Notification of the EGM/AGM

Ashmore Global Opportunities Limited ("AGOL", or the "Company")

NOTICE OF AN EGM AND AGM ON 18 APRIL 2011 FROM 10.30AM

Ashmore Global Opportunities Limited (the "Company" or "AGOL") has today published a circular (the "Circular") containing details regarding:

·; the continuation of the Company

·; information regarding the proposed move from a Standard Listing to a Premium Listing on the Official List and related proposals to amend the Company's Memorandum of Incorporation ("Memorandum") and Articles of Incorporation ("Articles");

·; the proposed return up to US$20 million to Shareholders by way of a combination of a special dividend and on-market buybacks;

·; Expected changes to the composition of the Company's Board; and

·; information regarding the ability to convert between share classes with increased regularity.

The Circular includes notices of an Extraordinary General Meeting ("EGM") and an Annual General Meeting ("AGM") of the Company to be held at Trafalgar Court, Les Banques, St Peter Port, Guernsey on 18 April 2011.

THE CONTINUATION OF THE COMPANY

Despite the resilient investment performance delivered by the Company over the past 12 months, with positive net asset value growth announced today of 6% for the 2010 financial year (which excludes the realizations within the Special Situations portfolio announced in 2011) as well as returns of capital to shareholders during the financial year totalling approximately $17.7 million, AGOL Shares have continued to trade at a discount to their NAV at levels in excess of 10%. As a result of the discount mitigation provisions which were communicated to investors at the time of the Company's IPO in December 2007, the Board has called the EGM for investors to consider the continuation of the Company.

The Board unanimously recommends that shareholders VOTE AGAINST the Wind-up Resolution as it believes the continuation of AGOL is in the best interests of Shareholders for the following reasons:

·; The fundamentals which underpin the attractions of Emerging Markets investing are strong and that this should lead to incremental investment returns over time;

·; It is appropriate to provide the underlying portfolio investments with the opportunity to realise their value potential in line with the respective investment time horizons for each investment anticipated at entry;

·; Given the Investment Manager's view of the embedded value within the Company's portfolio of Special Situations investments, winding-up the Company at this point in time would not provide fair value of the Company's underlying investments for Shareholders;

·; Given the continued scarcity of investment capital within Special Situations in Emerging Markets, the opportunities for the Company in Special Situations remain strong;

·; Due to the liquidity profile and structure of the Company's underlying investments, if the Wind-up Resolution was passed, it is anticipated that it would take a number of years to liquidate the assets of the Company and return cash to Shareholders;

·; The AGOL portfolio is well-positioned and continues to offer an attractive investment opportunity;

·; AGOL is continuing to diversify its exposure to underlying Special Situations investments and has been able to invest directly in attractive opportunities; and

·; As communicated to Shareholders in the Company's annual report and accounts for the 2010 financial year, the Company is proposing to return up to US$20 million to Shareholders by way of a combination of a special dividend of US$12 million and on-market buybacks of up to US$8 million, assuming that Shareholders vote against the wind-up of the Company. This capital return in relation to the 2010 financial year provides a mechanism by which Shareholders can realise a proportion of the NAV increase.

AMENDMENTS TO THE COMPANY'S LISTING CATEGORY

·; AGOL wishes to transfer from a Standard Listing to a Premium Listing (Investment Company) on the Official List. The Board believes that a Premium Listing will assist in increasing the profile of the Company, providing it with exposure to a wider potential investor base and potentially enhancing the liquidity of its Shares.

THE COMPOSITION OF THE BOARD

·; Richard Hotchkis is expected to join the Board immediately following the AGM, subject to the outcome of the EGM. With 34 years' investment experience as an investment manager at the Co-operative Insurance Society from 1976 to 2006, he is currently a director of Gottex Market Neutral Trust Limited, FRM Credit Alpha Limited and Alternative Investment Strategies Limited.

THE REGULARITY OF CONVERSIONS BETWEEN SHARE CLASSES

·; Following the AGM, Shareholders will be able to convert between share classes on a monthly instead of a quarterly basis.

Jonathan Agnew, Chairman of Ashmore Global Opportunities Limited said

"The Board believes that the continuation of the Company is in the best interests of Shareholders as a whole. Such a vote was held in May 2010 at which investors voted overwhelmingly in favour of the Company continuing to deliver upon its stated investment objective. As with last year, it is the Board's unanimous recommendation that shareholders should vote against a wind-up, so that over time the Company can deliver to shareholders the embedded value of its Special Situations investments."

Enquiries:

MHP Communications

Martin Forrest +44 203 128 8590 or +44 7825 575 094

Gay Collins +44 203 128 8582 or +44 779 862 6282

ashmore@mhpc.com 

 Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden +44 (0) 1481 745 368

EXPECTED TIMETABLE

All references are to Guernsey time

Note:(1) Or as soon thereafter as the EGM concludes its business or is adjourned (but no later than 11.30 a.m.).

PROPOSAL REGARDING THE CONTINUATION OF THE COMPANY, INFORMATION REGARDING AMENDMENTS TO THE COMPANY'S LISTING CATEGORY, THE COMPOSITION OF THE BOARD, THE REGULARITY OF CONVERSIONS BETWEEN SHARE CLASSES AND OTHER ORDINARY COURSE BUSINESS

I. Continuation of the Company

The Articles incorporate discount management provisions requiring that the Board puts a resolution to Shareholders to wind-up, reorganise or reconstruct the Company if, in any rolling period of 365 days (or, in any leap year, 366 days) the Shares of any class or classes which together represent 75% or more of the NAV of the Company at the end of any such period have an average Daily NAV Variance for that period of equal to or less than minus 10%.

Over the 365 day period to 16 February 2011, Shares representing greater than 75% of the NAV of the Company traded at an average Daily NAV Variance of less than minus 10%. Therefore, the Board is convening the EGM at which a resolution to wind-up the Company (the "Wind-up Resolution") will be put to Shareholders. In order to be passed, the Wind-up Resolution requires greater than 75% of the votes cast to be voted in favour.

II. Investment Review

This announcement contains an investment review, set out below, supporting the Board's rationale for continuation. Whilst the current economic environment remains challenging to exit investments, the Board believes that the current market offers potentially interesting opportunities for the Company's investment portfolio. There were a number of positive realisations during 2010 that were NAV enhancing for AGOL, and the Board expects that embedded value will continue to be realised in AGOL's existing portfolio as investments are partially or fully realised during 2011, which will also provide additional capital for re-investment into further Special Situations investments. During 2010, a year in which volatility in global markets continued to remain significant, AGOL delivered positive NAV performance during eight of the twelve months.

III. Move to a Premium Listing

At the time of its launch in December 2007, AGOL was unable to fully comply with certain rules set out in Chapter 15 of the Listing Rules (prevailing at that time) and therefore listed under Chapter 14 with a secondary (now Standard) Listing.

Chapter 15 has subsequently been amended such that AGOL is now able to meet the relevant requirements of this chapter. The Board has applied to the UKLA to transfer its listing from a Standard Listing to a Premium Listing. The Board believes that a Premium Listing will assist in increasing the profile of the Company, providing it with exposure to a wider potential investor base and potentially enhancing the liquidity of its shares. In addition, a Premium Listing will, subject to the Company satisfying certain other requirements, mean that the Company's shares will be eligible for inclusion in certain financial market indices. It is anticipated that any such inclusion is likely to result in secondary market demand for the Company's shares from investment vehicles which track such indices. Accordingly, the Board has concluded that it would be in the best interests of the Company and its Shareholders as a whole to transfer AGOL's listing to a Premium Listing under Chapter 15 of the Listing Rules.

As a Guernsey incorporated vehicle, the Company is not subject to any local statutory requirements with regard to shareholder pre-emption rights for new share issues for cash. Under the Listing Rules non-UK companies with shares admitted to a Premium Listing are required to adopt pre-emption rights. Accordingly, the Board proposes that the Articles be amended to introduce pre-emption rights for Shareholders in respect of all new issues of Shares (subject to certain exceptions) in order to allow the Company to transfer its Standard Listing to a Premium Listing. Certain other amendments to the Memorandum and Articles are also proposed in order to take into account certain changes to the Companies Law. These amendments to the Memorandum and Articles are being proposed by way of a Special Resolution of the Company at the AGM. A summary of the amendments which are proposed are set out below. A copy of the proposed revised Memorandum and Articles will be available for inspection at the registered office of the Company at Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL during normal business hours on any Business Day from the date of the Circular until the conclusion of the AGM and at the place of the AGM for at least 15 minutes prior to, and during, the AGM.

It is further proposed that the pre-emption rights to be introduced are disapplied in respect of new issues of Shares, subject to the disapplication being limited to a proportion of any new issue of Shares that represents 10% of the issued share capital of the Company. The Board feels that this limitation is appropriate and customary for a closed-ended investment fund, such as the Company, having regard to guidance from The Association of Investment Companies and the Statement of Principles published by the Pre-emption Group. The disapplication is proposed by way of a Special Resolution of the Company at the AGM and the Board intends to seek such disapplication at each Annual General Meeting of the Company hereafter.

Further details of the effect of the transfer to a Premium Listing, including details of the revised investment policy to be adopted by the Company with effect from the transfer and the additional Listing Rules which the Company will be required to comply with, are set out in the Company's announcement released today. The revised investment policy contains certain amendments to the Company's existing investment policy which are required in order for the Company to comply with the requirements for a Premium Listing. However, the Board does not consider such amendments to be material. Subject to UKLA approval, it is intended that the move to the Premium Listing will be completed on 27 April 2011.

IV. Board Composition

The Board has always considered the independence of the Company from the Investment Manager and the balance of independent directors on the Board to be of considerable importance. During the year, Tony Kane, who joined the Board in August 2010, subsequently resigned to take up a position serving as a trustee for Ashmore managed funds in the US. Christopher Legge joined the Board on 27 August 2010. Having served on the Board since the Company's IPO, John Roper will be retiring from the Board following this year's AGM. The Board is grateful to John for his wise counsel and wishes him well in his retirement.

Subject to the outcome of the EGM, it is intended that Richard Hotchkis will join the Board immediately following this year's AGM. Richard Hotchkis is a Guernsey resident and has 34 years' 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 UK and overseas equities, including emerging markets, and in particular of 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 Gottex Market Neutral Trust Limited, FRM Credit Alpha Limited and Alternative Investment Strategies Limited. Richard is considered to be independent by the Board.

The Board believes that the Board is appropriately structured with all but one of the directors independent, balanced with the relevant skills and, in anticipation of the Company's move to a Premium Listing, in compliance with Chapter 15 of the Listing Rules.

V. Ability to Convert Between Share Classes on a Monthly Basis

Currently, Shareholders can elect to convert between share classes on a quarterly basis. The Board believes that enabling more regular conversions between the currency share classes will enhance the attractiveness of the Company's Shares and will specifically assist in reducing any differential between the relative values at which the Company's Shares trade, as well as enhancing liquidity. As such, following the AGM, Shareholders will be able to convert between share classes on a monthly instead of a quarterly basis.

Inter share class conversions may be made by Shareholders for all or part of their Shares (subject to the limitations set out below) on the last business day of each month or such other date or dates in each year as the directors of AGOL shall determine from time to time (each such date, the "Conversion Date"). Unless the Directors consent otherwise, conversion requests may only be served in relation to either the entire shareholding of the relevant Shareholder or Shares which have an aggregate Net Asset Value, as at the Conversion Date, equal to or greater than €50,000 or the equivalent USD or GBP amount as the case may be). Conversion requests must be received by AGOL's registrar and transfer agent, Computershare Investor Services PLC, by 3:00pm GMT on the date which is at least five business days prior to the relevant Conversion Date (such date being the "Deadline") and such requests must be made in accordance with the instructions set out under the heading "Conversion Instructions" set out in Part IV of the Circular.

VI. Discount Mitigation Actions and Share Repurchases

Despite the resilient investment performance delivered by the Company over the past 12 months, AGOL Shares have continued to trade at a discount to their NAV, albeit this has narrowed significantly in the period.

The evolution of the Daily NAV Variance and the rolling 12 month Daily NAV Variance is set out below:

Table 1: Daily NAV Variance

Sources: Ashmore, Bloomberg

As described in the IPO Prospectus, the Company was established with the ability to buy back Shares in the market of up to 14.99% of the Shares of each class and to hold any such Shares bought back in treasury. The IPO Prospectus also stated that the Directors may utilise the Share repurchase authority to address any imbalance in the supply of and demand for Shares and may do so actively if the closing price of any class of Shares is 5% or more below the most recently published NAV of the Shares of that class. In accordance with these provisions, during 2008, 2009 and 2010 the Board bought back Shares and continues to hold these Shares in treasury.

Throughout the year the Board has remained in close contact with its advisers and brokers, specifically in relation to the balance between the supply and demand for the Shares. The Board has noted that subsidiaries of Ashmore Group plc and a number of Ashmore's executives have acquired Shares during 2009, 2010 and 2011 and believes that this demonstrates the confidence which the Investment Manager has in the AGOL investment proposition.

A summary of the Company's holding in treasury shares is set out below:

Table 2: Shares repurchased

Source: Ashmore

The Board intends to continue to consider Share repurchases in the context of mitigating any future Daily NAV Variance, taking into account the Company's available liquid resources and future cash flow requirements . The Board will seek to ensure that any future Share repurchases are undertaken at prices which are in the best interests of all Shareholders. In current market conditions, Shareholders should not expect that Share repurchases alone will succeed in materially reducing the Daily NAV Variance.

In the event that the Daily NAV Variance continues at current levels, the Board will be required to call another Extraordinary General Meeting at which it will put forward proposals to wind up, reorganise or reconstruct the Company based on the 365 day period to 16 February 2012.

VII. Capital Return

Pursuant to the Extraordinary General Meeting and Annual General Meeting Results and Dividend Announcement on 26 May 2010, the Board confirmed the payment of a special dividend of approximately US$10 million and a Share repurchase programme for up to US$7.7 million.

As communicated to Shareholders in the Company's annual report and accounts for the 2010 financial year, the Company is proposing to return up to US$20 million to Shareholders by way of a combination of a special dividend of US$12 million and on-market buybacks of up to US$8 million, assuming that Shareholders vote against the wind-up of the Company.

Notwithstanding that approximately US$17.7 million has been returned to Shareholders in relation to the 2009 financial year and the proposed return of up to US$20 million that is intended to be returned in relation to the 2010 financial year, it is the Board's intention to grow the Company's NAV over time in order to obtain a greater diversification of exposure to different investments, geographies and investment vintages. Furthermore, the percentage of the positive NAV performance returned to Shareholders in respect of the 2009 and 2010 financial years should not be taken as an indication of the likely level of capital returns in the future.

It should be noted that the proposed return in relation to the 2010 financial year is in addition to the Company's existing discount control measures, which include the ability to make market purchases of Shares and the obligation to propose a further wind up resolution if, in any rolling 365 day period, the average Daily NAV Variance is less than minus 10%, as described more fully in the IPO Prospectus and the Articles.

VIII. Rationale for Continuation

The Board continues to believe that there are a number of compelling benefits for Shareholders in VOTING AGAINST the Wind-up Resolution:

·; The Board and Ashmore remain of the view that the fundamentals which underpin the attractions of Emerging Markets investing are strong and that this should lead to incremental investment returns over time;

·; The Board considers it appropriate to provide the underlying portfolio investments with the opportunity to realise their value potential in line with the respective investment time horizons for each investment anticipated at entry;

·; Given the Investment Manager's view of the embedded value within the Company's portfolio of Special Situations investments, the Board does not believe that winding-up the Company at this point in time would provide fair value of the Company's underlying investments for Shareholders;

·; Given the continued scarcity of investment capital within Special Situations in Emerging Markets, the Board and the Investment Manager believe that the opportunities for the Company in Special Situations remain strong;

·; Due to the liquidity profile and structure of the Company's underlying investments, if the Wind-up Resolution was passed, it is anticipated that it would take a number of years to liquidate the assets of the Company and return cash to Shareholders;

·; The Board and Ashmore believe that the AGOL portfolio is well-positioned and continues to offer an attractive investment opportunity;

·; AGOL is continuing to diversify its exposure to underlying Special Situations investments and has been able to invest directly in attractive opportunities; and

·; The capital return in relation to the 2010 financial year provides a mechanism by which Shareholders can realise a proportion of the NAV increase as described in paragraph VII above.

IX. Implications of a Wind-up

In the event that the Wind-up Resolution is passed, the Board will call a subsequent meeting of the Company and put resolutions to Shareholders to appoint a liquidator, to fix the terms of appointment of the liquidator and to authorise Northern Trust International Fund Administration (Guernsey) Limited to hold the Company's books. Once a liquidator has been appointed, the powers of the Directors would cease (unless otherwise sanctioned by the Shareholders) and the liquidator would assume responsibility for the liquidation of the Company, including the payment of fees, costs and expenses, the discharge of the liabilities of the Company, and the distribution of the remaining assets.

X. Summary of Changes to Guernsey Companies Law and Subsequent Amendments to the Memorandum and Articles

The Companies Law came into effect on 1 July 2008. In general the Companies Law codifies and consolidates existing good corporate governance and best practise as well as introducing new responsibilities for directors. The main changes relate to the:

(i) consolidation of existing legislation;

(ii) introduction of a modern company incorporation and registration system;

(iii) abolition of the legal doctrine of "ultra vires" in respect of a Company's capacity to act;

(iv) introduction of the solvency test which replaces the capital maintenance model in relation to the declaration of dividends and distributions;

(v) enhancement of corporate governance; and

(vi) power of the directors to issue shares.

The most significant change is the general change in Guernsey company law from a share capital maintenance system to a solvency test based system. It was a fundamental principle of the previous law that a company should maintain its share capital. This meant that the money shareholders provided to a company on subscription for shares, the company's "share capital", could not be returned by that company to its shareholders without the approval of the court and that the company had to state its maximum possible share capital, known as its "authorised share capital", and go through corporate processes in order to increase its share capital or reduce its share capital. It also meant that monies paid into a company had to be categorised in order to identify its nature and rules existed as to what could be done with monies held or accounted for in such accounts.

The Companies Law has ushered in a new "solvency" based approach to share capital. This approach, broadly speaking (and subject to any constitutional amendments required to effect the transition from the old system to the new) removes the requirement for companies to express an authorised share capital and accordingly removes the requirement to increase a company's share capital. It also permits the board of directors of a company to do the following by "dividend or distribution" without reference to the court, provided the company passes a statutory solvency test, namely: it may pay dividends, issue fully or partly paid bonus shares, redeem shares, acquire its own shares, give financial assistance in respect of the purchase of own shares, reduce share capital or distribute assets to members. Broadly speaking, a company can do any of the above provided it passes a solvency test without reference, for example, to any particular account.

INVESTMENT REVIEW

Execution of Investment Objective

As stated in the Company's IPO Prospectus, the Company's investment objective is to deploy capital in a diversified portfolio of global Emerging Market strategies, with a principal focus on Special Situations. Consistent with this objective, the allocation to the Special Situations theme accounted for over 80% of AGOL's underlying exposure as at the end of February 2011. AGOL continues to have access to up to 25% guaranteed capacity in all future Special Situations vehicles managed by Ashmore.

Table 3: Allocation by investment at 28 February 2011

Source: Ashmore

Table 4: Investment allocation by investment theme (% of AGOL NAV)

Note:Allocation is shown by primary investment theme of the underlying funds or companies which AGOL is invested in or which the Ashmore Multi Strategy Fund is invested in, which in turn is invested in by AGOL. Allocation excludes cash and cash equivalents.

Source: Ashmore

AGOL Portfolio Positioning

The Company has achieved a diversified investment portfolio exposure both in terms of geographical and industry/sector exposure.

Table 5: AGOL investment portfolio at 28 February 2011

Source: Ashmore

Investment Performance of the Company

Since its IPO, the Company has delivered a solid investment performance during a period of considerable volatility in global markets. The following table shows the monthly NAV performance by share class as compared with principal traditional Emerging Market equity and bond indices over the periods shown:

Table 6: AGOL monthly NAV performance by share class

Note:(1) Performance from inception (12-Dec-07) to month end (31-Dec-07).Sources: Ashmore, Bloomberg

While AGOL's NAV performance has remained relatively resilient, its share price has been more volatile, in line with the volatility seen in broader Emerging Markets indices.

Table 7: AGOL share price performance by share class

Note:(1) As at 28 February 2011. Based on last traded prices.Sources: Ashmore, Bloomberg

While share price performance over the last 12 months has been strong, the Shares remain below their offer price and have underperformed the MSCI EM index over this period. In Ashmore's opinion, this underperformance is not unexpected given that there can often be a lag effect between rises in public market valuations being reflected into private equity portfolios. Ashmore's funds utilise a robust and consistent valuation methodology based upon third-party valuations which is applied independently of the Investment Manager. Ashmore believes there to be embedded value within AGOL's existing portfolio assets which may be recognised as such assets are realised but which is not necessarily recognised by such valuations.

Global Macro Investment Outlook

During 2009 there was equity asset price recovery in the developed world, but this did not continue in 2010, with asset prices going sideways instead. This contrasts starkly to Emerging Markets fixed income where asset prices continued to rise throughout the period. The developed world still suffers from over-leverage. The recovery of developed markets so far has been underpinned by quantitative easing, and, in the US, fiscal expansion, though fiscal adjustment has begun in Europe. Also, global rebalancing, essentially a process whereby countries with large reserves allow their currencies to rise versus developed world deficit currencies, has yet to begin in earnest. Bank recapitalisation and global rebalancing are arguably the keys to sustainable global recovery ahead. Until these two processes are complete, developed economies remain vulnerable to depression economics and/or sudden currency weakness. The main scenario is however more positive, albeit with sub-par growth for the next few years. In any event, Emerging Markets are starting to be perceived as safer than developed markets in the worst case scenarios as well as highly attractive in the more optimistic developed world scenarios.

Recovery has been very strong in Emerging Markets, which now face inflationary pressure, in contrast to developed countries that have suffered from the credit crunch and which still face deflationary risks. After over a decade of major central bank reserve accumulation by Emerging Markets central banks, this is now set to stop. The buffer provided by having large reserves largely worked, though more reserves could and arguably should have been sold to create more currency stability in 2008. This was not the case, because like everybody else, the central banks concerned were faced with the uncertainty of a novel situation. Central banks now need to use interest rates and exchange rate appreciation to stem inflation and export it to developed countries (who need it). As Emerging Markets growth continues, particularly if it can be sustained at high levels without excessive inflationary pressure (for which major infrastructure spending would be advised), it is hoped that these economies can replace the global demand no longer being provided by the developed world consumer.

The investment outlook above represents the views and beliefs of the Investment Manager as at the date of this announcement. No assurance can be given that the views and beliefs represented will be reflected by actual events. Your attention is drawn to the section headed 'Important Information' at the end of this announcement. The investment outlook above discussed general underlying market activity, industry or sector trends or other broad based economic, market or political conditions. It should not be construed as research or investment advice, or a recommendation, invitation or inducement to buy or sell investments in the Company or any other investments mentioned in this announcement or to follow any investment strategy. Past performance is not indicative of future results, which may vary.

Special Situations Investment Review

Over the past year, the Company has maintained its diversified exposure to Special Situations across a broad range of geographies and industry sub-sectors. Together with Ashmore, the Board has been focused on increasing the level of information disclosed on the Special Situations portfolio in the monthly fund updates. As a result, the Company's geographic and industry exposure has been regularly reported to Shareholders throughout the year, together with detailed updates on recent events and developments in the underlying investments.

Special Situations Portfolio Investments

As at 28 February 2011, the Company's largest underlying investments by NAV comprised the following:

Table 8: AGOL's largest ten underlying Special Situations investments

Source: Ashmore

More detail on these investments is set out below:

AEI

Location: AEI is headquartered in Houston, Texas, and owns and operates over 50 companies in Argentina, Bolivia, Brazil, Chile, China, Colombia, Ecuador, El Salvador, Dominican Republic, Guatemala, Jamaica, Mexico, Nicaragua, Panama, Pakistan, Peru, Philippines, Poland, Turkey and Venezuela.

Business Description: The company operates through four core business segments: Natural Gas Transportation and Services, Natural Gas Distribution, Power Distribution and Power Generation.

Web Address: www.aeienergy.com

Investment Rationale: AEI is a holding vehicle for investments in essential energy infrastructure assets in Emerging Markets. It is a unique global platform: others in the power space have regional businesses or are global single line e.g. generation, but none are global multi-line businesses.

Value Drivers: Ashmore believes value, diversification and scale in energy is available in Emerging Markets which are stable, long-term growing markets and that this will be increasingly valued by others.

Recent Events: On 19 January 2011, AEI announced the beginning of a major restructuring and repositioning of the company which will result in the sale of the vast majority of its distribution assets, whilst retaining a nucleus 2.2GW of power generation capacity as a platform for future development. Excess capital will be returned to shareholders.

ETH Bioenergia

Location: Brazil

Business Description: ETH Bioenergia, formerly Brenco- Companhia Brasileira de Energia Renovável is a fully integrated, renewable fuels company which has initiated construction of 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.

Web Address: www.eth.com

Investment Rationale: Favourable Ethanol Production Environment in Brazil- with an experienced labor force; a large amount of inexpensive, fertile and arable land; an ideal climate; and proven technology. ETHB's competitive advantage is based on its cost-advantaged raw material supply, integrated production and strong execution.

Value Drivers: Self-sufficiency in energy consumption increases margins and the sale of excess energy to the market (cogeneration) which adds significant value to ETHB's cash flow; creation of an international ethanol trading business; acquisition of land in the "Center" region of Brazil, which is significantly cheaper than Saõ Paulo, where traditional sugarcane producers are located.

Recent Events: Following the merger of Brenco and ETH in April 2010, the company has been focused on integration of the two companies, as well as on ongoing execution of production ramp-up. The first Brenco mill commenced operations in Q3 2010 and the second is ready to commence operations. Two more of Brenco's greenfield mills are slated to begin operations in Q4 2011.

Digicable

Location: India

Business Description: Digicable was started in mid 2007 as a cable TV start-up to take advantage of a very fragmented Indian cable TV market and with low digital penetration of less than 10%. Today, Digicable is one of the largest Indian cable distribution companies with over 2,000 employees and a strong emphasis on quality of service and content.

Web Address: www.digicable.in

Investment Rationale: Over time, as digitalisation increases, Digicable is expected to get an increasing share of the subscription revenues, now mostly kept by the local cable operators in an analogue world. With the deployment of next generation digital set top boxes, they will have the ability to create a large and stable value added services income stream, which will also solidify its subscriber base (video on demand, internet on TV, advertisements, etc.).

Value Drivers: Creation of a leading cable franchise able to control and deliver the content distributed in India's most lucrative pay-TV markets, generating large amounts of carriage fees from broadcasters.

Recent Events: Announced its merger with Reliance Communications' (Part of the Reliance-AnilAmbani Group) Direct-To-Home (DTH) and retail broadband businesses, creating Reliance Digicom, a leading player in the Indian entertainment space with more than 10 million subscribers, becoming India's largest and the world's 5th largest pay TV operator in terms of number of subscribers. On closing, Ashmore funds/accounts are expected to have a stake of around a third in Reliance Digicom with minority control and protection rights. In Q4 2010, Digicable secured additional debt financing of US$110m that will be used to fund the capital expenditure to deploy digital set top boxes and financial performance, although still cash flow negative, has been stable.

Pacnet

Location: Hong Kong and Singapore

Business Description: Broadband telecommunications

Web Address: www.pacnet.com

Investment Rationale: Pacnet was created by Ashmore through the merger of ANC, C2C and Pacific Internet. Pacnet has built a genuine pan-Asian services business for corporate customers in addition to its wholesale broadband sales. The growth prospects for its services are strong and the wholesale market is now clearly recovering from significant overcapacity.

Value Drivers: Broadband growth in all its forms across Asia, plus industry consolidation.

Recent Events: Pacnet continues to work on the new business of developing Asian data centres, utilising our owned landing stations, and some additional property. We expect the first centre to start operations early in 2011, and in 2 years to be a major profit contributor. Pacnet raised US$300m in 5 year senior secured guaranteed notes in the markets which was five times oversubscribed. Revenues and margins have picked-up in the second half compared with the earlier half of 2010 and are expected to benefit from the continuous growth in data services in Asia in 2011.

Jasper

Location: Singapore

Business Description: Jasper is a Singapore-listed investment company indirectly controlled by Ashmore managed funds/accounts. Jasper has acquired a controlling stake in Neptune Marine, an Oslo-based drillship company with operations in Asia. Neptune has 2 vessels, one contracted to PDVSA in Venezuela and another contracted to Reliance of India.

Web Address: www.jasperinvests.com

Investment Rationale: Neptune Marine was in financial difficulties arising from leverage at the holding company level and also disputes between the shareholders. Jasper, together with Ashmore funds/accounts, has invested to resolve issues at the shareholder level and re-capitalise the business.

Value Drivers: In the current market for oil field services, the main objective is survival and then consolidation. Value is generated through high quality execution, and being positioned in the most robust segments of drilling activity. Ashmore believes the mid water and deep water segments offer the most attractive returns.

Recent Events: Senior management continue to focus on contracting the Explorer and are having a number of discussions on long-term contracts. In Q4, the company ordered a state-of-the-art 400ft jack-up from Keppel FELS in Singapore. The order includes an option for an extra rig if Jasper wishes it. As part of the transaction, Keppel will take an equity investment in Jasper.

EMTEK

Location: Indonesia

Business Description: Listed integrated group of companies with three main business divisions: Media, Telecommunications and IT Solutions, and Connectivity.

Web Address: www.emtek.co.id

Investment Rationale: EMTEK is a listed holding company with its main operations in commercial free-to-view TV (SCTV), mobile phone related retail (Sakalaguna), and IT services (ACA). SCTV is the main revenue and profit driver for the group. SCTV is one of the country's leading TV stations covering 240 cities and 160 million views nationwide. In addition to its free-to-air business SCTV also holds significant spectrum real estate which could be developed or sold.

Value Drivers: EMTEK's main driver is continued private domestic consumption growth in Indonesia driving TV advertising, mobile communications sales and broadband/mobile TV revenues (which can be accessed by the spectrum that EMTEK holds). ACA services revenues are also driven by this as it provides IT and communication services as banks and others expand their retail networks and offerings. In addition SCTV is also expected to grow its top line and profitability as and when the local TV market consolidates.

Recent Events: SCTV's results continue to show significant increases in revenues and margins. This was driven by both top-line growth from increased ad spend and continued cost management. SCTV has continued to hold its No2 ratings position. Likely exit through M&A or trade sale.

Alphaland

Location: Philippines

Business Description: Alphaland was formed by Ashmore and a local Philippine partner as a vehicle to acquire real estate properties initially in metro Manila and the rest of the Philippines over time. The company was set-up to own a diversified real estate portfolio and have its own in-house development capabilities.

Web Address: www.alphaland.com.ph

Investment Rationale: The real estate market has not escaped the global crisis but opportunities exist in specific sectors within key districts, such as Makati.

Value Drivers: Ashmore's local partner has good access to deal flow at attractive pricing and strong relationships with regulators. There are distressed and unfinished properties available with shareholder problems, and Alphaland partners and management have experience with working out such complex/distressed situations.

Recent Events: IPO is being considered as an exit as international investors look for more liquid exposure to Philippines real estate.

Rubicon

Location: Singapore

Business Description: Rubicon serves the Asian oil production industry by providing vessels which work in deep water, and which manage production. The vessels, known as MSVs (Multi-Service Vessels) and FPSOs (Floating Production, Storage and Offloading), are very specialised, are contracted to fields for periods of 1-10 years, and are generally paid per day of utilisation.

Web Address: www.rubicon-offshore.com 

Investment Rationale: The trend for oil exploration capex and production to move offshore.

Value Drivers: Rubicon's ability to produce converted bespoke vessels at lower cost than competitors and willingness to work with smaller operators on shorter contracts that pay higher contract rates.

Recent Events: On the Front Puffin vessel, management is making very good marketing progress with advanced planning work being done, at the potential client's cost, on one field in particular. For the Maverick, another of Rubicon's vessels, discussions are underway about a possible six month contract starting in early Q2. In addition, there is an active marketing programme to sell the vessel. A new CEO and COO joined the company and have settled in well.

ECI Telecom

Location: Israel

Business Description: Broadband networking infrastructure equipment

Web Address: www.ecitele.com 

Investment Rationale: Ashmore funds/accounts acquisition of ECI was Israel's first leveraged buy-out. The company was previously listed on the Nasdaq but did not attract strong institutional interest. The Transport Networking (fibre optics) division is particularly valuable, with strong margins and growth prospects, particularly in supplying mobile operators in emerging markets.

Value Drivers: ECI's profitability will be greatly enhanced through reorganising and restructuring, and the company will be more market-driven and innovation-focused. In addition, the company has deleveraged through non-core asset sales, cost savings and discounted debt buybacks. Ashmore funds/accounts also expect M&A activity in the sector to intensify, with companies seeking growth through geographic diversification into emerging markets.

Recent Events: The fall off in Telecom spend has stabilized and positive signs of a cautious recovery are being witnessed in both the developed and emerging markets. The company remains focused on delivering on upfront commitments for new large contracts which should fuel sales growth over the next 12months, as well as on tailoring its product offering around next generation technologies (e.g., its successful new CESR product line) and integrated solutions. The Company has refinanced its senior term facility through shareholder loans with the senior lenders being taken at a discounted price. The company is working on a wider re-financing which should take place later in the year. The company has accomplished its goal of ending 2010 with a stronger balance sheet, growing revenues and order intake, and prepare for relisting potentially in late 2011.

Multi-Commodity Exchange

Location: India

Business Description: Multi-Commodity Exchange ("MCX") operates India's largest commodity exchange. MCX offers futures trading in more than 40 commodities from various market segments including bullion, energy, ferrous and nonferrous metals, oil and oil seeds, cereal, pulses, plantation, spices, plastic and fibre.

Web Address: www.mcxindia.com

Investment Rationale: MCX is India's leading commodity exchange with over 85% market share and has been instrumental in developing the commodities trading market. MCX has witnessed average daily turnover grow at 69% CAGR from fiscal years 2006 to 2009. Through its dominant market share, leading technology platform, and continued innovation/proliferation of product for the Indian market, MCX is well positioned to develop the commodities market in India and capitalise on that growth.

Value Drivers: Since starting in 2002, commodities trading in India has grown significantly with the total trade volume increasing from less than 5% of GDP in 2004 to close to 100% of GDP in 2008. Given the nascent nature of the industry, Ashmore believes it is set to witness impressive growth going forward. The Indian commodity derivative market currently represents 3x of the physical market whereas the global benchmark is 30-40x.

Recent Events: MCX is currently awaiting the change in leadership at SEBI, the Indian market regulator, as it would be more favourable to list post the change. The change is expected to happen in the first quarter of 2011.MCX is IPO ready and will review filing post the change in SEBI leadership.

Special Situations Realisations

Over the past 12 months, more than 10 assets within the AGOL portfolio have been realised, the most significant of which are reviewed below, and US$21.3m was received from distributions from AGOL's holdings in GSSF4 and GSSF5.

In July 2010, AGOL's investment in Petron Corporation, the Philippines oil refiner and distributor, was successfully realised. Having participated in the acquisition of a 90% interest in Petron, Ashmore had created an asset that could be acquired by interested industrial buyers, and San Miguel ultimately ended up buying Petron as part of its move from its saturated core market to domestic infrastructure related businesses. In total, Ashmore managed funds invested US$636m in Petron and realised over US$798m generating a net IRR of 14.5%.

AGOL also exited its position in BR Properties during 2010. BR Properties is fully dedicated to the acquisition, development, leasing and management of commercial real estate properties in Brazil. Following the Company's IPO in March, BR Properties completed a number of acquisitions originated in 2009, and initiated an investment plan to deploy the new capital raised in the IPO. BR Properties was fully exited in September 2010 through a market placement, for an IRR of 41%.

On 19 January 2011, AEI announced the beginning of a major restructuring and repositioning of the company which will result in the selling of the vast majority of its regulated assets and the returning of capital to its shareholders. The company will then be reorganised around a smaller business focused on power generation. It is selling its interests in 10 operating companies to nine separate parties for US$4.8 billion, representing 80% of AEI's total assets. The transactions are expected to close in the coming months following required regulatory and third party consent. With AEI the single largest Special Situations investment at over 16% of AGOL's NAV at the end of December 2010, we believe this should be reflected in AGOL's NAV in due course and will allow deployment into other investment opportunities as cash is returned to AEI shareholders, including AGOL.

Special Situations Investment Pipeline

As we have previously communicated to shareholders, we anticipate that there will be further corporate finance activity related to the portfolio companies during 2011 as Special Situations typically lag the economic cycle. While 2009 and 2010 were good years for investing in less liquid corporates, the realisation of Special Situations investments are expected to continue through 2011 and 2012. We therefore believe that the embedded value of the portfolio will be increasingly recognised in AGOL's NAV. In line with its investment approach, Ashmore continually reviews AGOL's investment portfolio for realisation and redeployment opportunities and, as such, there are a number of assets within AGOL's existing portfolio which may be partially or fully realised during 2011 providing a regenerated capital source for re-investment into Special Situations investments.

Whilst the current economic environment remains challenging to exit investments, it does create some interesting opportunities to add exposure and engage in corporate finance activity. Ashmore funds utilise a robust and consistent valuation methodology based upon third-party valuations, which are applied independently of the Investment Manager. These third-party valuations were in many cases conservatively re-valued downwards during the financial crisis and Ashmore believes that there is significant embedded value in the existing investments that could be recognised through valuations as deals are realised. Ashmore's approach to Special Situations investing focuses on the building blocks of an economy; investments in infrastructure companies that includes power, telecoms, transportation and energy. These sectors are likely to provide more stable returns in the long term vis-a-vis their developed world counterparts as the global economy rebalances itself.

IMPORTANT INFORMATION

The terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 25 March 2011. A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

The statements, including any forward-looking statements contained herein are made as at the date of this announcement, unless some other time is specified in relation to them, and service of this announcement shall not give rise to any implication that there has been no change in the facts set forth herein since such date.

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the intentions, beliefs or current expectations of the Company or Ashmore concerning, amongst other things, the investment performance prospects of the Company and the markets in which it invests. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements.

Forward-looking statements are not guarantees of future performance. The Company's actual investment performance may differ materially from the impression created by the forward-looking statements contained in this announcement. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which it will operate in the future. All forward-looking statements included in this announcement are based on information available to the Company on the date hereof. Shareholders should not place undue reliance on such forward looking statements, and the Company does not undertake any obligation to update publicly or revise any forward-looking statements, save as required by the Listing Rules or any other applicable law or regulation.