Interim Results

EP GLOBAL OPPORTUNITIES TRUST plc                       

                                                                               

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS                  

•         Net Asset Value per share increased from 156.2 pence as at 31
          December 2005 to 158.8 pence as at 30 June 2006, an increase of 1.7%.

•         Investment in Japanese equities was reduced to around 10 per cent of
          assets and investment in the US was increased to just over 20 per cent.

•         Despite recent market volatility, the Board believes that patience and
          sound stock selection, based on value, will in due course prove to be 
          rewarding.


The Directors announce the unaudited statement of results for the 6 months to
30 June 2006 as follows:-


INCOME STATEMENT
for the 6 months to 30 June 2006

                                 6 months to               6 months to         
                               to 30 June 2006             30 June 2005        
                                                                               
                          Revenue  Capital    Total  Revenue   Capital   Total 
                                                                               
                            £'000    £'000    £'000    £'000     £'000   £'000 
                                                                               
Gains on investments            -      534      534        -     2,594   2,594 
                                                                               
Dividends and interest      1,043        -    1,043      552         -     552 
                                                                               
Investment management fee    (202)       -     (202)     (99)        -     (99)
                                                                               
Other expenses               (128)       -     (128)    (118)        -    (118)
                                                                               
Net return before             713      534    1,247      335     2,594   2,929 
taxation                                                                       
                                                                               
Taxation                     (139)       -     (139)     (50)        -     (50)
                                                                               
Net return after taxation     574      534    1,108      285     2,594   2,879 
                                                                               
                            pence    pence    pence    pence     pence   pence 
                                                                               
Return per Ordinary share*   1.70     1.58     3.28     1.25     11.41   12.66 
                                                                              

The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital return columns are both prepared
under guidance published by the Association of Investment Companies.

* The revenue return per Ordinary share for the 6 months to 30 June 2006 is
based on earnings of £574,000 and on 33,747,811 Ordinary shares being the
weighted average number of Ordinary shares in issue during the period.

  The capital return per Ordinary shares for the 6 months to 30 June 2006 is
based on net capital gains of £534,000 and on 33,747,811 Ordinary shares being
the weighted average number of Ordinary shares in issue during the period.

All revenue and capital items derive from continuing operations.


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the 6 months ended 30 June 2006

                                         6 months to      Year to   6 months to 
                                        30 June 2006  31 December   30 June 2005
                                                             2005              
                                                                           
                                                                               
                                               £'000        £'000        £'000 
                                                                               
Opening Shareholders' funds                   52,241       26,130       26,130 
                                                                               
Issue of Shares                                    4          110            7 
                                                                               
Premium on issues of Shares                      655       16,350          750 
                                                                               
Expenses of Share issue                            -         (343)           - 
                                                                               
Net return after taxation for the              1,108       10,085        2,879 
period                                                                         
                                                                               
Dividends paid                                  (271)         (91)         (91)
                                                                               
Closing Shareholders' funds                   53,737       52,241       29,675 


BALANCE SHEET
as at 30 June 2006

                                           30 June      31 December     30 June
                                             2006             2005        2005 
                                                                               
                                            £'000            £'000       £'000 
                                                                               
Fixed Assets                                                                   
                                                                               
Investments                                51,757           49,812      29,406 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                       151              112         151 
                                                                               
Cash at bank                                2,039            2,479         219 
                                                                               
                                            2,190            2,591         370 
                                                                               
Creditors - amounts falling due               210              162         101 
within one year                                                                
                                                                               
Net current assets                          1,980            2,429         269 
                                                                               
Total net assets                           53,737           52,241      29,675 
                                                                               
Capital and Reserves                                                           
                                                                               
Called up share capital                       338              334         231 
                                                                               
Capital redemption reserve                      1                1           1 
                                                                               
Share premium account                      17,754           17,099       1,842 
                                                                               
Special reserve                            20,506           20,506      20,506 
                                                                               
Capital reserve - realised                  8,887            5,439       1,373 
                                                                               
                - unrealised                5,635            8,549       5,397 
                                                                               
Revenue reserve                               616              313         325 
                                                                               
Total equity Shareholders' funds           53,737           52,241      29,675 
                                                                               
                                            Pence            pence       pence 
                                                                               
Net asset value per Ordinary share          158.8            156.2       128.7 
including current period revenue                                               
(note 1)                                                                       
                                                                               

SUMMARISED STATEMENT OF CASH FLOWS

                               6 months to 30 June 2006   6 months to 30 June 2005 
                                                                          
                                £'000    £'000   £'000   £'000   £'000   £'000 
                                                                               
Net cash inflow from operating             582                     195         
activities                                                                     
                                                                               
Capital expenditure and                                                        
financial investment                                                           
                                                                               
Purchases of investments       (15,025)                 (6,494)                
                                                                               
Sales of investments            13,635                   5,026                 
                                                                               
Exchange losses on settlement      (20)                      -                 
                                                                               
Net cash outflow from capital                                                  
expenditure and financial
investments                             (1,410)                 (1,468)        
                                                                               
Dividends paid (note 2)                   (271)                    (91)        
                                                                               
Net cash outflow before                         (1,099)                 (1,364)
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Proceeds of share issues net        659                     757                
of issue expenses                                                              
                                                                               
Net cash inflow from financing                     659                     757 
                                                                               
Decrease in cash                                  (440)                   (607)
                                                                               

Notes to this announcement:

This unaudited interim financial information does not constitute statutory
accounts. This information has been prepared on the basis of the accounting
policies used in the statutory accounts of the Company for the year ended 31
December 2005. The statutory accounts for the year ended 31 December 2005
received an unqualified audit opinion.

1. Net asset value per Ordinary share

The net asset value per Ordinary share is based on total net assets at 30 June
2006 of £53,737,000 (31 December 2005: £52,241,000, 30 June 2005: £29,675,000)
and on 33,848,180 Ordinary shares (31 December 2005: 33,444,010, 30 June 2005:
23,065,339) being the issued share capital at that date. Net asset values
calculated include current period revenue.

2. Dividends paid

The Company issued 404,170 Ordinary shares after 31 December 2005. These issues
were prior to the record date for the final dividend of the year ended 31
December 2005 and therefore were entitled to receive that dividend. The total
amount paid by the Company was therefore £271,000, £3,000 higher than the
amount recorded as proposed in the annual report.

3. Status of the Company

It is the intention of the Directors to conduct the affairs of the Company so
that they satisfy the conditions for approval as an investment trust company
set out in Section 842 of the Income and Corporation Taxes Act 1988.

Chairman's Statement

Investment Performance

The net asset value per share at the end of June 2006 was 158.8p. This was 1.7
per cent above the level at the end of December 2005. While it is an unexciting
result in absolute terms, it is encouraging that, having strongly outperformed
markets when they were rising, we have not given back any of the outperformance
in the more turbulent environment towards the end of the first half of 2006.
For comparison purposes the FTSE All World Index declined by minus 2.9 per cent
(total return minus 1.6 per cent).

The share price was down 1.9 per cent to 151.5p in the six months to the end of
June. The slightly lower share price is a result of the discount to the net
asset value widening from 1.1 per cent at the end of 2005 to 4.6 per cent at
the end of June. We believe this was only a temporary widening resulting from
the increased volatility of equity markets, as the share price has consistently
traded around net asset value. The Board monitors the discount level carefully
and it is our intention to limit any discount that develops. We intend to take
action to buy-in shares if there is an imbalance of supply over demand for our
shares in the market place, just as we have issued new shares when there has
been an excess demand for shares.

The first half of 2006 proved to be a mixed period for equity markets. After a
strong performance to the end of April, markets fell sharply. It is not
surprising that share prices were vulnerable to profit taking after a long
period of rising prices. The US market was the laggard in terms of performance
in the rising markets and, as a consequence, was less vulnerable to profit
taking in the down turn. While the US equity market fell by slightly more than
7 per cent from its May peak to the low in June, other major markets typically
declined by double this percentage. Most Asian markets, including Japan, fell
back by between 15 and 20 per cent. Despite the set back in May and June,
European markets, including the UK, ended June at levels higher than they were
at the end of 2005. The FTSE All-Share Index in the UK gained 4.2 per cent
(total return 6.1 per cent) over the six month period. Japan, which had been by
far the best performing major market in 2005, put in the poorest performance of
the major markets in the first half of 2006, with the Topix Index dropping by
almost 8 per cent in sterling terms.

Investment Policy

While we have enjoyed firm equity markets over the last few years, there have
been significant variations in the size of the gains in share prices in
different geographical regions. When the Company started in late 2003, we
invested virtually nothing in North America, while up to 30 per cent of the
assets were invested in Japan. At that time, share valuations in the US were
expensive, while those in Japan looked particularly good value. The good
performance of your Company since the launch has followed from the composition
of the portfolio which reflects these valuation differences.

The excellent performance of the Japanese market in 2005 resulted in Japanese
shares becoming increasingly less attractive. By contrast, the underperformance
of the US market resulted in better value appearing in some US shares.
Valuation analysis is the driving factor behind our investment policy. This
caused us to make significant changes to the portfolio in the run up in equity
markets in the early part of this year. Japanese equities were reduced to
nearer 10 per cent of assets and the investment in the US was increased to just
over 20 per cent. Profits were also taken in some of the holdings in other
parts of Asia, as their valuations started to look more expensive and, in
particular, their risk/reward potential looked less appealing than
opportunities elsewhere.

Revenue Account

The revenue account for the first half of 2006 shows a healthy increase
compared to the same period last year. This is partly due to a steady increase
in the dividends paid by the companies held but it has also been helped by
changes made to the portfolio. The overseas income has benefited from the
reduced level of investment in Japan where yields are particularly low.

The dividends received are a function of the investment policy, which in turn
is driven by where our Investment Manager, Edinburgh Partners, perceives the
best value to be. In 2006, increasingly better value has been found in higher
yielding investments. Should this change, we would not hesitate to invest in
lower yielding shares if that is where the value is, even if this means
curtailing our own dividend. This year, however, we are hopeful of being able
to recommend a further increase in the dividend.

Outlook

Equity markets that offered good value a couple of years ago had begun to look
on the expensive side by early 2006. The set back in May and June began to
price risk more sensibly and the hardest hit areas were those where the
euphoria had been most apparent. By late June, valuations were almost back to
being as attractive as they were two years ago. While it may take some time for
the excesses to be fully worked off, we believe that patience and sound stock
selection, based on value, will in due course prove to be rewarding.

Teddy Tulloch
Chairman
16 August 2006

Enquiries:

Kenneth Greig
Edinburgh Partners
Telephone: [phone]