Half Yearly Report

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.

29 August 2013

Interim Results for the period ended 30 June 2013

The financial information set out below does not constitute the Company's statutory accounts for the period ended 30 June 2013. All figures are based on the unaudited interim report and financial statements for the period ended 30 June 2013.

The unaudited interim report and financial statements for the period ended 30 June 2013will shortly be posted to shareholders and will also be available on the company website: www.agol.com

Financial Highlights

Chairman's Statement

The Chairman submits this statement and the interim report of Ashmore Global Opportunities Limited (the "Company") for the six months ended 30 June 2013.

As at 30 June 2013 the Net Asset Values ("NAVs") of the US dollar and Sterling classes stood at US$7.66 and £7.53 respectively, decreases of 3.28% and 3.09% respectively over the period. The US dollar and Sterling share prices stood at US$5.33 and £5.15 respectively as at 30 June 2013, an increase of 1.52% and a decrease of 5.16% respectively against 31 December 2012 levels.

Managed wind-down of the Company

At an EGM held on 13 March 2013, resolutions were passed which:

(i) changed the investment objective and ceased the current investment restrictions of the Company in order to realise the Company's assets in an orderly manner and return cash to Shareholders;

(ii) amended the Articles of Incorporation of the Company in order to facilitate regular, quarterly returns of cash to Shareholders;

(iii) amended the Articles of Incorporation of the Company removing the necessity for a continuation vote by Shareholders;(iv) amended the Articles of Incorporation of the Company reducing the minimum number of Directors from five to one; and

(v) amended the terms of the Investment Management Agreement ("IMA") between the Company and Ashmore Investment Management Limited ("Investment Manager").

Following the EGM, the changes to the Articles of Incorporation and to the IMA have been effected to reflect the above resolutions.

Distribution to Shareholders

Since the EGM held on 13 March 2013, the Company has made its first capital distribution of US$92.5 million (gross of buyback fees and distribution costs) following the end of the first quarter of 2013 and its second distribution of US$13.0 million (gross of buyback fees and distribution costs) following the end of the second quarter of 2013. This compares to the 31 December 2012 NAV of US$480.0 million and a market capitalisation at the same date of US$328.6 million. These distributions from 31 December 2012 to date represented approximately 22% of NAV or 32% of market capitalisation.

Market Discount to Net Asset Value

As at 30 June 2013, the NAV of the Company was US$359.2 million and the market capitalisation was US$247.8 million reflecting an average discount of 31% between the NAVs per share and the share prices. While the Board recognises that the discount of the share price to the NAV per share remains around December levels (in percentage terms), it is encouraged by the recent exits and associated distributions. Moreover, recent exits have been made at or above the latest valuation levels and the Board believes that there is the potential for growth in the NAV as further exits are made by the Investment Manager. Shareholders should also recognise that during the year to date about one fifth of their shareholdings have been paid out at a nil discount to NAV.

Investment Portfolio and Divestments

On a look through basis, the allocation to Special Situations as a percentage of the Company's total net assets was 77.51% at 30 June 2013, compared to 65.63% at 31 December 2012. As mentioned in the 2012 annual report, the December 2012 figure was relatively low due to the significant distributions received from the Ashmore Global Special Situations Funds right at the end of the year. The 30 June 2013 figures include the cash earmarked for the second quarterly distribution which was paid to Shareholders on 2 August 2013. The Company is retaining cash to cover potential drawdowns by one of its fund holdings and for the purpose of paying regular expenses.During the period, the Company received distributions of US$74.5 million from its investments. The majority of these came from the Ashmore Asian Recovery Fund and the Ashmore Asian Special Opportunities Fund, with AEI distributing twice and various smaller distributions received from other investments. During the period AGOL also sold its positions in various daily dealing Ashmore SICAV Funds.

Looking through the fund investments to the top underlying holdings, since the 2012 annual report, the most significant events have occurred in Odebrecht Agroindustrial (previously ETH Bioenergia) and Al Noor Medical. During the period, a number of divestments were made from the underlying Special Situations Funds including Sweta in India and Bangkok Land in Thailand. These developments are described in more detail in the Investment Manager's report together with information on the top ten holdings on a look through basis.

Principal Risks and Uncertainties

The Board considers that the main risks and uncertainties faced by the Company fall into these categories of:

(i) General markets risks;

(ii) Emerging Market risks; and

(iii) Other portfolio specific risks.

A detailed explanation of these risks and uncertainties can be found in the Company's most recent Annual Report for the year ended 31 December 2012 (the "Annual Report"). The principal risks and uncertainties facing the Company remain unchanged from those disclosed in the Annual Report.

Related party transactions

Full details of the investment management arrangements were provided in the Annual Report. There have been no significant changes to the related party transactions described in the Annual Report which could have a material effect on the financial position or performance of the Company.

Outlook

A number of the underlying portfolio companies including AEI and TAAS are expected to reach important milestones in the second half of 2013, the details of which are discussed in the Investment Manager's report. The Investment Manager remains focused on a speedy and orderly realisation of the Company's investments, in line with the Board's desire to return cash to Shareholders both as quickly as possible and at full valuations.

Jonathan Agnew

28 August 2013

Investment Manager's Report

 Performance

As at 30 June 2013, the NAVs for the US Dollar and Sterling share classes stood at $7.66 and £7.53 respectively, representing performances of -3.28% and -3.09% respectively for the six month period. This compares to a return of -9.57% for the MSCI Emerging markets Index over the same period (net, dividends reinvested).

Price and NAV performance against per indices (rebased), since inception

(For full version of the report, including charts and graphs, please refer to the company website: www.agol.com)

Portfolio

Following the EGM in March 2013, the Board of AGOL announced that investors had voted in favour of a managed wind down of the Company. This led to the sale of all non-special situations investments with the proceeds being distributed back to investors. The outcome of this vote also means that the Company will make no new investments. On a look through basis, the allocation to Special Situations was 77.51% as at 30 June 2013.

The tables below show the Top 10 underlying portfolio companies, as well as a split of the portfolio by country and industry. Since December 2012, there have been a number of changes in size and ranking by NAV.

 Portfolio and Company Performance

Operating performance amongst the investee companies developed positively over the period.

The valuation of TAAS saw a number of movements, some negative and some positive. The start of production was delayed due to a change in contractor for the processing facilities, and estimated operating expenditure is now higher than previously estimated, although capital expenditure remains in line with expectations. Net debt has grown slightly but the debt to equity ratio remains comfortably below 100%. Two tax changes had a positive impact on the company's valuation: 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. On balance, the independent valuation agent marked down the valuation of the TAAS equity by 14%. TAAS is expected to go into production in Q3 2013, which will change the company's status from "under construction" to "in production".

MCX, the Indian commodity exchange saw its share price fall significantly over the period, the key reason being proposed regulatory changes which would have a negative impact on the futures market. MCX continues to dominate Indian futures with an 87% market share and remains one of the largest commodities futures exchanges globally, with over 40 different commodities traded.

As previously reported, ECI has embarked on a major restructuring programme over the last 12 months. We believe that the task is broadly complete, with a newly strengthened management team in place who are working to improve the profitability of the business.

During the period, Odebrecht Agroindustrial (previously ETH Bioenergia), the Brazilian integrated ethanol producer, reported a 45% increase in ethanol production on the back of a much better harvest as weather conditions returned to normal. Nevertheless, historic delays to sugar cane production as a result of poor weather continued to have a knock on effect on the company's cash flows. While both EBITDA and enterprise value increased as a result of the recent growth in production, rising debt levels offset any benefit to the equity and consequently the independent valuation agent marked down the equity valuation by 26%.

EMTEK was the outstanding performer for the period. The integration of IDKM and SCTV continues to progress well; plans are underway to roll out a Pay TV station in Jakarta and management continue to develop new opportunities including the development of content and production studios. The listed share price of EMTEK increased substantially over the period.

AEI continues to perform well and was marked up by the third party valuation agent. Further non-core assets sales during the period resulted in dividend payments to its shareholders. One of the Greenfield assets is scheduled to go into production in Q3 2013, with the other scheduled for Q4 2014.

There were two realisations in the six month period. The first occurred in February 2013 when AGOL exited Bangkok Land, the listed Thai real estate developer. This followed the exit of IMPACT, Bangkok Land's key operating asset which was sold to the Bangkok Land holding company in December. The second exit during the period, which was completed in April 2013, was the sale of Sweta Estates, an Indian real estate developer.

Al Noor Hospital was listed on the London Stock Exchange in June at a value of over US$1 billion, marginally above the latest valuation. AGOL retains its underlying exposure through various special situations fund investments.

Operating and Valuation Metrics

(For full version of the report, including charts and graphs, please refer to the company website: www.agol.com)

The above analysis of the last twelve months' operating performance and valuation metrics of AGOL's underlying Special Situations holdings as at 30 June 2013 has been done on a best effort basis. The totals may not add up to 100% due to holdings in other investment themes, or Special Situations themed investments for which the selected measures are inappropriate (for example distressed debt or project development). AGOL and Ashmore Investment Management Limited accept no liability for these figures.

Elang Mahkota Teknologi EMTEK

Company: Emtek

Industry: Television

Country: Indonesia

Website: www.emtek.co.id

Company Status: Private

Initial Investment: October 2003

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

ARF

GSSF 3

GSSF 4

Business Description

n Emtek is a holding company with interests in Free-to-Air TV, communications networks and related retail and IT services. However, the vast majority of Emtek's value comes from its interest in SCTV, Indonesia's No2 FTA channel

n SCTV has acquired an 84.7% interest in Indosiar, its main FTA competitor. This will give the combined platform a 25% market share in Indonesia

Investment Rationale - Why Did Ashmore Invest?

n Emtek/SCTV provided a clear exposure to rising Indonesian incomes and expenditure

n Ashmore believes that the FTA media business in Indonesia will consolidate over time, for which Emtek would provide the best platform

Value Creation - What Has Ashmore Done?

n IDKM, in which EMTEK acquired an 85% interest, has been merged with SCTV - the integrated entity is held by EMTEK and is effective from May 2013

n Combined audience share for the last year was 25% - consistent across Prime Time and Non-Prime - and market position held steady for the year

n Cost of Broadcast and OPEX continued to decline year-on-year. A major driver of this remains EMTEK's in-house production strategy

n Accelerated roll out of Pay TV

Current Initiatives

n IDKM integration and performance improvement

n Production platform development

n Increased utilisation of studio capacity with broader content development

n The Indonesian market has excess capacity and it is inefficient. Applying SCTV's benchmarks to other operators should result in material savings and increased revenues

Potential Exit Routes

n We believe that a successful integration with IDKM will provide a more attractive platform going forward and will increase the number of exit routes available

Odebrecht Agroindustrial (formerly ETH Bioenergia)

Company: Odebrecht Agroindustrial (formerly ETH Bioenergia)

Industry: Ethanol and Power

Country: Brazil

Website: www.eth.com

Company Status: Private

Initial Investment: March 2007

Deal Type: Private equity

Investment Risk: Equity

Investing Ashmore SS Funds:

AGOL

ARF

GSSF 3

GSSF 4

GSSF 5

Business Description

n Odebrecht Agroindustrial is a fully integrated renewable fuels company, which we anticipate may become one of Brazil's largest ethanol production platforms, involving the planning, development and harvesting of sugarcane and the large scale industrial production and distribution of ethanol fuel

n Odebrecht Agroindustrial currently operates 9 large-scale ethanol plants (7 of which are greenfield state of the art facilities)

n At full capacity (which is expected to occur in 2017/18) Odebrecht Agroindustrial will crush over 40 million tons of sugarcane and produce 3 billion litres of ethanol

Investment Rationale - Why Did Ashmore Invest?

n A favourable ethanol demand and production environment in Brazil, with an experienced labour force, a large amount of inexpensive, fertile and arable land, an ideal climate, and proven technology

n Odebrecht's competitive advantage based on its cost-advantaged raw material supply, integrated production and strong execution

n The Company is one of the few global-scale, technologically advanced producers with a significant ethanol and cogeneration capacity and a strong balance sheet

Value Creation - What has Ashmore Done?

n The Brazilian president announced changes to improve sector economics from May 2013 with an increase of ethanol in the gasoline mix from 20% to 25% and a tax cut from 5.6% to 1% (PIS/Cofins)

n A 50% increase in the number of tons of cane crushed as new mills came online

n A reduction in employee turnover from 34% to 16%

n Extended grace periods on the debt payments with BNDES in light of the industry-wide production shortfalls

Current Initiatives

n Agri process improvement and a cost cutting programme

n Export growth, especially to the US

n Improvements to the product mix towards higher margin anhydrous ethanol and sugar

n Segregation of the energy assets into a new company (Odebrecht Energia Renovaveis - OER) that will reduce debt and generate positive capital returns to Odebrecht Agroindustrial (OA). Ashmore will have the same equity share in OER as it currently has in OA

Potential Exit Routes

n Target IPO of OA and OER

n Secondary placement

AEI

Company: AEI

Industry: Power Generation

Country: Regional Latin America

Website: www.aeienergy.com

Company Status: Private

Initial Investment: May 2006

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

AGOL

GSSF 2

GSSF 3

GSSF 4

GSSF 5

Dividends (per share):

US$12 (May 2011)

US$0.83 (December 2012)

US$0.97 (February 2013)

Business Description

n Headquartered in Houston, Texas, AEI owns and operates interests in multiple power generation assets primarily in Central and South America

n Businesses include operating plants in Central America and the development of three greenfield projects in South America

Investment Rationale - Why Did Ashmore Invest?

n AEI was formed by Ashmore to create a diversified portfolio of Emerging Markets energy assets

n AEI is reorganising around its core power generation assets with a focus on cash generation from its producing assets and completion of the Greenfield projects

Value Creation - What Has Ashmore Done?

n Further downsizing of the HQ function to reflect the new focus of the business and the divestment of non-core businesses

n Continued oversight of the Greenfield projects with Fenix commissioning now scheduled for Q4 2013 (due to some minor equipment related delays) and Jaguar continuing to target commissioning in Q4 2014. Al Arrayan, the wind project in Chile, is also proceeding as planned

n Higher than expected realisations from the sale of non-core assets, which have been distributed to investors

Current Initiatives

n Exit of the remaining operational assets

n Ongoing HQ cost monitoring/improvements

n Greenfield financing support

Potential Exit Routes

n The private sale of assets either individually or as a group

Alphaland

Company: Alphaland

Industry: Real Estate Development

Country: Philippines

Website: www.alphaland.com.ph

Company Status: Public

Initial Investment: June 2007

Deal Type: Private Equity

Investing Ashmore SS Funds:

ARF

GSSF 3

GSSF 4

GSSF 5

Business Description 

n Alphaland is a developer of Class A office and retail space and high and mid-tier residential real estate in Metro Manila. In addition, the Company is a development partner in two high-end resorts and second home developments on holiday islands near to Manila

n The Company's assets are a Metro Manila land bank, a tenanted mixed-use office building, under construction sites in Makati Manila and two residential developments in the island belt around Manila

Investment Rationale - Why Did Ashmore Invest?

n The macro driver for Ashmore's initial investment was the relative lack of Class A office buildings in Metro Manila compared to the potential demand:

- Supply was insufficient for the needs of the outsourcing, offshoring and services industries

- Continued strong remittance payments were seeking quality, new build, affordable city housing. This has not been a traditional market for Metro Manila developers

n In addition, our partners in Alphaland were able to provide i) an experienced local management team able to source land and build, and ii) favourable acquisition prices from distressed sellers

Value Creation - What Has Ashmore Done?

n Alphaland Tower, the flagship office building on Ayala Avenue, was completed and opened in June

Current Initiatives

n Now that the development projects have progressed, Ashmore staff are focused on exiting the investment, with an M&A transaction the most likely outcome

Potential Exit Routes

n An equity markets transaction done on the back of a more developed, cash producing portfolio of assets or an M&A sale to local developers

Pacnet

Company: Pacnet

Industry: Telecommunications

Country: Hong Kong and Singapore

Website: www.pacnet.com

Company Status: Private

Initial Investment: October 2007

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

ARF

GSSF2

GSSF3

GSSF4

Business Description

n Pacnet was formed in 2008 with the merger of three leading Asian IP telecommunication companies, creating Asia's longest and highest capacity privately-owned submarine cable network

n Total network construction costs were US$4.1 billion

n Its mission is to become Asia's leading next generation data service provider for all enterprises in the Asia Pacific region

Investment Rationale - Why Did Ashmore Invest?

n Network acquisitions were done at a fraction of construction costs

n Value drivers included exponential Asian broadband usage growth and pricing recovery from massive over-capacity

n Plan to become the largest owner of sub-sea capacity in Asia to command pricing power and lead consolidation while building a complex telecom services company

Value Creation - What Has Ashmore Done?

n EBITDA - following a cost cutting initiative, the EBITDA margin has improved from 16% to 21% and the monthly run rate EBITDA is now approximately US$8.5 million

n China - the Company has entered into an agreement with the Tianjin Government to operate a tier III data centre (DC), giving Pacnet its 2nd mainland DC

n Data Centres - the company is attracting leading financial and internet tech companies into its HK and Australia data centres, and Singapore will be ready for service in December 2013

Current Initiatives

n Identifying further cost savings, the launch of a more comprehensive suite of managed services for both the data centres and Network as a Service, and opening further data centre sites in China

Potential Exit Routes

n Pacnet's core network and its improved Managed Services offering make it an attractive target for telecommunications firms looking either to expand into Asia Pacific or to become regional players with a diversified product offering for Enterprise customers

GEMS / Utileco

Company: GEMS/Utileco

Industry: Waste Management

Country: Saudi Arabia

Website: www.gems-ksa.com

www.utileco.com

Company Status: Private

Initial Investment: May 2008

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

GSSF 4

GSSF 5

Business Description

n GEMS/Utileco is an integrated industrial services and waste managment platform. The main business activities are the collection, handling and disposal of petroleum and chemical wastes

n The company is also involved in wastewater treatment, bio remediation, resource recovery and environmental cleanups, as well as the recovery and resale of oils such as waste lube oil

n GEMS runs 14 waste oil collection and treatment sites across the Kingdom of Saudi Arabia

Investment Rationale - Why Did Ashmore Invest?

n The rationale is to leverage GEMS's existing infrastructure, facilities, partnerships, licenses and contracts, combined with Utileco'sIP and management team, to create the leading integrated regional waste management company in both the Kingdom of Saudi Arabia and the region

n Ashmore funds invested in GEMS/Utileco in Q4 2008 and Q1 2009, with several subsequent investments to fund capacity increases and the consolidation of shareholdings over the past two years

n Further value generation is available through continued capacity expansion and investment in Integrated Waste Management plants and waste lube oil re-refineries. This will increase not only collection capacity, but also the quantity of resources recovered including waste and base oils which can be resold in the local market as well as regionally

Value Creation - What Has Ashmore Done?

n Increased capacity and optimisation of the Rabigh, Joffah and Dammam sites

n The development of expanded capabilities in the industrial services sector, including larger shut down contracts at client sites

n Entrance into the tank cleaning business through signing the company's first major tank cleaning project

n GEMS was selected by an international jury to win the National Energy Globe Award of Saudi Arabia for the Dammam site, thus consolidating a strong regional reputation for best-in-class technology

Current Initiatives

n The construction of additional storage, handling and processing capacity at the Al Joffah, Rabigh, Yanbu and Dammam sites to increase capacity and meet demand

n The recruitment of engineers and technicians to bolster capacity across the company, address growing demand and to expand the industrial services capability

n The leveraging of client relationships in the waste management and industrial services business segments to expand into the oil trading business. Significant volumes have already been contracted

Potential Exit Routes

n Target a trade sale to local Saudi industrials, regional funds, or international waste management businesses looking for exposure to the sector/region, or a sale to existing shareholders.

Multi Commodity Exchange of India Limited (MCX)

Company: MCX

Industry: Banking and Finance

Country: India

Website: www.mcxindia.com

Company Status: Private

Initial Investment: March 2010

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

AADCIF

AGOL

GSSF4

GSSF5

Business Description

n MCX is India's leading commodity exchange with an 87% market share

n Globally, MCX is the third largest commodities futures exchange in terms of volume. In terms of future contracts traded, it ranks first in silver and gold, second in natural gas, and third in crude oil

n It has 40 commodities trading across segments including bullion, base metals, energy and agricultural commodities

Investment Rationale - Why Did Ashmore Invest?

n MCX is India's leading commodity exchange with a first mover advantage

n MCX looked to benefit from the rapid growth in the commodity trading business on the back of India's economic growth

n Structural changes in the business and better infrastructure provided opportunities to enhance value. India's proportion of commodity derivatives to physical contracts is at 3x compared to 30-40x for global benchmarks

n Ashmore acquired the stake at a discount to the entry price as part of the seller's strategy to divest non-core assets

Value Creation - What Has Ashmore Done?

n MCX was the first futures exchange to offer futures trading in steel and crude oil, amongst others, and a futures for physicals facility

Current Initiatives

n Enhance the product portfolio by adding new commodities

n Launch commodity options on approval of the FCRA bill by the Government

n Expand geographically and improve penetration though international strategic tie-ups, investor awareness drives and by signing up new brokers

Valuation

n The current market capitalisation is US$672 million, down from a peak of US$1.36 billion in November 2012 on account of; increased liquidity (the public float increased from 20% to 80% on the expiry of the lock-in period in March 2013); the introduction of a Commodity Transaction Tax (CTT) from July 2013; and continuing uncertainty with regard to passing the Forward Contracts (Regulations) Act (FCRA) by the Government

Potential Exit Routes

n In March 2012 , MCX became the first Indian bourse to be listed on the Indian stock exchanges.

n Stake sales in the secondary market

Jasper Investments

Company: Jasper Investments

Industry: Oilfield Services

Country: Singapore

Website: www.jasperinvestments.com

Company Status: Public

Initial Investment: September 2005

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

ARF

GSSF2

GSSF3

GSSF4

Business Description 

n Jasper Investments Limited ("Jasper") is a holding company listed on the SGX since 1993 which principally invests in the offshore oil and gas drilling and services sector

n Jasper's principal subsidiary, Jasper Offshore, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas exploration and production companies

Investment Rationale - Why Did Ashmore Invest?

n Ashmore acquired its majority interest in Jasper as a Singapore listed holding vehicle

n Ashmore first had the opportunity to acquire Neptune, the oilfield services genesis of Jasper, when the previous management and promotion team got into financial difficulties

n A conversion programme was expected to be a cheaper and more efficient way to fund increasing E&P capex spending

Value Creation - What Has Ashmore Done?

n Both Keppel jack-ups were sold to a Mexican acquirer for US$216 million each versus a contract value of US$172 million each

n The Explorer is now on its second drilling contract. The contract is for two holes with CNOOC in West Africa and drilling of the first hole is ongoing

n A new CEO with considerable operational, technical and marketing experience in the drilling industry is in place with further mid-level hires following this change

n The conversion of Cosmopolitan into an accommodation vessel continues on track with the vessel commissioning in Q4 2013

Current Initiatives

n Management is focused on the successful operation of the CNOOC drilling mandate. In addition, management is working on a number of drilling opportunities post-contract

n Enhancement of the governance of the business

n The Cosmopolitan sale process is ongoing with a number of interested parties

Potential Exit Routes

n M&A of either the Company with assets under contract, or the individual assets depending on the relative value

Al Noor Medical Company

Company: Al Noor Medical Company

Industry: Healthcare

Country: United Arab Emirates

Website: www.alnoorhospital.com

Company Status: Private

Initial Investment: October 2010

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

GSSF 4

GSSF 5

Business Description

n Al Noor Medical Company, established in 1985 in Abu Dhabi, is an integrated healthcare service provider comprising three hospitals, six clinics, ten pharmacies and one warehouse

n Through its operating assets the Company provides primary, secondary and intermediate tertiary care services

n The Company (as of year-end 2012) operates total bed capacity of approximately 300 and employs approximately 3,200 administrative and clinical staff including 350 doctors

Investment Rationale - Why Did Ashmore Invest?

n Ashmore invested in Al Noor in Q3 2010 as one of the existing investors was in need of liquidity and seeking to partially monetize their investment

n The demographics of the UAE, coupled with extended life expectancies and increased cases of "lifestyle" diseases

n This investment is in an undersupplied sector which has displayed consistent high growth of a non-cyclical nature. The company had been a market leader for 25 years, and had a strong financial and operational track record supported by a strong management team

Value Creation - What Has Ashmore Done?

n There was an extensive review of back office admin and support functions which created US$6 million of annualised savings

n Two new primary care clinics were opened in Abu Dhabi and one in Muscat

n A leveraged recapitalisation of AED 500 million was completed

n Cumulative dividends of US$13.6 million have been received to date

Recent Initiatives

n Al Noor listed on the LSE on June 21st 2013

n Following the listing Ashmore Funds received US$23.8 million from the Al Noor holding structure, being the proceeds of shares sold in the IPO. The Funds retain an indirect interest of some 4.8% (down from 8.9%)

TAAS

Company: TAAS

Industry: Oil exploration / production

Country: Russia

Company Status: Private

Initial Investment: November 2007

Deal Type: Private Equity

Investment Risk: Equity

Investing Ashmore SS Funds:

GSSF3

GSSF4

Business Description

n TAAS holds the licence for development and commercial exploitation of the Srednebotuobinskoe oil-gas-condensate field located in Eastern Siberia in the Republic of Sakha (Yakutia), Russia

n The field is one of the five largest discovered in Eastern Siberia with 2P oil reserves of 991 MM bbl as per an independent report produced by DeGoyler and MacNaughton (31 March 2012)

n It is located close (168 km) to the East Siberia Pacific Ocean (ESPO) pipeline, the main oil export route from Russia to the Far East which is connected to an oil terminal in Kozmino Bay on the Pacific shore

Investment Rationale - Why Did Ashmore Invest?

n The investment offered an opportunity to gain access to a large, high quality oil field in the developing Eastern Siberia region

n Value creation will be delivered through development of the field, connection to the Far East markets via the ESPO and anticipated strategic interest in the acquisition of Russian oil reserves well positioned to target markets in the Far East, including Chinese crude oil markets

n Government attempts to attract investment in the region included certain tax breaks that were awarded to TAAS, significantly improving the economics of the deal

Value Creation - What Has Ashmore Done?

n The focus has been on construction of the field infrastructure

n An update to reserves was produced by DeGoyler and MacNaughton, confirming 2P of 991 MMbbl of oil, 10m MMbbl of condensate and gas reserves of 2110 MM

Recent Initiatives

n Strategic/trade sale after first oil production

Ashmore Investment Management Limited

Investment Manager

28 August 2013

Unaudited Schedule of Investments

As at 30 June 2013

*As defined in the registration document of the Company (the "Prospectus").

Board Members

As at 30 June 2013 the Board consisted of five non-executive directors. The Directors are responsible for the determination of the investment policy of Ashmore Global Opportunities Limited (the "Company" or "AGOL") and have overall responsibility for the Company's activities. As required by The AIC Code on Corporate Governance (the "Code"), the majority of the Board of Directors are independent of the Investment Manager. In preparing this Semi-Annual Report the independence of each Director has been considered.

Jonathan Agnew, Independent Chairman, (UK resident) appointed 16 October 2007

Jonathan Agnew is Chairman of AGOL, having been appointed to the Board in 2007. He is also Chairman of The Cayenne Trust plc and Senior Independent Director of Rightmove plc. Mr Agnew was formerly a managing director of Morgan Stanley and subsequently Chief Executive of Kleinwort Benson Group and has been Chairman of Limit plc, Gerrard Group plc, Henderson Geared Income & Growth Trust plc, Beazley plc, LMS Capital plc and Nationwide Building Society.

Graeme Dell, Non-Independent Director(Employee of the Investment Manager), (UK resident) appointed 5 March 2008

Graeme Dell joined Ashmore Group plc and was appointed to the Board as Group Finance Director in December 2007. Prior to joining Ashmore, Graeme was Group Finance Director at Evolution Group Plc from 2001 to 2007, where he had group-wide responsibility for finance, operations, technology, compliance, risk and HR which included playing a significant role in the foundation and development of Evolution's Chinese securities business. Graeme previously worked for Deutsche Bank and Goldman Sachs in a range of business management, finance and operations roles both in Europe and in Asia Pacific. Graeme qualified as a Chartered Accountant with Coopers & Lybrand and is a graduate of Hertford College, Oxford University.

Nigel de la Rue, Independent Director,(Guernsey resident) appointed 16 October 2007

Nigel de la Rue graduated in 1978 from Pembroke College, Cambridge with a degree in Social and Political Sciences. He is qualified as an Associate of the Chartered Institute of Bankers, as a Member of the Society of Trust and Estate Practitioners (STEP) and as a Member of the Institute of Directors. He was employed for 23 years by Baring Asset Management's Financial Services Division where he was responsible for the group's Fiduciary Division and sat on the Executive Committee. He left Baring in December 2005, one year after that Division was acquired by Northern Trust. He has served on the Guernsey Committees of the Chartered Institute of Bankers and STEP, and on the Guernsey Association of Trustees, and currently holds a number of directorships in the financial services sector.

Christopher Legge, Independent Director, (Guernsey resident) appointed 27 August 2010

Christopher Legge has over 25 years experience in financial services. He qualified as a Chartered Accountant in London in 1980 and spent the majority of his career based in Guernsey with Ernst & Young including being the Senior Partner of Ernst & Young in the Channel Islands. Christopher retired from Ernst & Young in 2003 and currently holds a number of directorships in the financial sector including BH Macro Limited where he is Senior Independent Director and Chairman of the Audit Committee and Third Point Offshore Investors Limited, where he is also Chairman of the Audit Committee.

Richard Hotchkis, Independent Director, (Guernsey resident) appointed 18 April 2011

Richard Hotchkis has 37 years of investment experience. Until 2006, he was an investment manager at the Co-operative Insurance Society, where he started his career in 1976. He has a breadth of investment experience in both UK and overseas equities, including in emerging markets, and in particular, investment companies and other closed ended funds, offshore funds, hedge funds and private equity funds. Richard is currently a director of a number of funds including FRM Credit Alpha Limited, Alternative Investment Strategies Limited and Advance Frontier Markets Fund Limited.

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 2013; 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 28 August 2013

Jonathan Agnew

Chairman of the Board of Directors

Christopher Legge

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") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013, which comprise the Unaudited Condensed Statement of Financial Position, the Unaudited Condensed Statement of Comprehensive Income, the Unaudited Condensed Statement of Changes in Equity, the Unaudited Condensed Statement of Cash Flows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure and 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 the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. The annual financial statements are prepared in accordance with IFRSs. The condensed set of financial statements included in this half-yearly financial report 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 condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 is not prepared, in all material respects, in accordance with IAS 34 and the DTR of the UK FCA.

KPMG Channel Islands Limited

Chartered Accountants

Unaudited Condensed Statement of Financial Position

As at 30 June 2013

The unaudited condensed interim financial statements were approved by the Board of Directors on 28 August 2013, and were signed on its behalf by:

Jonathan Agnew

Chairman of the Board of Directors

Christopher Legge

Chairman of the Audit Committee

Unaudited Condensed Statement of Comprehensive Income

For the six months ended 30 June 2013

*For the period ended 23 April 2012 as the Euro share class was cancelled on that date.

All items derive from continuing activities.

Unaudited Condensed Statement of Changes in Equity 

For the six months ended 30 June 2013

Unaudited Condensed Statement of Cash Flows

For the six months ended 30 June 2013

Note: Cash flows from the purchase of financial assets during the period amounted to US$101,112,589 (30 June 2012: US$35,442,760) and proceeds from the sale of financial assets and returns of capital during the period amounted to US$211,048,913 (30 June 2012: US$28,579,831).

Notes to the Unaudited Condensed Interim Financial Statements

1. Basis of preparation

a) Statement of compliance

These unaudited condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting on a going concern basis, despite the managed wind-down of the Company which was approved by the Shareholders during the Extraordinary Meeting of 13 March 2013. The Directors have examined significant areas of possible financial going concern risk and are satisfied that no material exposures exist. The Directors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future and after due consideration believe it is appropriate to adopt the going concern basis in preparing the financial statements, despite the managed wind-down of the Company over the next few years.

These unaudited interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited financial statements of the Company for the year ended 31 December 2012. Selected explanatory notes are included to explain events and transactions that are significant to have an understanding of the changes in financial position and performance of the Company since the last annual financial statements.

These unaudited condensed interim financial statements were authorised for issue by the Board of Directors on 28 August 2013.

b) Judgements and estimates

Preparing the condensed interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities income and expenses. 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 accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited financial statements of the Company for the year ended 31 December 2012.

2. Summary of significant accounting policies

The unaudited condensed interim financial statements were prepared on the going concern basis, despite the managed wind-down of the Company which was approved by the Shareholders during the Extraordinary Meeting of 13 March 2013. The Board has concluded that currently the managed wind-down of the company has no significant impact on the valuation of company's investments.

Except as described below, the accounting policies applied in these unaudited condensed interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 31 December 2012. The following changes in accounting policies are also expected to be reflected in the Company's financial statements as at and for the year ending 31 December 2013.

Changes in accounting policies

The Company has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2013.

· IFRS 10 Consolidated Financial Statements (2011)

· IFRS 13 Fair Value Measurement

· Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)

· Annual Improvements to IFRS 2009-2011 Cycle

IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such measurements are required or permitted by other IFRSs. In particular, it unifies the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date. It also replaces and expands the disclosure requirements about fair value measurements in other IFRSs, including IFRS 7 Financial Instruments: Disclosures. Some of these disclosures are specifically required in interim financial statements for financial instruments; accordingly, the Company has included additional disclosures in this regard (see Note 5). In accordance with the transitional provisions of IFRS 13, the Company has applied the new fair value measurement guidance prospectively, and has not provided any comparative information for new disclosures. Notwithstanding the above, the change had no significant impact on the measurements of the Company's assets and liabilities.

The adoption of the other new standards has no impact on the recognised assets, liabilities and comprehensive income of the Company.

3. Financial assets and liabilities at fair value through profit or loss

During the period ended 30 June 2013, the Company disposed of its investments in Ashmore SICAV EM Equity Select Fund, Ashmore SICAV Emerging Markets Total Return Fund and Ashmore Greater China Equity Fund, no acquisitions of investments were made. There were no other significant changes to the Company's direct equity holdings and debt investments other than the valuation movements.

As at 30 June 2013, derivative financial assets were comprised of forward foreign currency contracts as follows:

As at 31 December 2012, derivative financial assets were comprised of forward foreign currency contracts as follows:

As at 30 June 2013, derivative financial liabilities comprised forward foreign currency contracts as follows:

As at 31 December 2012, derivative financial assets were comprised of forward foreign currency contracts as follows:

4. Other financial assets and liabilities

a) Other financial assets relate to prepaid expenses and were comprised of the following:

b) Other financial liabilities

Other financial liabilities relate to accounts payable and accrued expenses, and comprise the following:

Net management fee payable includes a rebate of US$461,644 (31 December 2012: US$1,173,727) due from the Investment Manager in accordance with the Investment Management Agreement.

5. Financial instruments

a) Financial risk management

The Company's financial risk management objectives and policies are consistent with those disclosed in the audited financial statements of the Company for the year ended 31 December 2012.

b) Carrying amounts versus fair values

As at 30 June 2013 the carrying values of financial assets and liabilities approximate their fair values and are presented in the condensed consolidated statement of financial position.

c) Financial risk management

Financial risk management objectives and policies are consistent with those disclosed in the audited financial statements as at and for the year ended 31 December 2012.

d) Financial instruments carried at fair value - fair value hierarchy

The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

· Level 1: Quoted price (unadjusted) in an active market for an identical instrument.

· Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted prices in active markets for similar instruments: quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques for which all significant inputs are directly or indirectly observable from market data.

· Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The Company considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following table analyses within the fair value hierarchy the Company's financial assets and liabilities at fair value through profit and loss (by class) measured at fair value at 30 June 2013:

Level 1 assets include listed MCX, Aginyx Ordinary Shares, which were transferred from level 2 during the period, as the price is no longer subject to a discount since March 2013.

Level 2 assets include forward currency contracts that are calculated internally using observable data.

Level 2 liabilities include forward currency contracts that are calculated internally using observable data.

Level 3assets include all unquoted funds, limited partnerships and unquoted investments. Investments in unquoted funds and limited partnerships are valued on the basis of the latest Net Asset Value which represents the fair value, quoted by the administrator of the unquoted fund as at the close of business on the relevant valuation day. Ashmore Asian Recovery Fund ("ARF") shares were suspended from their official listing on the Channel Islands Stock Exchange with effect from 29 January 2013 and therefore were transferred from level 2 into level 3.

The following tables present the movement in level 3 instruments for the period ended 30 June 2013 by class of financial instrument.

*Gains and losses recognised in profit and loss include unrealised results on existing assets as at 30 June 2013 of US$(199,855,503).

Total gains and losses included in the statement of comprehensive income are presented in 'Other net changes in fair value of financial assets and financial liabilities at fair value through profit and loss'.

As at 30 June 2013 the carrying values of other financial assets and liabilities approximate their fair values.

The Pricing Methodology and Valuation Committee (PMVC) which has been authorised as an Approved Person to provide valuations to the Administrator, operates and meets to consider the methods for pricing hard to value investments where a reliable pricing source is not available, if an asset does not trade regularly, or in the case of a significant event (such as a major event and market volatility outside of local market hours). These assets, which are classified within level 3, 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 to determine fair value were created in accordance with the International Private Equity and Venture Capital Valuation (IPEV) guidelines by experienced personnel at an independent third party valuation specialist. The valuation is then subject 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 the market approach, the income approach or the cost approach for which sufficient and reliable data is available. Within level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors.

The main inputs used by the third party valuation specialist in estimating the value of level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalisations and other transactions across the capital structure, offerings in the equity or debt capital markets, and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability.

The following table shows the valuation technique and the key unobservable inputs used in the determination of fair value of level 3 investments:

The Company believes that its estimates of fair value are appropriate, however the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value equity investments in Level 3, changing one or more of the assumptions used to alternative assumptions would result in an increase/(decrease) in net assets attributable to equity holders. Due to the numerous different factors affecting the assets the impact cannot be reliably quantified. It is reasonably possible on the basis of existing knowledge, that outcomes within the next financial period that are different from the assumptions used could require a material adjustment to the carrying amounts of affected assets.

6. Capital and reserves

The following share conversions took place during the period ended 30 June 2013:

Following the approval by the Company's shareholders of the wind down proposal as described in the circular published on 20 February 2013, on 18 April 2013 the Company announced a return of capital to shareholders of 149.91 pence and 152.58 US cents per £ and US$ share held respectively, by way of a compulsory partial redemption of shares, with a redemption date of 3 May 2013 using the 31 March 2013 Net Asset Value.

The redemption was effected pro-rata to holdings of shares on the register at the close of business on the redemption record date which was 26 April 2013. As a result 19.40 per cent of the Company's issued share capital was redeemed. Fractions of shares were not redeemed and the number of shares redeemed for each shareholder was rounded down to the nearest whole number of shares.

The cash utilised to effect the partial redemption of shares was comprised of monies from the realisation of the Company's investments received up to and including 31 March 2013, pursuant to the winding down of the Company, less liquid assets of at least US$10 million which were retained by the Company for solvency purposes.

Following the compulsory partial redemption of shares, the Company confirmed that all treasury shares (GBP 1,063,503 treasury shares and US$ 2,385,107 treasury shares) were cancelled.

* The € treasury shares held at 23 April 2012 were converted into $ treasury shares using an effective rate of 1.3748 which resulted in the creation of 425,470 US$ shares.

Following the cancellation of the treasury shares, the voting rights each share is entitled to in a poll at any general meeting of the Company (applying the Weighted Voting Calculation as described in the registration 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 for calculations to determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

7. Net Asset Value

The Net Asset Value of each US$ and £ share is determined by dividing the total net assets of the Company attributed to the US$ and £ share classes by the number of US$ and £ shares in issue at the period end as follows:

The allocation of the Company's Net Asset Value between share classes is further 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 respective weighted average number of shares in issue for each share class during the period.

Loss attributable to each share class for the period ended 30 June 2013:

There were no dilutive instruments in issue during the period.

(Loss)/earnings attributable to each share class for the period ended 30 June 2012:

*For the period ended 23 April 2012 as the Euro share class was cancelled on that date.

There were no dilutive instruments in issue during the period.

9. Segment reporting

Although the Company has multiple share classes and invests in various investment themes, it is organised and operates as one business and one geographical segment. The principal focus is on emerging market strategies, mainly achieved via investments in Funds domiciled in Europe but investing globally. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statements of the Company as a whole. Most of the Company's income is from investment companies incorporated in Guernsey. Additionally, the Company's performance is evaluated on an overall basis.

10. Ultimate controlling party

In the opinion of the Directors and on the basis of shareholdings advised to them, the Company has no ultimate controlling party.

11. Related party transactions

Parties are considered to be related if one party has the ability to control the other party or to exercise significant influence over the other party in making financial or operational decisions.

The Directors are responsible for the determination of the investment policy of the Company and have overall responsibility for the Company's activities. The Company's investment portfolio is managed by Ashmore Investment Management Limited.

The Company and the Investment Manager entered into an Investment Management Agreement (revised 1 February 2013) under which the Investment Manager has been given responsibility for the day-to-day discretionary management of the Company's assets (including uninvested cash) in accordance with the Company's investment objectives and policies, subject to the overall supervision of the Directors and in accordance with the investment restrictions in the Investment Management Agreement and the Articles of Incorporation.

During the period ended 30 June 2013, the Company had the following related party transactions:

During the period ended 30 June 2012, the Company engaged in the following related party transactions:

*Buyback fees which equal 4% of the amount by which the Net Asset Value is reduced as a result of the repurchase of shares pursuant to the Company's buy-back policy are included in the net management fees. During the period ended 30 June 2013, Buyback fees recognised amounted to US$3,814,587 (30 June 2012: Nil).

Related Funds are other Funds managed by Ashmore Investment Management Limited.

Effective 1 January 2013, Graeme Dell agreed to waive his Director's fee.

Prior to 31 March 2013 Directors' remuneration was as follows:

Chairman: £75,000 per annum

Chairman of the Audit Committee: £35,000 per annum

Directors: £33,000 per annum

Effective 31 March 2013, the Independent Directors agreed to reduce their fees as follows: the Chairman by 20% and the other Directors by 10%.

The Directors had the following beneficial interest in the Company:

\* The reduction in beneficial interest was due to the March compulsory partial redemption of shares (note 6).

Purchases and Sales of the Ashmore SICAV 2 Global Liquidity Fund ("Global Liquidity Fund") are solely related to the cash management of US$ on account. Funds are swept into the S&P AAAm rated Global Liquidity Fund and returned as and when required for asset purchases or distributions. The Global Liquidity Fund is managed under the dual objectives of the preservation of capital and the provision of daily liquidity, investing exclusively in very highly rated short term liquid money market securities.

12. Commitments

During the period ended 31 December 2010, the Company entered into a subscription agreement with Everbright Ashmore China Real Estate Fund LP for a total commitment of US$10 million. As at 30 June 2013 the outstanding commitment was US$1,357,419 (31 December 2012: US$1,357,419).

During the period ended 31 December 2011, the Company increased its commitment to VTBC Ashmore Real Estate Partners 1 LP to a total of €11.4 million. As at 30 June 2013 the outstanding commitment was €7,833,696 (31 December 2012: €7,833,696).

During the period ended 31 December 2011, the Company entered into a subscription agreement with AA Development Capital India Fund LP for an initial commitment of US$4,327,064, which was subsequently increased to US$23,581,027. As at 30 June 2013 the outstanding commitment was US$5,991,322 (31 December 2012: US$5,991,322).

13. Subsequent events

On 17 July 2013, the Company announced that it would return 26.17 pence and 26.60 US cents per GBP and US$ share respectively, on a payment date of 2 August 2013 using the 30 June 2013 Net Asset Value. As a result, 664,288 GBP shares and 638,682 US$ shares were redeemed. The gross capital distribution amounted to US$13.0 million (gross of fees, including buyback fees and distribution costs).

Corporate Information