Interim Management Statement

EP Global Opportunities Trust plc

INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS TO 30 SEPTEMBER 2011

The Board of EP Global Opportunities Trust plc ('the Company') announces its
Interim Management Statement as required by the UK Listing Authority's
Disclosure and Transparency Rules. This Statement is in respect of the period
from 1 July 2011 to 30 September 2011 and should not be relied upon for any
other purpose.

OBJECTIVE

The objective of EP Global Opportunities Trust plc is to provide Shareholders
with an attractive real long-term total return by investing globally in
undervalued securities. The portfolio is managed without reference to the
composition of any stock market index.

FINANCIAL SUMMARY

                            30 September 2011      30 June 2011       % change
                                                                              
Net asset value per share               158.5p            183.5p         (13.6%)
(including income)                                                            
                                                                              
Share price                             148.9p            173.0p         (13.9%)
                                                                              
Share price discount to                   6.1%              5.7%              
net asset value                                                               
                                                                              
Net assets                              £92.0m           £109.9m              

REVIEW OF THE PERIOD

Results

The net asset value total return for the three month period to 30 September
2011 was -13.6%. In comparison, the return from the FTSE All-World Index was -15.0%
while the return from the FTSE All-Share Index was -13.5%. All Index returns
are stated on a total return basis.

Share price and discount

During the quarter to 30 September 2011 the share price decreased by 13.9% to
148.9p. The share price discount to net asset value increased slightly from
5.7% at 30 June 2011 to 6.1% at 30 September 2011.

In the period the Company repurchased 1,864,217 shares which were placed into
treasury. The total number of shares held in treasury at 30 September 2011 was
6,486,917 shares, representing 10.1% of the total number of shares in issue of
64,509,642 shares. The total number of shares in circulation was 58,022,725
shares.

Since 30 September 2011 the Company has repurchased into treasury 965,000
shares. As at 26 October 2011 the total number of shares held in treasury
totalled 7,451,917 shares, the total number of shares in circulation was
57,057,725 shares, with the total number of shares in issue, including treasury
shares, being 64,509,642 shares.

Gearing

The Company currently has a borrowing facility of £10 million. As at 30
September 2011 the equivalent of £4.8 million in Japanese yen and US dollars
had been drawn down under the facility.

Cancellation of Share Premium Account

At the general meeting of the Company held on 3 March 2011 a resolution was
passed approving the cancellation of the amount standing to the credit of the
Company's share premium account. The cancellation became effective on 19 August
2011 and an amount of £77,307,420 has been transferred from the Company's share
premium account to its special reserve account. This amount will enhance
substantially the ability of the Company to buy-back its own shares, either
into treasury or for cancellation.

Investment strategy and outlook

During the quarter there was a significant reappraisal of the prevailing benign
attitude towards future worldwide economic growth and corporate profitability.
This was replaced by a growing pessimism, with the sharp change of view
stemming largely from the failure of Eurozone leaders to fully respond to the
threat of Greek sovereign debt default. The fear of political stalemate leading
to policy inaction led to markets marking down share prices worldwide.

Despite the current political intransigence in the US and with the backdrop of
a pro-stimulus Federal Reserve, the US equity market was the best performing
major equity market. We consider that it remains the most expensive equity
market from a valuation perspective and we continue to have an exposure of less
than 20% of net assets.

Technology exposure within the portfolio remains significant. The Company's
holding in Symantec was sold after recent strong performance and replaced with
Microsoft, where the cash-rich balance sheet and reliable but steady growth
should be enhanced if Windows 8 proves a success. Similarly, in the industrials
sector, a rapidly falling share price provided the opportunity to invest in
Illinois Tool Works, a high quality, well-diversified business.

During the quarter, Japan Tobacco and Diageo were purchased. These are
companies with modest growth prospects with strong cash-flow and this has
boosted portfolio exposure to the consumer goods sector. The purchase of
Diageo, the world's largest spirits producer, increased the Company's UK
exposure. The common characteristic of the Company's UK holdings is the global
nature of their businesses.

In Japan, in addition to the sale of Mizuho in the financial sector, there was
a disposal of the Company's Japanese construction holding, Taisei, following
strong share price performance. We continue to remain confident of the value in
Japan and the Company's high weighting has been maintained.

As a result of the significant downward movement in share prices, our
Investment Manager is beginning to see investment opportunities in a number of
previously higher rated stocks where the Company has not recently had a
significant exposure. We expect to take advantage of these opportunities in the
coming months.

Top Ten Investments

Ranking   Company              Sector               Country            % of Net
                                                                         Assets
                                                                               
1.        Singapore            Telecommunications   Singapore               3.9
          Telecommunications                                                   
                                                                               
2.        China Mobile         Telecommunications   China                   3.5
                                                                               
3.        Sanofi-aventis       Health Care          France                  3.5
                                                                               
4.        Vodafone             Telecommunications   United Kingdom          3.4
                                                                               
5.        Cisco Systems        Technology           United States           3.4
                                                                               
6.        Unilever             Consumer Goods       Netherlands             3.3
                                                                               
7.        Canon                Technology           Japan                   3.2
                                                                               
8.        Intel                Technology           United States           2.9
                                                                               
9.        GlaxoSmithKline      Health Care          United Kingdom          2.9
                                                                               
10.       Diageo               Consumer Goods       United Kingdom          2.9
                                                                               
                                                                           32.9

Sector classification of investments

30 September 2011          % of Net Assets 
                                           
Consumer Goods                        26.0 
                                           
Technology                            21.7 
                                           
Telecommunications                    15.6 
                                           
Oil & Gas                             10.7 
                                           
Financials                            10.6 
                                           
Industrials                            9.9 
                                           
Health Care                            6.4 
                                           
Consumer Services                      2.8 
                                           
Net liabilities                       (3.7)
                                           
                                     100.0 

Geographical distribution

30 September 2011           % of Net Assets
                                           
Europe                                26.4 
                                           
Japan                                 23.5 
                                           
United Kingdom                        20.3 
                                           
United States                         17.4 
                                           
Asia Pacific                          14.0 
                                           
Latin America                          2.1 
                                           
Net liabilities                       (3.7)
                                           
                                     100.0 

Past performance is not a guide to future performance.

The Directors are not aware of any significant event or transactions which have
occurred between 30 September 2011 and the date of publication of this
statement which have had a material impact on the financial position of the
Company.

Enquiries:

Sandy Nairn

Kenneth Greig

Edinburgh Partners Limited

12 Charlotte Square

Edinburgh EH2 4DJ

Tel: [phone]


Registered Office of the Company:

12 Charlotte Square

Edinburgh EH2 4DJ

27 October 2011