Interim Results

EP GLOBAL OPPORTUNITIES TRUST plc

PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS

The Directors announce the unaudited statement of results for the period from
13 November 2003*

to 30 June 2004 as follows:-

STATEMENT OF TOTAL RETURN

(incorporating the revenue account**) of the Company

                                                      13 November 2003         
                                                                               
                                                       to 30 June 2004         
                                                                               
                                               Revenue     Capital       Total 
                                                                               
                                                 £'000       £'000       £'000 
                                                                               
Gains on investments                                 -       1,680       1,680 
                                                                               
Dividends and interest                             390           -         390 
                                                                               
Investment management fee                          (90)          -         (90)
                                                                               
Other expenses                                    (141)          -        (141)
                                                                               
Net return before taxation                         159       1,680       1,839 
                                                                               
Taxation on ordinary activities                    (21)          -         (21)
                                                                               
Return on ordinary activities after taxation                                   
for the                                                                        
                                                                               
period and transfer to reserves                    138       1,680       1,818 
                                                                               
                                                 pence       pence       pence 
                                                                               
Return per share ***                              0.62        7.54        8.16 

* While the Company was incorporated on 13 November 2003, it did not commence
operations until 15 December 2003.

** The revenue column of this statement is the revenue account of the Company.

*** The revenue return per Ordinary share is based on earnings of £138,000 and
on 22,286,124 Ordinary shares being the weighted average number of Ordinary
shares in issue during the period.

The capital return per Ordinary share is based on net capital gains of £
1,680,000 and on 22,286,124 Ordinary shares being the weighted average number
of Ordinary shares in issue during the period

All revenue and capital items derive from continuing operations.

BALANCE SHEET

                                                            As at
                                                                 
                                                     30 June 2004
                                                                 
                                                            £'000
                                                                 
Fixed assets                                                     
                                                                 
Investments                                               22,104 
                                                                 
Current assets                                                   
                                                                 
Debtors                                                       68 
                                                                 
Cash at bank                                               2,396 
                                                                 
                                                           2,464 
                                                                 
Creditors - amounts falling due within one year              849 
                                                                 
Net current assets                                         1,615 
                                                                 
Total net assets                                          23,719 
                                                                 
Capital and Reserves                                             
                                                                 
Called up share capital                                      225 
                                                                 
Share premium account                                      1,092 
                                                                 
Special reserve                                           20,584 
                                                                 
Capital reserve - realised                                   344 
                                                                 
unrealised                                                 1,336 
                                                                 
Revenue reserve                                              138 
                                                                 
Total shareholders' funds                                 23,719 
                                                                 
                                                           pence 
                                                                 
Net asset value per Ordinary share (including             105.30 
current period revenue)*                                         
                                                                 

* The net asset value per Ordinary share (excluding current period revenue) at
30 June 2004, as reported to the Association of Investment Trust Companies, was
104.69p.

SUMMARISED STATEMENT OF CASHFLOWS

                                               13 November 2003
                                                               
                                                to 30 June 2004
                                                               
                                                         £'000 
                                                               
Net cash inflow from operating activities                  195 
                                                               
Capital expenditure and financial investment                   
                                                               
Purchase of investments                                (22,525)
                                                               
Sale of investments                                      2,822 
                                                               
Net cash outflow from capital expenditure                      
                                                               
and financial investment                               (19,703)
                                                               
Net cash outflow before financing                      (19,508)
                                                               
Financing                                                      
                                                               
Proceeds of share issue net of issue                    21,904 
expenses                                                       
                                                               
Net cash inflow from financing                          21,904 
                                                               
Increase in cash                                         2,396 
                                                               

The above financial information has been prepared using the accounting policies
set out in the Listing Particulars, which have been delivered to the Registrar
of Companies, and in accordance with applicable accounting standards and with
the Statement of Recommended Practice 2003 regarding the Financial Statements
of Investment Trust Companies.

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 Corporations Taxes Act 1988.

The above financial information does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985.

Chairman's Statement

Investment Performance

This is the first opportunity to write formally to shareholders since your
Company commenced operations on the 15th December last year and I am pleased to
report that a positive start has been made in terms of investment performance.
At the end of June 2004, the net asset value per share (including current
period revenue) had risen to 105.3p, compared with the issue price of 100p and
the opening net asset value, after issue costs, of 97p.

The first six months of 2004 was a dull period for world stock markets, with
most markets trading within a narrow range. The Japanese equity market was the
only major market to gain more than a percent or two over the period.

Investment Policy

The investment policy followed by our investment manager, Edinburgh Partners,
is based on identifying shares in the major global markets that are undervalued
on an absolute basis. This is the cornerstone of your Board's belief that the
Trust will produce, over time, a superior investment performance. While simple
to state, successful implementation of the policy requires adherence to a
strict discipline and intensive research built on the back of hard work.

The research of our investment manager identified many undervalued shares in
Europe and Japan and this has led to the vast majority of the Company's
portfolio being invested in these markets. In contrast, the valuation of shares
in North America does not look attractive and, in consequence, only 2% of total
assets is invested there.

Such is the relative attractiveness of the opportunities in the Japanese stock
market that it has led Edinburgh Partners to launch a specialist fund investing
only in Japan. Your Board approved an investment in this Fund, for part of the
Japanese portfolios, as a method of holding an interest in a broader range of
Japanese shares than would be practical to hold directly by the Trust. I should
make it clear that the Trust does not suffer a second layer of investment
management fees by investing in the Edinburgh Partners Japan Opportunities
Fund.

Income and Dividend Policy

The revenue account to the end of June has benefited from a high initial level
of cash, as the proceeds of the initial offering have been invested gradually
over the period. It is not the intention that any emphasis will be placed on
income in the choice of investments. Share selection is made with the objective
of generating attractive real long-term returns. This will not prevent our
investment manager from buying higher yielding shares if they are believed to
offer good value. However, most of the initial investments are low yielding.
This is particularly true of the shares purchased in the Japanese market.

It is your Board's intention that the majority of the net income earned should
be paid out to shareholders in the form of dividends. The Board has decided not
to declare an interim dividend, but to wait until the year-end, when a clearer
picture of the income generated from the fully invested portfolio will be
available. At least in the early years of the Trust, it is likely that the
dividend will be relatively small.

Share Price and Buying-in Shares

Investment performance following the successful launch of your Company started
on a positive note and for the first months after launch, the share price stood
at a small premium to net asset value. During this period, there was a lack of
shares for sale to satisfy further buyers. To fill this demand and avoid an
artificial market in the shares, the Trust issued a total of 1,083,259 new
shares. All such shares were issued at a price above 100p and at a premium to
the net asset value. Hence the action was incremental in value to existing
shareholders.

By the end of June the share price had dipped to 95.5p, a discount of 9% to the
net asset value. At this time, the Company had not completed the legal
formalities to enable it to buy-in its own shares. Nonetheless, it is the
Board's intention to use the power to buy-in shares in the open market when
supply exceeds demand to the extent that a significant discount opens up
between the share price and the net asset value. The legal formalities have now
been completed and, by the end of July, 80,000 shares had been repurchased for
cancellation at a modest discount to the net asset value. As was the case when
new shares were issued, this resulted in an enhancement to net asset value per
share.

Outlook

As usual there are a number of issues to be concerned about when investing in
equities. Prominent among these are the increase in the price of oil, rising
interest rates and the risk of further terrorist outrages. However, our
investment manager continues to find shares that represent good value and, as
long as this is the case, the Trust will remain relatively fully exposed to
equity markets.

1 September 2004

Kenneth Greig

Arthur Copple } Edinburgh Partners Limited, telephone: [phone]