation of the Company'sposition. The Company's stake in Media.net, an Indian IT and media company, was markeddown by 39% over the period due to deteriorating operating performance andlimited diversification of revenues, which depressed the multiple at which itsearnings are valued. One of the better performing companies in the portfolio was EMTEK; the JakartaStock Exchange listed media company, whose publically listed share priceincreased by 6.3% over the period. The merger of SCTV and IDKM is now completeand their combination has allowed EMTEK's management to consolidate itsposition as the market's preferred advertising platform given its potentialaudience size. EMTEK is also keen to diversify its business and as suchacquired a 30% stake in 'Plan B', an outdoor advertising company in Thailand.The company continues to perform strongly with the development of Nexmedia,EMTEK's pay TV service, while 2013 EBITDA was 35% higher than the performanceachieved in 2012. MCX, the multi-commodity exchange in India, also contributed positively toperformance. At the macro level, Indian equities performed strongly in the runup to the April 2014 election in the anticipation that Narendra Modi's BJ Partywould win. Stocks were buoyed further once it was confirmed that Modi hadindeed won an outright majority, but the real catalyst behind MCX'sperformance, particularly in the second quarter, was the partial exit byFinancial Technologies India (which was a sponsor of MCX) as ordered by theIndian regulators. Operationally, the company has seen margins fall along witha fall in average daily turnover following the implementation of theCommodities Transaction Tax in mid 2013 (which increased the cost of tradingthree-fold). Al Noor, the UAE hospitals business, continues to perform well. Revenues in2013 increased 12% while Q1 2014 revenues accelerated by 24.7% year on year.The company acquired clinics and medical centres in Dubai, Abu Dhabi and Oman,while new medical centres have been commissioned in Bateen and Baniya, as wellas an ICAD (Industrial City of Abu Dhabi) for industrial workers. AEI is now focused on its two remaining Greenfield projects in Peru (Fenix) andGuatemala (Jaguar), having sold the wind farm in Chile. Fenix was fullycommissioned in April 2014, but subsequent damage to one of the turbines led toa delay in achieving full capacity. The contractor at Jaguar has now beenreplaced due to poor performance and construction activities under the new teamhave been fully re-mobilised. AEI continues to sell its non-core assets. Pacnet recently launched its new 'Pacnet Enabled Network' (PEN) infrastructurewhich allows customers to "cloudify" their network requirements. In addition,Tier 3 data centres were opened in Singapore and Chongqing bringing the totalnumber of racks in Pacnet's core data centres to 6000. Pacnet now has 7 datacentres and plans to own 9 by the end of 2014. Outlook Whilst there were limited realisations in the first half of 2014, the Manageris at an advanced stage in realising GEMS/Utileco which is expected to completelater this year, and exit discussions are underway for a number of theCompany's underlying investments. Details on Top 10 Underlying Holdings (on a look through basis) The table below shows the top 10 underlying investments. The main change to thetable since the annual report stems from the decrease in value of Media.Netduring Q2 which has resulted in the inclusion of Largo Resources. There havealso been some changes in size/ranking by NAV. Investment Name Holding Country Business Description EMTEK 15.93% Indonesia Listed Indonesian telecoms, information technology and multimedia company. AEI 11.29% Cayman Islands Owns, operates and develops interests in multiple power generation assets in Latin America. Pacnet 9.37% Singapore Asia's leading independent telecoms infrastructure and service provider. Alphaland 8.38% Philippines Real estate development company focussing on underdeveloped sites. GEMS/Utileco 8.01% Saudi Arabia Saudi Arabian integrated industrial services and waste management platform. Al Noor Medical 7.50% UAE Provider of integrated healthcare services. Jasper 5.93% Singapore Invests in the offshore oil and gasInvestments drilling and services sector. MCX 5.13% India India's leading commodity exchange with over 80% market share. Indostar 3.56% India Non-bank finance company (NBFC) focusing on wholesale lending in India. Largo Resources 3.24% Brazil Brazilian provider of mining services. Good performance by EMTEK has resulted in Indonesia replacing Singapore at thetop of the country allocations with India remaining as a core allocation inthird place. By industry, the largest weighting has reverted back to Media, asit was at the interim period end last year. The tables below show the top tencountry and industry allocations at the end of June 2014: Country % of NAV Industry % of NAV Indonesia 15.93% Media 15.93% Singapore 15.30% Electric Integration and 12.80% Generation India 14.17% Real Estate 11.70% Cayman Islands 11.29% Diversified Financial 10.12% Services Philippines 9.63% Telecommunications 9.37% Saudi Arabia 8.01% Environmental Control 8.01% United Arab Emirates 7.57% Healthcare Services 7.50% China 4.10% Oil and Gas Services 5.93% Brazil 3.24% Mining 3.24% Russia 2.31% Advertising 2.13% Elang Mahkota Teknologi EMTEK Company: PT Elang Mahkota TeknologiIndustry: MediaCountry: IndonesiaWebsite: www.emtek.co.idCompany Status: PublicDeal Type: Private EquityInvestment Risk: Equity Operational update * The company continues to perform strongly, with 2013 EBITDA 35% higher than in 2012 * Acquired 30% of "Plan B" (outdoor advertising in Thailand) * The merger of SCMA and IDKM (becoming SCTV/Indosiar) was completed on 1 May 2013 * The SCP interest was sold to SCMA on 28 June 2013 2014 operational and strategic priorities * Continued development of the Nexmedia Pay TV service * Consolidation of EMTEK's position as the preferred advertising platform in Indonesia * Leverage of in-house content to improve margins * Exploitation of further synergies in SCMA/Indosiar infrastructure and management Key risks * Securing a block trade at the right price levels Exit strategy and timing * Block trade, subject to prevailing market conditions, which have improved since the outcome of the July elections AEI Company: AEIIndustry: Power GenerationCountry: Regional Latin AmericaWebsite: www.aeienergy.comCompany Status: PrivateDeal Type: Private EquityInvestment Risk: Equity Operational update * Three operating and two greenfield projects remain within the business * Arrayan, the wind project in Chile, was sold last quarter, with the remaining two greenfield projects (Jaguar and Fenix) targeted for sale in the next 12 months * Greenfields: * Fenix part was commissioned in Q1 and is now generating cashflows. Full commissioning has been delayed to Q4 2014 due to a faulty transformer. Refinancing is currently being planned, which will be followed by exit planning * Jaguar's EPC (engineering, procurement and construction) contractor (CMNC) has been replaced and construction activities are proceeding at full speed with a target commercial operation date (COD) of Q2 2015. Arbitration proceedings are ongoing with the previous EPC contractor * The Arrayan exit was completed during the second quarter of 2014 * HQ: Circa 60% of the remaining HQ staff will be cut in FY14 to reflect continued downsizing Key risks * Jaguar project completion on time and on budget * CMNC arbitration * Retention of key people to support the wind down 2014 operational and strategic priorities * On time and on budget commissioning of the greenfield projects * Disposal planning for all assets * HQ cost reduction Exit strategy and timing * Private sale of the assets either individually or in clusters Pacnet Company: PacnetIndustry: TelecommunicationsCountry: Hong Kong and SingaporeWebsite: www.pacnet.comCompany Status: PrivateDeal Type: Private EquityInvestment Risk: Debt Operational update * The exit from low margin products and the cost reduction initiative have resulted in a 32% year-on-year increase in EBITDA and a 763bps improvement in the EBITDA margin * Capex investment has been made in the sub-sea network with over 70% of the network now transmitting data on 100g coherent technology * Pacnet is pioneering Network as a Service (NaaS), the ability to provision managed network services using software defined networking technology, with the launch of Pacnet Enabled Networks (PEN), which allows customers to "cloudify" their network requirements * New tier 3 data centres (DCs) were opened in Singapore and Chongqing bringing the total number of racks to 6000 in Pacnet's core DCs. Pacnet now has 7 owned DCs 2014 operational and strategic initiatives * Launch further versions of PEN for IP-VPN and wavelength managed network products, meaning products generating over 70% of revenues can be provisioned using the PEN platform * Explore the sale of under-utilised dark fibre on premium sub-sea routes * Open a new data centre in Tianjin, which will have capacity for up to 2000 racks. The company has also secured a lease to build a new greenfield DC in Shanghai. By the end of 2014, Pacnet plans to have 9 owned DCs Key risks * Price declines and churn on network services * Slower fill rates in data centres Exit strategy and timing * Strategic sale (2014) or IPO (H1 2015) Alphaland Company: Alphaland CorporationIndustry: Real Estate DevelopmentCountry: PhilippinesWebsite: www.alphaland.com.phCompany Status: PublicDeal Type: Private EquityInvestment Risk: Equity Exit strategy and timing * Agreement has been reached with Alphaland Corporation and its local Filipino shareholder group to split the assets. Bedfordbury Development Corporation (BDC), a Philippines company in which the Ashmore Funds are indirect shareholders, will acquire the main commercial asset, Alphaland Tower, and the two main landbanks (Alphaland Bay City and Boracay Gateway) * Closing is subject to regulatory approvals which we expect in Q3 2014 * Ashmore staff are assisting BDC on closing the transaction and preparing the assets for active management GEMS / Utileco Company: GEMS/UtilecoIndustry: Waste ManagementCountry: Saudi ArabiaWebsite: www.gems-ksa.comwww.utileco.comCompany Status: PrivateDeal Type: Private EquityInvestment Risk: Equity Operational update * 2013 revenues were US$72m and 2013 EBITDA doubled to US$25m vs. prior year, reflecting steady growth in waste management and the benefit of new business lines including industrial services, engineering services and oil trading * H1 sales were US$52m, the EBITDA margin was 35% 2014 operational and strategic priorities * GEMS has developed a prototype facility for the processing of highly toxic waste from Aramco, SABIC affiliates and others, which is currently sent to the USA for processing. Contracts to receive this high value waste have been signed and revenues are expected in Q2 2014. Full scale facilities are under construction in Dammam and Joffah Key risks * Construction delays Exit strategy and timing * One of two potential sale and purchase agreements (SPAs) for the sale of the company has been signed, subject to condition precedents (CPs), and the provision of reps and warranties Al Noor Medical Company Company: Al Noor Medical CompanyIndustry: HealthcareCountry: United Arab EmiratesWebsite: www.alnoorhospital.comCompany Status: PrivateDeal Type: Private EquityInvestment Risk: Equity Operational update * Listed in June 2013 * 2013 revenues of US$365m were up 12% on 2012. Q1 sales were US$112m (+24.7% vs. Q1 2012) * The EBITDA margin was 22.7% and the US$83m EBITDA represented 17% growth compared with prior year * Cash in hand was US$63m. The US$82m working capital facility remains available and unused * Acquired Manchester Clinic, Dubai; Al Madar Medical Centre, Abu Dhabi and a further 3 medical centres in Abu Dhabi, Al Ain and Oman during 2013. In 2014 medical centres have been commissioned in Bateen and Baniya, as well as an ICAD, for industrial workers * A further 32 physicians have been recruited, to bring the total to 502 2014 operational and strategic priorities * Upgrade to Khalifa Street via the lease and fit-out of additional space * Construction in Al Ain, which is now underway * Complete the acquisition of the Gulf International Centre in Abu Dhabi * Continued growth in UAE/Oman Key risks * Significant private shareholdings were recently unlocked and may be a drag on the market in Al Noor if sold inelegantly Exit strategy and timing * The Al Noor shares underlying the Company's investment are now unlocked, but are subject to the customary closed-period restrictions and to the phased unwinding of the investment vehicle over the coming 12 months Jasper Investments Company: Jasper Investments LimitedIndustry: Oil Field ServicesCountry: SingaporeWebsite: www.jasperinvestments.comCompany Status: PublicDeal Type: Private EquityInvestment Risk: Equity Operational update * Jasper Explorer finished its drilling contract at the end of March and is currently moored off the African coast. Initial discussions are ongoing for further contract work, however there is a limited market for a ship with Explorer's specifications. The crew has been reduced to minimal levels * Jasper Cosmopolitan, a 500 bed accommodation vessel conversion, was completed successfully on time and on budget * HQ and all central costs were decreased further to minimal levels 2014 operational and strategic priorities * Negotiate a drilling contract for Explorer despite very difficult market conditions * Extend yard financing, and proceed to lease or sell Cosmopolitan * Continue to focus on reducing costs without impacting operational risk Key risks * Failure to sell Explorer * Failure to lease and/or sell Cosmopolitan * Extension of yard financing for Cosmopolitan * The business has limited cash and therefore time to secure the above Exit strategy and timing Sale of the two ships in a block or separately Multi Commodity Exchange of India Limited (MCX) Company: Multi Commodity Exchange of IndiaIndustry: Banking and FinanceCountry: IndiaWebsite: www.mcxindia.comCompany Status: PublicDeal Type: Private EquityInvestment Risk: Equity Operational update * MCX has an 85% market share of the commodities market * Average daily turnover and revenues both decreased after the implementation of the Commodities Transaction Tax (CTT) in mid 2013, which increased the cost of trading three-fold * EBITDA margins were hit due to the fall in revenues and a slower cut to overheads * The promoters of the company were implicated in a regulatory matter unconnected with the operations of MCX. Within MCX this resulted in the appointment of a new CEO and CFO * The promoters have started the process of exiting their stakes in MCX to comply with the order of the Forward Markets Commission (FMC) (the Regulator) 2014 operational and strategic priorities * Renegotiate the technology services contract, which will reduce costs and improve the profitability of the company * Enhance product portfolio by adding new commodities * Expand geographically and improve penetration though international strategic tie ups, investor awareness drives and by signing up new brokers Key risks * Increased regulatory oversight by the FMC * Timing uncertainty with regard to the enactment of the Forward Contracts Regulations Act, which will bring in a new set of investors and allow MCX to start offering "options" as a product Exit strategy and timing * Sale in the public market * Q3/Q4 2014 Indostar Company: Indostar Capital FinanceIndustry: Banking and Financial ServicesCountry: IndiaWebsite: www.indostarcapital.comCompany Status: PrivateDeal Type: Private EquityInvestment Risk: Equity Operational update * The management team is focussed on improving business performance amidst a challenging lending environment, with revenues during the last quarter tracking budget * The Company completed an on-budget borrowing programme, where its leverage (D/E) increased from 0.92x in FY13 to 1.70x in June 2014 * Indostar is currently well placed from both an asset portfolio and a liquidity position 2014 operational and strategic priorities * Continue to build the loan book with an increased focus on origination and higher fee income to increase the return on equity * Increase leverage while also reducing the borrowing cost by diversifying sources and improving the debt rating * Diversify income streams through the launch of an Asset Management business Key risks * Transacting a suitable merger to enable a full exit (including regulatory approval) * Maintaining the quality and growth of the loan book Exit strategy and timing * M&A, strategic stake sale * Q4 2014/2015 Largo Resources Company: Largo ResourcesIndustry: Metals and MiningCountry: BrazilWebsite: www.largoresources.comCompany Status: PublicDeal Type: Private EquityInvestment Risk: Equity Operational/corporate update * This deal was a private placement in December 2013 for US$17m * All equipment has now arrived on site. Kiln parts were delayed during manufacturing causing a significant delay to production (almost six months) versus expectations this time last year. Cost over-runs are currently circa 12% * As of 22 July 2014 production is expected imminently 2014 operational and strategic priorities * Establish production, and ramp up over the next 12 months * Year 1 target is 5,500 tonnes (the design capacity is 9,400 tonnes of V2O5 concentrate, in the initial phase) Key risks * Commissioning delays may cause additional funding gaps * Largo is in dispute with GTP concerning a contract which Largo entered into for the supply of tungsten from Currais Novos. Currais Novos remains shut due to production problems, not least due to a lack of water Exit strategy and timing * Re-listing on the main TSX exchange in 2014, and/or a strategic sale in 2015 Ashmore Investment Management LimitedInvestment Manager27 August 2014 Board Members As at 30 June 2014, the Board consisted of four non-executive Directors. TheDirectors are responsible for the determination of the investment policy ofAshmore Global Opportunities Limited (the "Company" or "AGOL") and have overallresponsibility for the Company's activities. As required by the AIC Code onCorporate Governance (the "Code"), the majority of the Board of Directors areindependent of the Investment Manager. In preparing this Annual Report, theindependence of each Director has been considered. Richard Hotchkis,Independent Chairman, (Guernsey resident) appointed 18 April2011 Richard Hotchkis has 38 years of investment experience. Until 2006, he was aninvestment manager at the Co-operative Insurance Society, where he started hiscareer in 1976. He has a breadth of investment experience in both UK andoverseas equities, including in emerging markets, and in particular, investmentcompanies and other closed ended funds, offshore funds, hedge funds and privateequity funds. Richard is currently a director of a number of funds, includingAlternative Investment Strategies Limited and Advance Frontier Markets FundLimited. Steve Hicks, Non-Independent Director (connected to the Investment Manager),(UK resident) appointed 16 January 2014 Steve Hicks, who is a qualified UK lawyer, has held a number of legal andcompliance roles over a period of more than 25 years. From June 2010 untilJanuary 2014 he was the Ashmore Group Head of Compliance. Prior thereto he wasDirector, Group Compliance at the London listed private equity company 3i Groupplc. Nigel de la Rue, Independent Director, (Guernsey resident) appointed 16 October2007 Nigel de la Rue graduated in 1978 from Pembroke College, Cambridge with adegree in Social and Political Sciences. He is qualified as an Associate ofthe Chartered Institute of Bankers, as a Member of the Society of Trust andEstate Practitioners (STEP) and as a Member of the Institute of Directors. Hewas employed for 23 years by Baring Asset Management's Financial ServicesDivision, where he was responsible for the group's Fiduciary Division and saton the Executive Committee. He left Baring in December 2005, one year afterthat Division was acquired by Northern Trust. He has served on the GuernseyCommittees of the Chartered Institute of Bankers and STEP, and on the GuernseyAssociation of Trustees, and currently holds a number of directorships in thefinancial services sector. Christopher Legge, Independent Director, (Guernsey resident) appointed 27August 2010 Christopher Legge has over 25 years' experience in financial services. Hequalified as a Chartered Accountant in London in 1980 and spent the majority ofhis career based in Guernsey with Ernst & Young, including being the SeniorPartner of Ernst & Young in the Channel Islands. Christopher retired from Ernst& Young in 2003 and currently holds a number of directorships in the financialsector, including at BH Macro Limited where he is Senior Independent Directorand chairs the Audit Committee. Graeme Dell, Non-Independent Director (employee of the Investment Manager), (UKresident) appointed 5 March 2008 and resigned 16 January 2014. Disclosure of Directorships in Public Companies Listed on Recognised StockExchanges The following summarises the Directors' directorships in other publiccompanies: Company Name Exchange Richard Hotchkis Alternative Investment Strategies Limited London Advance Frontier Markets Fund Limited AIM and CISE Steve Hicks Nil Nigel de la Rue Nil Christopher Legge Baring Vostok Investments PCC Limited CISE BH Macro Limited London, Bermuda and Dubai John Laing Environmental Assets Group Limited London Sherborne Investors (Guernsey) B Limited London Third Point Offshore Investors Limited London TwentyFour Select Monthly Income Fund Limited London Directors' Responsibility Statement We confirm that to the best of our knowledge: * the condensed set of financial statements in the half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting; and * the half-yearly financial report includes a fair view of the information required by: a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year ending 31 December 2014; and b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. Signed on behalf of the Board of Directors on 27 August 2014 Richard Hotchkis Christopher LeggeChairman Chairman of the Audit Committee Independent Review Report to Ashmore Global Opportunities Limited Introduction We have been engaged by Ashmore Global Opportunities Limited (the "Company") toreview the condensed set of financial statements in the half-yearly financialreport for the six months ended 30 June 2014, which comprise the UnauditedCondensed Statement of Financial Position, the Unaudited Condensed Statement ofComprehensive Income, the Unaudited Condensed Statement of Changes in Equity,the Unaudited Condensed Statement of Cash Flows and the related explanatorynotes. We have read the other information contained in the half-yearlyfinancial report and considered whether it contains any apparent misstatementsor material inconsistencies with the information in the condensed set offinancial statements. This report is made solely to the Company in accordance with the terms of ourengagement to assist the Company in meeting the requirements of the Disclosureand Transparency Rules ("the DTR") of the UK's Financial Conduct Authority("the UK FCA"). Our review has been undertaken so that we might state to theCompany those matters we are required to state to it in this report and for noother purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the Company for our review work, forthis report, or for the conclusions we have reached. Directors' responsibilities The half-yearly financial report is the responsibility of, and has beenapproved by, the Directors. The Directors are responsible for preparing thehalf-yearly financial report in accordance with the DTR of the UK FCA. Theannual financial statements are prepared in accordance with IFRSs. Thecondensed set of financial statements included in this half-yearly financialreport has been prepared in accordance with IAS 34 Interim Financial Reporting. Our responsibility Our responsibility is to express to the Company a conclusion on the condensedset of financial statements in the half-yearly financial report based on ourreview. Scope of review We conducted our review in accordance with the International Standard on ReviewEngagements (UK and Ireland) 2410 Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity issued by the AuditingPractices Board for use in the UK. A review of interim financial informationconsists of making enquiries, primarily of persons responsible for financialand accounting matters, and applying analytical and other review procedures. Areview is substantially less in scope than an audit conducted in accordancewith International Standards on Auditing (UK and Ireland) and consequently doesnot enable us to obtain assurance that we would become aware of all significantmatters that might be identified in an audit. Accordingly, we do not express anaudit opinion. Conclusion Based on our review, nothing has come to our attention that causes us tobelieve that the condensed set of financial statements in the half-yearlyfinancial report for the six months ended 30 June 2014 is not prepared, in allmaterial respects, in accordance with IAS 34 and the DTR of the UK FCA. Neale D JehanFor and on behalf of KPMG Channel Islands LimitedChartered Accountants and Recognised Auditors20 New Street, St Peter Port, Guernsey, GY1 4AN27 August 2014 Unaudited Schedule of Investments As at 30 June 2014 Valuation in % of NAV US$ Ashmore Global Special Situations Fund 4 LP 91,423,446 38.94 Ashmore Asian Recovery Fund 47,766,647 20.34 Ashmore Global Special Situations Fund 5 LP 28,833,316 12.28 AEI Inc - Equity 15,778,617 6.72 Ashmore Global Special Situations Fund 3 LP 11,575,429 4.93 AA Development Capital India Fund LP 7,142,194 3.04 Aginyx Ordinary Shares 7,085,797 3.02 Everbright Ashmore China Real Estate Fund LP 5,489,359 2.34 VTBC Ashmore Real Estate Partners 1 LP 5,239,040 2.23 Ashmore Asian Special Opportunities Fund 3,433,544 1.46Limited Ashmore Global Special Situations Fund 2 1,179,147 0.50Limited Ashmore Private Equity Turkey Fund 1 LP 64,639 0.03 Renovavel Investments BV New PIK/PPN - - Total investments at fair value 225,011,175 95.83 Net other current assets 9,785,002 4.17 Total net assets 234,796,177 100.00 Unaudited Condensed Statement of Financial Position As at 30 June 2014 30 June 2014 31 December 2013 Note US$ US$ Assets Cash and cash equivalents 10,232,899 41,013,703 Other financial assets 4a 25,424 9,895 Financial assets at fair value through 3 227,522,726 241,385,286profit or loss Total assets 237,781,049 282,408,884 Equity Capital and reserves attributable toequity holders of the Company Special reserve 543,768,937 579,014,573 Retained earnings (308,972,760) (300,822,334) Total equity 234,796,177 278,192,239 Liabilities Current liabilities Other financial liabilities 4b 2,984,872 3,693,957 Financial liabilities at fair value 3 - 522,688through profit or loss Total liabilities 2,984,872 4,216,645 Total equity and liabilities 237,781,049 282,408,884 Net asset values Net assets per $ share 7 US$5.92 US$6.26 Net assets per £ share 7 £5.88 £6.00 The unaudited condensed interim financial statements were approved by the Boardof Directors on 27 August 2014, and were signed on its behalf by: Richard Hotchkis Christopher LeggeChairman Chairman of the Audit Committee The notes form an integral part of these financial statements. Unaudited Condensed Statement of Comprehensive Income For the six months ended 30 June 2014 Six months Six months ended 30 June ended 30 June 2014 2013 Note US$ US$ Interest income 65 4,489 Dividend income 1,227,097 462,236 Net foreign currency (loss) (189,997) (1,327,204) Other net changes in the fair value of 3 (6,925,485) (28,508,285)financial assets and liabilities at fairvalue through profit or loss Total net (loss) (5,888,320) (29,368,764) Expenses Net investment management fees (1,900,316) (4,950,999) Incentive fees 138,519 3,304,814 Directors' remuneration (113,583) (125,260) Fund administration fees (21,102) (40,272) Custody fees (10,551) (24,604) Other operating expenses (355,073) (831,670) Total operating expenses (2,262,106) (2,667,991) Operating (loss) for the period (8,150,426) (32,036,755) Other comprehensive income - - Total comprehensive (loss) for the period (8,150,426) (32,036,755) Earnings per share Basic and diluted (loss) per US$ share 8 US$(0.34) US$(0.24) Basic and diluted (loss) per £ share 8 US$(0.22) US$(1.23) All items derive from continuing activities. The notes form an integral part of these financial statements. Unaudited Condensed Statement of Changes in Equity For the six months ended 30 June 2014 Special Retained Note reserve earnings Total US$ US$ US$ As at 1 January 2014 579,014,573 (300,822,334) 278,192,239 Total comprehensive loss for - (8,150,426) (8,150,426)the period Capital distribution 6 (35,245,636) - (35,245,636) As at 30 June 2014 543,768,937 (308,972,760) 234,796,177 As at 1 January 2013 705,125,322 (225,091,053) 480,034,269 Total comprehensive loss for - (32,036,755) (32,036,755)the period Capital distribution 6 (88,799,141) - (88,799,141) As at 30 June 2013 616,326,181 (257,127,808) 359,198,373 The notes form an integral part of these financial statements. Unaudited Condensed Statement of Cash Flows* For the six months ended 30 June 2014 Six months Six months ended 30 June ended 30 June 2014 2013 US$ US$ Cash flows from operating activities Net bank interest received 65 4,489 Dividends received 1,227,097 462,236 Operating expenses paid (2,986,720) (8,029,478) Net cash used in operating activities (1,759,558) (7,562,753) Cash flows from investing activities Sale of investments - 211,048,914 Purchase of investments - (101,112,589) Net cash flows on derivative instruments and 6,224,390 (15,244,147)foreign exchange Net cash inflow from investing activities 6,224,390 94,692,178 Cash flows from financing activities Capital distributions (35,245,636) (88,799,141) Net cash used in financing activities (35,245,636) (88,799,141) Net decrease in cash and cash equivalents (30,780,804) (1,669,716) Reconciliation of net cash flow to movement in cash and bankbalances Cash and cash equivalents at the beginning of 41,013,703 28,141,250the period Decrease in cash and bank balances (30,780,804) (1,669,716) Cash and cash equivalents at the end of the 10,232,899 26,471,534period \* The preparation of the cash flow statement has changed from the indirectmethod to the direct method with the approval of the Directors. The notes form an integral part of these financial statements. Notes to the Unaudited Condensed Interim Financial Statements 1. Basis of Preparation a) Statement of Compliance The unaudited condensed interim financial statements have been prepared inaccordance with IAS 34 Interim Financial Reporting on a going concern basis,despite the managed wind-down of the Company which was approved by theShareholders during the Extraordinary General Meeting of 13 March 2013. TheDirectors have examined significant areas of possible financial going concernrisk and are satisfied that no material exposures exist. The Directorstherefore consider that the Company has adequate resources to continue inoperational existence for the foreseeable future and after due considerationbelieve it is appropriate to adopt the going concern basis in preparing thefinancial statements, despite the managed wind-down of the Company over thenext few years. These unaudited interim financial statements do not include all of theinformation required for the full annual financial statements, and should beread in conjunction with the audited financial statements of the Company forthe year ended 31 December 2013. Selected explanatory notes are included toexplain events and transactions that are significant to have an understandingof the changes in financial position and performance of the Company since thelast annual financial statements. These unaudited condensed interim financial statements were authorised forissue by the Board of Directors on 27 August 2014. b) Judgements and Estimates Preparing the condensed interim financial statements requires management tomake judgements, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets, liabilities income andexpenses. Actual results may differ from these estimates. In preparing these unaudited condensed interim financial statements,significant judgements made by management in applying the Company's accountingpolicies and the key sources of estimation uncertainty were the same as thosethat applied to the audited financial statements of the Company for the yearended 31 December 2013. 2. Summary of Significant Accounting Policies The unaudited condensed interim financial statements were prepared on the goingconcern basis, despite the managed wind-down of the Company which was approvedby the Shareholders during the Extraordinary General Meeting of 13 March 2013.The Board has concluded that currently the managed wind-down of the Company hasno significant impact on the valuation of the Company's investments. Except for the changes below, the accounting policies applied in theseunaudited condensed interim financial statements are the same as those appliedin the Company's financial statements as at and for the year ended 31 December2013. i. Offsetting Financial Assets and Financial Liabilities (amendments to IAS 32) The Company has adopted the amendments to IAS 32 on offsetting. Theseamendments clarify the offsetting criteria in IAS 32 by explaining when anentity currently has a legally enforceable right to set-off and when grosssettlement is considered to be equivalent to net settlement. The Company does not hold any financial assets or financial liabilities thatare subject to Master Netting agreements or similar agreements and, as such,has not presented any financial assets or liabilities net on the UnauditedCondensed Statement of Financial Position. There were no financial assets orfinancial liabilities that are offset in the Unaudited Condensed Statement ofFinancial Position. ii. IFRS 12 Disclosure of Interests in Other Entities As a result of the application of IFRS 12, Disclosure of Interests in OtherEntities, the Company has made disclosures about its involvement withunconsolidated structured entities (see Note 11). The Company has concluded that un-listed funds in which it invests, but doesnot consolidate, meet the definition of structured entities for the followingreasons: * the voting rights attached to the funds are not considered to be dominant rights as the holder is unable to control the funds. The rights relate only to influence over administrative tasks; * each fund's activities are restricted by its prospectus; and * the funds have narrowed and well-defined objectives to provide investment opportunities to investors. iii. Investment Entities (Amendments to IFRS 10, IFRS 12, and IAS 27) The Company has adopted Investment Entities (Amendments to IFRS 10, IFRS 12,and IAS 27)and the management concluded that the Company meets the definitionof an investment entity. All investments of the Company in underlying funds aremeasured at fair value through profit and loss. 3. Financial Assets and Liabilities at Fair Value through Profit or Loss 30 June 2014 31 December 2013 US$ US$ Financial assets held for trading: - Derivative financial assets 2,511,551 4,072,451 Total financial assets held for trading 2,511,551 4,072,451 Designated at fair value through profit orloss at inception: - Equity investments 225,011,175 234,666,774 - Debt investments - 2,646,061 Total designated at fair value through 225,011,175 237,312,835profit or loss at inception Total financial assets at fair value 227,522,726 241,385,286through profit or loss During the period ended 30 June 2014, no acquisitions or disposals ofinvestments were made.There were no significant changes to the Company's directequity holdings and debt investments other than the valuation movements. As at 30 June 2014, derivative financial assets were comprised of forwardforeign currency contracts as follows: Currency Amount Currency Amount Maturity UnrealisedBought Bought Sold Sold Date gain GBP 93,281,103 US$ 156,930,531 15/08/ 2,511,551 2014 Derivative financial assets 2,511,551 As at 31 December 2013, derivative financial assets were comprised of forwardforeign currency contracts as follows: Currency Amount Currency Amount Maturity UnrealisedBought Bought Sold Sold Date gain BRL 31,607,567 US$ 13,210,000 04/02/ 76,223 2014 GBP 120,308,128 US$ 196,194,284 17/01/ 3,047,441 2014 US$ 15,988,451 BRL 35,778,956 04/02/ 948,787 2014 Derivative financial assets 4,072,451 30 June 2014 31 December 2013 US$ US$ Financial liabilities held for trading: - Derivative financial liabilities - (522,688) Total financial liabilities held for - (522,688)trading As at 31 December 2013, derivative financial liabilities were comprised offorward foreign currency contracts as follows: Currency Amount Currency Amount Maturity UnrealisedBought Bought Sold Sold Date loss US$ 5,010,012 EUR 3,693,588 21/01/2014 (79,524) US$ 23,404,608 GBP 14,400,000 17/01/2014 (443,164) Derivative financial liabilities (522,688) As at 30 June 2014, there were no derivative financial liabilities in theCompany. 30 June 2014 31 December 2013 US$ US$ Other net changes in fair value throughprofit or loss: - Realised 6,414,387 (16,964,482) - Change in unrealised (13,339,872) (89,849,284) Total (losses) (6,925,485) (106,813,766) Other net changes in fair value on assets 5,376,175 (155,505)held for trading Other net changes in fair value on assets (12,301,660) (106,658,261)designated at fair value through profit orloss Total net (losses) (6,925,485) (106,813,766) 4. Other Financial Assets and Liabilities a. Other financial assets relate to prepaid expenses and were comprised of the following: 30 June 2014 31 December 2013 US$ US$ Prepaid Directors' 25,424 9,895insurance 25,424 9,895 b. Other financial liabilities Other financial liabilities relate to accounts payable and accrued expenses,and comprise the following: 30 June 2014 31 December 2013 US$ US$ Management fee payable (net) 144,647 258,918 Incentive fee payable 1,779,391 2,600,241 Other accruals 1,060,834 834,798 2,984,872 3,693,957 The net management fee payable includes a rebate of US$629,764 (31 December2013: US$665,598) due from the Investment Manager in accordance with theInvestment Management Agreement. 5. Financial Instruments a) Financial risk management The Company's financial risk management objectives and policies are consistentwith those disclosed in the audited financial statements of the Company for theyear ended 31 December 2013. b) Carrying amounts versus fair values As at 30 June 2014 the carrying values of financial assets and liabilitiesapproximate their fair values and are presented in the Unaudited CondensedStatement of Financial Position. c) Financial instruments carried at fair value - fair value hierarchy The Company classifies fair value measurements using a fair value hierarchythat reflects the significance of the inputs used in making the measurements. The fair value hierarchy has thefollowing levels: • Level 1: Quoted prices (unadjusted) in an active market for identicalinstruments. • Level 2: Valuation techniques based on observable inputs, either directly(i.e. as prices) or indirectly (i.e. derived from prices). This categoryincludes instruments valued using: quoted prices in active markets for similarinstruments: quoted prices for identical or similar instruments in markets thatare considered less than active; or other valuation techniques for which allsignificant inputs are directly or indirectly observable from market data. • Level 3: Valuation techniques using significant unobservable inputs. Thiscategory includes all instruments for which the valuation technique includesinputs not based on observable data and the unobservable inputs have asignificant effect on the instrument's valuation. This category includesinstruments that are valued based on quoted prices for similar instruments forwhich significant unobservable adjustments or assumptions are required toreflect differences between the instruments. The level in the fair value hierarchy within which the fair value measurementis categorised in its entirety is determined on the basis of the lowest levelinput that is significant to the fair value measurement in its entirety. Forthis purpose, the significance of an input is assessed against the fair valuemeasurement in its entirety. If a fair value measurement uses observable inputsthat require significant adjustment based on unobservable inputs, thatmeasurement is a level 3 measurement. Assessing the significance of aparticular input to the fair value measurement in its entirety requiresjudgement, considering factors specific to the asset or liability. The Company considers observable data to be that market data which is readilyavailable, regularly distributed or updated, reliable and verifiable, notproprietary, and provided by independent sources that are actively involved inthe relevant market. There were no transfers to or from level 3 during the period. The following table analyses within the fair value hierarchy the Company'sfinancial assets and liabilities at fair value through profit and loss (byclass) measured at fair value at 30 June 2014: Level 1 Level 2 Level 3 Total balance Financial assets at fair valuethrough profit and loss Financial assets held for trading: - Derivative financial assets - 2,511,551 - 2,511,551 Financial assets designated atfair value through profit or lossat inception: - Equity investments 7,085,797 - 217,925,378 225,011,175 - Debt investments - - - - Total 7,085,797 2,511,551 217,925,378 227,522,726 The following table analyses within the fair value hierarchy the Company'sfinancial assets and liabilities at fair value through profit and loss (byclass) measured at fair value at 31 December 2013: Level 1 Level 2 Level 3 Total balance Financial assets at fair valuethrough profit and loss Financial assets held fortrading: - Derivative financial assets - 4,072,451 - 4,072,451 Financial assets designated atfair value through profit orloss at inception: - Equity investments 5,371,650 - 229,295,124 234,666,774 - Debt investments - - 2,646,061 2,646,061 Total 5,371,650 4,072,451 231,941,185 241,385,286 Financial liabilities at fair value through profit andloss Financial liabilities held fortrading: - Derivative financial - 522,688 - 522,688liabilities Total - 522,688 - 522,688 Level 1 assets include listed Aginyx Ordinary Shares (MCX). Level 2 assets include forward currency contracts that are calculatedinternally using observable data. Level 3 assets include all unquoted funds, limited partnerships and unquotedinvestments. Investments in unquoted funds and limited partnerships are valuedon the basis of the latest Net Asset Value after adjustment(s) resulting fromthe Board of Directors' evaluation of whether such Net Asset Value isrepresentative of fair value under IFRS 13. Unquoted funds are classified aslevel 3 assets after consideration of their underlying investments, lock-upperiods and liquidity. The following table presents the movement in level 3 instruments for the periodended 30 June 2014 by class of financial instrument. Equity securities Debt Total securities Opening balance 1 January 2014 229,295,124 2,646,061 231,941,185 Gains and losses recognised in profit and (11,369,746) (2,646,061) (14,015,807)loss * Closing balance 30 June 2014 217,925,378 - 217,925,378 * Gains and losses recognised in profit and loss include unrealised results ofUS$(12,301,660) on existing level 3 instruments as at 30 June 2014. Total gains and losses included in the Unaudited Condensed Statement ofComprehensive Income are presented in `Other net changes in the fair value offinancial assets and financial liabilities at fair value through profit orloss'. As at 30 June 2014 the carrying values of other financial assets andliabilities approximate their fair values. Valuation methodology of level 3 assets held directly by the Company andindirectly by the Company through its investments in the underlying AshmoreFunds The Pricing Methodology and Valuation Committee (PMVC) which has beenauthorised as an Approved Person to provide valuations to the Administrator,operates and meets to consider the methods for pricing hard to valueinvestments where a reliable pricing source is not available, if an asset doesnot trade regularly, or in the case of a significant event (such as a majorevent and market volatility outside of local market hours). These assets, whichare classified within level 3, may include all asset types but are frequently`Special Situations' style investments, typically incorporating distressed,illiquid or private equity assets. For these hard to value investments, the methodology and models used todetermine fair value were created in accordance with the International PrivateEquity and Venture Capital Valuation (IPEV) guidelines by experienced personnelat an independent third party valuation specialist. The valuation is thensubject to review, amendment if necessary, then approval, firstly by the PMVC,and then by the Board of Directors of the Company. Valuation techniques used by the third party valuation specialists include themarket approach, the income approach or the cost approach for which sufficientand reliable data is available. Within level 3, the use of the market approachgenerally consists of using comparable market transactions, while the use ofthe income approach generally consists of the net present value of estimatedfuture cash flows, adjusted as deemed appropriate for liquidity, credit, marketand/or other risk factors. The main inputs used by the third party valuation specialist in estimating thevalue of level 3 investments include the original transaction price, recenttransactions in the same or similar instruments, completed or pendingthird-party transactions in the underlying investment or comparable issuers,subsequent rounds of financing, recapitalisations and other transactions acrossthe capital structure, offerings in the equity or debt capital markets, andchanges in financial ratios or cash flows. Level 3 investments may also beadjusted to reflect illiquidity and/or non-transferability. The following table shows the valuation technique and the key unobservableinputs used in the determination of the fair value of level 3 investments: Valuation Significant unobservable inputs Inter- relationship betweentechnique significant unobservable inputs and fair value measurement As described - Forecast annual revenue The estimated fair valueabove growth rate would increase if: - Forecast EBITDA margin - the annual revenue growth rate was higher; - Risk adjusted discount rate - the EBITDA margin was higher; - Market multiples - the risk-adjusted discount rate was lower; or - the multiples were lower The Company believes that its estimates of fair value are appropriate, howeverthe use of different methodologies or assumptions could lead to differentmeasurements of fair value. For fair value investments in Level 3, changing oneor more of the assumptions used to alternative assumptions would result in anincrease/(decrease) in net assets attributable to investors. Due to thenumerous different factors affecting the assets the impact cannot be reliablyquantified. It is reasonably possible on the basis of existing knowledge, thatoutcomes within the next financial period that are different from theassumptions used could require a material adjustment to the carrying amounts ofaffected assets. 6. Capital and Reserves The following share conversions took place during the period ended 30 June2014: Transfers from Transfers to Number of Number of shares to shares to switch out switch in £ shares US$ shares 547,946 910,146 On 16 January 2014 the Company announced a return of capital to shareholders of78.84 pence and 79.71 US cents per £ and US$ share held respectively, by way ofa compulsory partial redemption of shares, with a redemption date of 31 January2014 using the 31 December 2013 Net Asset Value. The redemption was effected pro-rata to holdings of shares on the register atthe close of business on the redemption record date which was 24 January 2014.As a result 12.83 per cent of the Company's issued share capital was redeemed.Fractions of shares were not redeemed and the number of shares redeemed foreach shareholder was rounded down to the nearest whole number of shares. The cash utilised to effect the partial redemption of shares was comprised ofmonies from the realisation of the Company's investments received up to andincluding 31 December 2013, pursuant to the winding down of the Company. Number of Consideration ordinary shares in US$ redeemed US$ Share 1,983,733 12,324,761 £ Share 2,269,536 22,920,875 4,253,269 35,245,636 The voting rights each share is entitled to in a poll at any general meeting ofthe Company (applying the Weighted Voting Calculation as described in theregistration document published by the Company on 6 November 2007 (the"Prospectus")) is as follows: US Dollar Shares: 1.0000 Sterling Shares: 2.0288 The above figures may be used by shareholders as the denominator forcalculations to determine if they are required to notify their interest in, ora change to their interest in the Company under the FCA's Disclosure andTransparency Rules. 7. Net Asset Value The Net Asset Value of each US$ and £ share is determined by dividing the totalnet assets of the Company attributed to the US$ and £ share classes by thenumber of US$ and £ shares in issue respectively at the period end as follows: As at 30 June Net Shares in Net Net2014 assets issue assets assets attributable to per share per share each share in in class in US$ local US$ currency US$ Share 85,221,871 14,388,415 5.92 5.92 £ Share 149,574,306 14,872,530 10.06 5.88 234,796,177 As at 31 December Net Shares in Net Net2014 assets issue assets assets attributable to per share per share each share in in class in US$ local US$ currency US$ Share 96,788,419 15,462,002 6.26 6.26 £ Share 181,403,820 17,690,012 10.25 6.19 278,192,239 The allocation of the Company's Net Asset Value between share classes isfurther described in the Company's Prospectus. 8. Earnings per Share (EPS) The calculation of the earnings per US$ and £ share is based on the gain/(loss)for the period attributable to US$ and £ Shareholders and the respectiveweighted average number of shares in issue for each share class during theperiod. The loss attributable to each share class for the period ended 30 June 2014 wasas follows: US$ Share £ Share (Loss) per share class (US$) (4,746,356) (3,404,069) Weighted average number of 14,081,834 15,645,812shares EPS per share class (US$) (0.34) (0.22) Issued shares at the beginning 15,462,002 17,690,012of the period Effect on the weighted average number ofshares: Conversion of shares 266,330 (160,485) Compulsory redemption of shares (1,646,498) (1,883,715) Weighted average number of 14,081,834 15,645,812shares There were no dilutive instruments in issue during the period The loss attributable to each share class for the period ended 30 June 2013 wasas follows: US$ Share £ Share (Loss) per share class (US$) (5,077,479) (26,959,276) Weighted average number of 21,564,108 21,879,928shares EPS per share class (US$) (0.24) (1.23) Issued shares at the beginning 23,834,219 23,052,010of the period Effect on the weighted average number ofshares: Conversion of shares (659,967) 427,366 Compulsory redemption of shares (1,610,144) (1,599,448) Weighted average number of 21,564,108 21,879,928shares There were no dilutive instruments in issue during the period. 9. Segmental Reporting Although the Company has two classes of shares and invests in variousinvestment themes, it is organised and operates as one business and onegeographical segment as the principal focus is on emerging market strategies,mainly achieved via investments in Funds domiciled in Europe but investingglobally. Accordingly, all significant operating decisions are based uponanalysis of the Company as one segment. The financial results from this segmentare equivalent to the financial statements of the Company as a whole.Additionally, the Company's performance is evaluated on an overall basis. TheCompany's management receives financial information prepared under IFRS and, asa result, the disclosure of separate segmental information is not required. 10. Ultimate Controlling Party In the opinion of the Directors and on the basis of shareholdings advised tothem, the Company has no ultimate controlling party. 11. Involvement with unconsolidated structured entities The table below describes the types of structured entities that the Companydoes not consolidate but in which it holds an interest. Type of structured entity Nature and purpose Interest held by the Fund Investment funds To manage assets on behalf Investments in units of third party investors issued by the funds and generate fees for the investment manager. These vehicles are financed through the issue of units to investors. The table below sets out interests held by the Company in unconsolidatedstructured entities. The maximum exposure to loss is the carrying amount of thefinancial assets held. Investment in unlisted Number of Total net Carrying amountinvestment funds investee funds assets included in "Financial assets at fair value through profit or loss" Special Situation Private 8 1,167,325,685 191,418,362Equity Funds Real Estate Funds 2 118,277,497 10,728,399 During the period, the Company did not provide financial support tounconsolidated structures entities and has no intention of providing financialor other support. 12. Related Party Transactions Parties are considered to be related if one party has the ability to controlthe other party or to exercise significant influence over the other party inmaking financial or operational decisions. The Directors are responsible for the determination of the investment policy ofthe Company and have overall responsibility for the Company's activities. TheCompany's investment portfolio is managed by Ashmore Investment ManagementLimited. The Company and the Investment Manager entered into an Investment ManagementAgreement under which the Investment Manager has been given responsibility forthe day-to-day discretionary management of the Company's assets (includinguninvested cash) in accordance with the Company's investment objectives andpolicies, subject to the overall supervision of the Directors and in accordancewith the investment restrictions in the Investment Management Agreement and theArticles of Incorporation. During the period ended 30 June 2014, the Company had the following relatedparty transactions: Income/ Receivable/ (Expense) (Payable) Related Party Nature US$ US$ Ashmore Investment Management Management fees (1,900,316) (144,647)Limited (net) Ashmore Investment Management Incentive fees 138,519 (1,779,391)Limited Ashmore Investment Management Administration (79,430) (172,334)Limited fees Board of Directors Directors' fees (113,583) (56,108) Investment Activity US$ Related Funds Dividends 1,227,097 During the period ended 30 June 2013, the Company engaged in the followingrelated party transactions: Income/ Receivable/ (Expense) (Payable) Related Party Nature US$ US$ Ashmore Investment Management Management fees (4,950,999) (138,648)Limited (net) Ashmore Investment Management Incentive fees 3,304,814 (837,862)Limited Ashmore Investment Management Administration (74,058) (45,076)Limited fees Board of Directors Directors' fees (125,260) - Investment Activity US$ Related Funds Purchases (101,112,589) Related Funds Sales 212,526,409 Related Funds Dividends 462,236 Related Funds are other Funds managed by Ashmore Investment Management Limited. During the period ended 30 June 2014, Directors' remuneration was as follows: Chairman: £31,500 per annum Chairman of the Audit Committee: £31,500 per annum Independent Directors: £29,700 per annum Non-Independent Director: waived The Directors had the following beneficial interest in the Company: 30 June 2014 31 December 2013 £ Ordinary Shares £ Ordinary Shares Nigel de la Rue 2,514 2,883 Christopher Legge 1,571 1,802 Richard Hotchkis 944 1,082 13. Commitments During the period ended 31 December 2010, the Company entered into asubscription agreement with Everbright Ashmore China Real Estate Fund LP for atotal commitment of US$10 million. As at 30 June 2014 the outstandingcommitment was US$808,727 (31 December 2013: US$808,727). During the period ended 31 December 2011, the Company increased its commitmentto VTBC Ashmore Real Estate Partners 1 LP to a total of €11.4 million. As at 30June 2014 the outstanding commitment was €243,474 (31 December 2013: €243,474). During the year ended 31 December 2011, the Company entered into a subscriptionagreement with AA Development Capital India Fund LP for an initial commitmentof US$4,327,064, which was subsequently increased to US$23,581,027. AADevelopment Capital India Fund LP was dissolved by its General Partner on 28June 2013 with all outstanding commitments transferred to AA DevelopmentCapital India Fund 1 LLC. As at 30 June 2014, the outstanding commitment wasUS$6,261,340 (31 December 2013: US$6,261,340). 14. Subsequent Events Compulsory redemption of shares On 21 July2014, the Company announced that it would return 17.44 pence and17.56 US cents per GBP and US$ share respectively, on a payment date of 8August 2014 using the 30 June 2014 Net Asset Value.As a result, 448,555 GBPshares and 433,810 US$ shares were redeemed.The gross capital distributionamounted to US$7.25 million (gross of fees, including buyback fees anddistribution costs). The Alternative Investment Fund Managers Directive ("AIFMD") Ashmore Investment Advisors Limited ("AIAL") was authorised as an AlternativeInvestment Fund Manager ("AIFM") by the Financial Conduct Authority ("FCA") on18 July 2014. The Board have appointed AIAL as the Company's AIFM and AshmoreInvestment Management Limited has agreed to novate its rights and obligationsunder the 05 November 2007 Investment Management Agreement ("IMA") to AIAL. TheIMA has been amended; to reflect these changes; to comply with regulatoryobligations; and to provide an appropriate balance between the Board'sindependence from the AIFM, its control over the Company and the Company'sinvestment policies. The Company has appointed Northern Trust International Fund AdministrationServices (Guernsey) Limited ("NTIFASGL") as its Depositary, an appointmentrequired by the AIFMD. Under the terms of the new Administration Agreementdated 29 May 2014, in return for performing its duties as depositary, NTIFASGLis remunerated with a fee based on 0.01% of the Company's Total Net Assets. Corporate Information Directors CustodianRichard Hotchkis - Chairman Northern Trust (Guernsey) LimitedNigel de la Rue PO Box 71Christopher Legge Trafalgar CourtSteve Hicks Les Banques St Peter Port Guernsey GY1 3DA Channel Islands Registered Office AuditorAshmore Global Opportunities Limited KPMG Channel Islands LimitedPO Box 255 20 New StreetTrafalgar Court St Peter PortLes Banques Guernsey GY1 4ANSt Peter Port Channel IslandsGuernsey GY1 3QLChannel Islands Administrator, Secretary and Registrar Advocates to the CompanyNorthern Trust International Fund Carey OlsenAdministration Services (Guernsey) Carey HouseLimited Les BanquesPO Box 255 St Peter PortTrafalgar Court Guernsey GY1 4BZLes Banques Channel IslandsSt Peter PortGuernsey GY1 3QLChannel Islands Investment Manager UK Solicitors to the CompanyAshmore Investment Advisors Limited Slaughter and May61 Aldwych One Bunhill RowLondon WC2B 4AE London EC1Y 8YYUnited Kingdom United Kingdom Broker UK Transfer AgentJ.P. Morgan Cazenove Computershare Investor Services PLC20 Moorgate The PavilionsLondon EC2R 6DA Bridgewater RoadUnited Kingdom Bristol BS13 8AE United Kingdom Broker WebsiteJefferies International Limited Performance and portfolio informationVintners Place for Shareholders can be found at:68 Upper Thames Street www.agol.comLondon EC4V 3BJUnited Kingdom