Conversion of Securities

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 (the "Company")

Completion of 31 March 2012 voluntary share conversion and conversion of Euro share class

17 April 2012

Following the publication on 13 April 2012 of the final month-end net asset values for 31 March 2012, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the share conversion which is to be effected by reference to the 31 March 2012 share conversion date (the "March Conversion"):

On the basis of valid elections received and using the conversion ratios listed above, the following shares will be issued pursuant to the March Conversion:

- 185,527 new Sterling shares; and

- 34,802 new US Dollar shares

and the following shares will be cancelled:

- 256,819 Euro shares

all with effect from 23 April 2012.

In addition, the following Euro shares will be converted to US Dollar shares further to the conversion notice and the conversion timetable announced by the Company on 2 March 2012 and 27 March 2012, in accordance with the articles of incorporation of the Company (such conversion being the "Euro Conversion"):

On the basis of the number of Euro shares in issue following the March Conversion and using the conversion ratio listed above, the following shares will be issued pursuant to the Euro Conversion:

- 4,243,712 new US Dollar shares

- 425,470 new US Dollar treasury shares

and the following shares will be cancelled:

- 3,086,606 Euro shares

- 309,460 Euro treasury shares

all with effect from 23 April 2012.

Application has been made to the Financial Services Authority ("FSA") for the new US Dollar and Sterling shares issued pursuant to the March Conversion and the Euro Conversion to be admitted to the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange's main market for listed securities. Application has also been made to the FSA for the cancellation of the Euro share class from the Official List.

Admission of the new US Dollar and Sterling shares is expected to occur on or around 23 April 2012. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 23 April 2012.

Following the issue and cancellation of the relevant shares, the total number of shares in issue in each class will be as follows:

- 0 Euro shares

- 0 Euro treasury shares

- 24,027,694 US Dollar shares

- 2,034,220 US Dollar treasury shares

- 23,487,400 Sterling shares; and

- 726,461 Sterling treasury shares

Following the issue and cancellation of the relevant shares, the number of votes each share shall be entitled to on a poll at any general meeting of the Company (applying the Weighted Voting Calculation as described in the prospectus published by the Company on 6 November 2007) is as follows:

US Dollar Shares: 1.0000

Sterling Shares: 2.0288

The above figures may be used by shareholders as the denominator for the 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 FSA's Disclosure and Transparency Rules.

This document does not constitute and may not be relied upon as constituting any form of investment advice or inducement to invest and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment decision.

All investments are subject to risk. AGOL invests in emerging markets, which may be more volatile than more mature markets, and the value of an investment in AGOL could move sharply down or up. In extreme circumstances, this could result in a total loss of the investment. Emerging markets are volatile and may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of investments to decrease or increase; the operational risks of investing are higher than in more developed markets. Past performance is no guarantee of future returns.

This announcement is not for distribution (directly or indirectly) in, into or from the United States, Canada, Australia or Japan (or any other jurisdiction where to do the same would constitute a violation of the relevant securities laws of such jurisdiction). In addition, this announcement does not constitute an offer of securities for sale in or into the United States, Australia, Canada or Japan (or any other jurisdiction where the same would constitute a violation of the relevant securities laws of such jurisdiction).

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden (Tel: +44 (0) 1481 745368)

www.agol.com