Interim Management Statement

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")

A Guernsey incorporated and registered limited liability closed-ended investment company with a Premium Listing of its US Dollar and Sterling share classes on the Official List.

Interim Management Statement

23 April 2014

Investment Objective

Ashmore Global Opportunities Limited ("AGOL") is a closed ended investment company incorporated and registered in Guernsey and listed on the London Stock Exchange. On 13 March 2013, the Board of AGOL announced that shareholders had approved the proposals at the EGM held on the same day to amend the investment objective of AGOL to realise the Company's assets in an orderly manner and to deliver a regular, quarterly return of cash to shareholders and to remove the continuation vote. Please refer to the AGOL website (www.agol.com) for further information.

This interim management statement relates to the period 1 January 2014 to 31 March 2014.

NAV Performance Summary

Returns are NAV to NAV, net of fees and include reinvestment of dividends paid. Returns are to 31 March 2014. Data is provided for information purposes only. Shares in AGOL do not necessarily trade at a price equal to the prevailing NAV per Share, which may be at a discount or premium. Past performance is not a reliable indicator of future results. Periods greater than one year are annualised.

The NAV of AGOL as at 31 March 2014 was $237.78m. The NAV per share was $6.10 for the USD share class and £6.05 for the GBP share class. There were no capital distributions in the quarter ending 31 March 2014. The Investment Manager, however, continues to believe that, subject to market conditions, the target distribution level of 50% NAV (as at 31 December 2012) by 31 December 2014 will be achieved.

Portfolio Overview

The USD share class returned -1.77% over Q1 2014, driven by both mark to market valuations of publically traded instruments and by one material mark down in the valuation of a private company.

Alphaland was the largest detractor. The valuation of Alphaland was prudently marked down 27%. This was based on the threat of dilution of the underlying fund's stake, weighed by the probability of that occurring. The dilutive actions are being contested in court, and while this is proceeding, no further information can be provided. Jasper Investments saw its listed share price fall by over 15% in the quarter as the Explorer ship came to the end of its contract with CNOOC on its second project and a further contract is being negotiated. Jasper has, however, completed its conversion of the Cosmopolitan into an accommodative vessel and various sale options are being investigated.

The largest contributor to performance was EMTEK where the listed share price increased around 4% over the quarter. Now that the merger between SCTV and IDKM is complete, management is focussed on the development of Nexmedia, EMTEK's pay TV service. The combination of SCTV and IDKM also gives the company significant market share which is allowing EMTEK to consolidate its position as the preferred advertising platform in Indonesia. Al-Noor, the UAE hospitals business, reported an improving set of results, while also increasing the number of physicians it has at its hospitals to over 400. Al-Noor was also a significant contributor.

There were no realisations over the quarter, but as described in the annual report, a number of potential exits are being discussed in order to reach the target of distributing 50% of the NAV as at 31 December 2012 by 31 December 2014.

Top 10 underlying investments as at 31 March 2014

Recent company events

EMTEK

Now that the merger between SCTV and IDKM is complete, management is focussed on the development of Nexmedia, EMTEK's pay TV service. The combination of SCTV and IDKM also gives the company significant market share, which is allowing EMTEK to consolidate its position as the preferred advertising platform in Indonesia.

AEI

With non-core assets having largely been realised at a higher than expected rate, the emphasis turns to the greenfield development projects which are at differing stages of completion. Fenix, in Peru, continues to go through its testing phase, while Jaguar, in Guatemala, has had problems with its contractor and hence delayed the project. This contractor has now been changed. Finally, Arrayan in Chile looks set for commissioning later this year. Management is also focussed on winding down head office operations as the assets continue to get sold off.

Pacnet

Following on from the cost cutting initiative and restructure of the business, Pacnet has improved its EBITDA margins while its latest data centre in Singapore was opened in December 2013.

Alphaland

The valuation of Alphaland was prudently marked down by 27%. The reason for this mark-down is the threat of dilution of the fund's stake, weighed by the probability of that occurring. The dilutive actions are being contested in court, and while this is proceeding, no further information can be provided.

Al-Noor

Al-Noor was part realised in June 2013. The company continues to perform well and the number of revenue generating physicians has increased to more than 400.

GEMS/Utileco

GEMS has developed a prototype facility for the processing of highly toxic waste from Aramco and other companies 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.

Jasper

The conversion of Cosmopolitan into an accommodation vessel has completed within budget/timetable and various options, including sale of the vessel, are being explored.

MCX

MCX, which is listed on the Mumbai stock exchange, has seen its share price rally of late. There have been two catalysts for this; first, Indian equities have rallied in the run up to the election as the business friendly Narendra Modi looks ever more likely to win; and second, as reported in the press, Financial Technologies, a key sponsor of MCX, looks set to exit its stake. The company is also transitioning management to the new CEO and team.

Indostar

Management continue to focus on improving business performance amidst a challenging lending environment. That said, it completed an on-budget borrowing programme and Q1 2014 performance is ahead of schedule

Media.Net

The company is looking to increase sales presence in the US and augment the tech team in India, while management is looking to develop additional revenue streams and products both as an extension within and independent of the YBCA programme.

Allocation by Investment Theme

Allocation is shown by the investment themes of the underlying funds or companies which AGOL is invested in. Allocation is calculated as a percentage of the investment portfolio. Nominal equity holdings (0.06%) not shown.

Allocation by Country  

Allocation by Industry*

* Bloomberg industry group classifications

** Includes EM cash holdings which comprise 1.66% of the portfolio

Allocation by investment*

* Holdings of less than 0.5% not shown. Performance of VTBC Ashmore Real Estate Partners is stated in Euros.

Enquiries:

Ashmore Investment Management Limited

Robert Hegt

Tel: +44 (0) 203 077 6147

 Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel: +44 (0) 1481 745 368