Interim results

EP GLOBAL OPPORTUNITIES TRUST plc

PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS TO 30 JUNE 2007

HIGHLIGHTS

  * Net asset value per Ordinary Share increased by 3.0% to 178.0p in the 6
    months to 30 June 2007.
   
  * Share price declined fractionally from 170p to 169p, ending the period at a
    discount to net asset value of 5.1%, compared to 1.6% at the end of 2006.
   
  * A total of 173,000 shares repurchased in period and held in treasury. A
    further 463,902 shares were repurchased in July.
   
  * Investment policy continues to focus on undervalued shares globally.
    Increasing value being found in larger companies in the developed world,
    especially in the US.
   
The Directors announce the unaudited statement of results for the 6 months to
30 June 2007 as follows:-

Chairman's Statement

Investment Performance

The net asset value per share at the end of June 2007 was 178.0p. This is 3.0
per cent above the level at the end of December 2006. It is encouraging to
report a further gain in the net asset value, even if it is only a small one,
after three years of excellent performance since the Trust was launched in
December 2003.

The share price declined fractionally over the same period, by 0.6 per cent to
169p. The discount to net asset value widened from 1.6 per cent at the end of
2006 to 5.1 per cent at mid 2007. During the six month period, we bought in
173,000 shares, as part of our policy to limit the development of any discount.
We will continue to buy in shares when there is an imbalance of sellers over
buyers. In July we repurchased a further 463,902 shares.

Despite the increase in net assets, this is the first six month period that
investment performance has lagged that of the FTSE All-World Index, which had a
capital return of 6.2 per cent over the period. The UK FTSE All-Share Index
gained 5.7 per cent. While the Board takes note of the performance of your
Trust compared to that of stock market indices, and in particular to that of
the FTSE All-World Index because of the Trust's global mandate, it is an
important part of the philosophy of the Trust not to have a benchmark. The
investment policy of our investment manager, Edinburgh Partners, is based on
value, on seeking out undervalued shares. It is the Board's view that the best
long term investment return will be achieved by a strict adherence to this
policy. By not having a benchmark, our investment manager is not under pressure
to follow market trends that at times result in individual sectors or
geographical regions becoming highly fashionable and as a consequence becoming
significantly overvalued. As a result, there will inevitably be periods when
the Trust's performance will lag that of the stock market indices.

For some time, we have been witnessing the steady development of a more
narrowly focused stock market with the increasingly fashionable areas being the
Asian markets (with the exception of Japan) and resource based companies. The
shares of smaller companies have also enjoyed a prolonged period of strong
relative price performance and are increasingly looking over valued,
particularly when compared to many of the larger companies. It is amongst the
larger companies in the developed world that our investment manager is still
finding shares at attractive valuations. As a result, the Trust's portfolio is
almost exclusively invested in these larger companies.

Option in Edinburgh Partners

Once again we have re-valued the option held over shares in Edinburgh Partners.
We have increased the value from £800,000 at the end of 2006 to £900,000. In
valuing the option we have in the past projected a rapid rate of growth for
Edinburgh Partners. However, the Company has consistently outperformed our
aggressive forecasts for the level of funds under management and now manages
over £2.7 billion. While the Company has been fortunate to benefit from three
and a half years of strong stock markets since its foundation, the good
investment performance achieved by your Trust (which was Edinburgh Partners'
first client) has also no doubt been a significant factor in the success of
attracting new clients. We are still very positive on the potential for
Edinburgh Partners but, because of the size of funds now under management, in
valuing the option we are taking a more conservative view of the potential rate
of growth.

Revenue Account

The revenue account shows a healthy increase over the same period last year,
with earnings per share increasing from 1.70p to 1.91p per share. In previous
years, the bulk of the revenue has been received in the first six months of the
year. This is when the majority of UK dividend income is paid. Earnings for the
full year 2006 were 2.06p per share.

The rapid growth in earnings per share over the last couple of years has been
primarily due to the changes made in the portfolio. As our investment manager
has increasingly found better value in larger companies and those with greater
yield, so the Trust's revenue has grown. Should the area of relative value
change and lower yielding companies show better value, we would not hesitate to
reduce our own dividend rather than allow income considerations to dictate
investment policy.

Outlook

There are numerous reasons to be cautious about share prices. Rising interest
rates have historically been the prime cause for bull markets to end and
interest rates have now been rising for some time. Inflationary pressures,
particularly in the UK, have been on the increase and threaten to cause
interest rates to go even higher. The weak dollar is a concern, as are the well
publicised problems in the secondary mortgage market in the US. However, the
shares of larger companies, especially in the US, are not overpriced. This
should limit the risk to the major market indices and to our portfolio even if
the excesses in other areas lead to greater turbulence in those areas. So
despite the worries, as was the case this time last year, patience is likely to
be rewarded.

Teddy Tulloch
Chairman

10 August 2007

INCOME STATEMENT

for the 6 months to 30 June 2007

                                 6 months to                6 months to        
                                                                               
                               to 30 June 2007              30 June 2006       
                                                                               
                          Revenue  Capital     Total  Revenue  Capital   Total 
                                                                               
                            £'000    £'000     £'000    £'000    £'000   £'000 
                                                                               
Gains on investments            -    1,709     1,709        -      534      534
                                                                               
Income                      1,161        -     1,161    1,043        -   1,043 
                                                                               
Investment management fee    (212)       -      (212)    (202)       -    (202)
                                                                               
Other expenses               (140)       -      (140)    (128)       -    (128)
                                                                               
Net return before             809    1,709     2,518      713      534   1,247 
taxation                                                                       
                                                                               
Taxation                     (160)       -      (160)    (139)       -    (139)
                                                                               
Net return after taxation     649    1,709     2,358      574      534   1,108 
                                                                               
                            pence    pence     pence    pence    pence   pence 
                                                                               
Return per Ordinary Share    1.91     5.03      6.94     1.70     1.58    3.28 
*                                                                              

The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital return columns are prepared in
accordance with guidance published by the Association of Investment Companies
(AIC).

All revenue and capital items derive from continuing operations.

A separate Statement of Total Recognised Gains and Losses has not been prepared
as all such gains are included in the Income Statement.

* The revenue return per Ordinary Share for the 6 months to 30 June 2007 is
based on the net revenue return after taxation of £649,000 and on 33,960,910
Ordinary shares being the weighted average number of Ordinary Shares in issue
during the period (excluding Treasury shares).

The capital return per Ordinary Share for the 6 months to 30 June 2007 is based
on net capital gains of £1,709,000 and on 33,960,910 Ordinary shares, being the
weighted average number of Ordinary Shares in issue during the period
(excluding Treasury Shares).

BALANCE SHEET

as at 30 June 2007

                                           30 June     30 June     31 December 
                                                                               
                                              2007        2006            2006 
                                                                               
                                             £'000       £'000           £'000 
                                                                               
Non-current assets                                                             
                                                                               
Investments at fair value through           58,433      51,757          57,574 
profit or loss                                                                 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                        210         151             139 
                                                                               
Cash at bank and short term deposits         3,032       2,039           1,275 
                                                                               
                                             3,242       2,190           1,414 
                                                                               
Creditors - amounts falling due              1,454         210             223 
within one year                                                                
                                                                               
Net current assets                           1,788       1,980           1,191 
                                                                               
Total net assets                            60,221      53,737          58,765 
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                        340         338             340 
                                                                               
Capital redemption reserve                       1           1               1 
                                                                               
Share premium account                       17,991      17,754          17,991 
                                                                               
Special reserve                             20,506      20,506          20,506 
                                                                               
Capital reserve - realised                  17,278       8,887          13,598 
                                                                               
- unrealised                                 3,619       5,635           5,590 
                                                                               
Revenue reserve                                776         616             739 
                                                                               
Own shares held in Treasury                   (290)          -               - 
                                                                               
Total Shareholders' funds                   60,221      53,737          58,765 
                                                                               
                                             pence       pence           pence 
                                                                               
Net asset value per Ordinary Share           178.0       158.8           172.8 
including current period revenue                                               
(note 3)                                                                       
                                                                               

SUMMARISED STATEMENT OF CASH FLOWS

                                6 months to 30 June   6 months to 30 June 2006 
                                       2007                                    
                                                                               
                                                                               
                                £'000    £'000          £'000     £'000        
                                                                               
Net cash inflow from                       542                      582        
operating activities                                                           
                                                                               
Investing activities                                                           
                                                                               
Purchases of investments      (16,401)                (15,025)                 
                                                                               
Sales of investments           18,664                  13,635                  
                                                                               
Exchange gains/(losses) on         39                     (20)                 
settlement                                                                     
                                                                               
Net cash inflow/(outflow)                2,302                   (1,410)       
from investing activities                                                      
                                                                               
Net cash inflow/(outflow)                2,844                     (828)       
before equity dividends paid                                                   
and financing                                                                  
                                                                               
Equity dividends paid                     (612)                    (271)       
                                                                               
Financing                                                                      
                                                                               
Proceeds of share issues net        -                     659                  
of issue expenses                                                              
                                                                               
Own shares purchased and held    (290)                      -                  
in treasury                                                                    
                                                                               
Net cash (outflow)/inflow                 (290)                     659        
from financing                                                                 
                                                                               
Increase/(decrease) in cash              1,942                     (440)       
                                                                               

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

For the 6 months ended 30 June 2007

                                    6 months to  6 months to           Year to 
                                                                               
                                   30 June 2007       30 June  31 December2006 
                                                        2006                   
                                                                               
                                          £'000        £'000             £'000 
                                                                               
Opening Shareholders' funds              58,765       52,241            52,241 
                                                                               
Net return after taxation for             2,358        1,108             5,897 
the period                                                                     
                                                                               
Dividends paid                             (612)        (271)             (271)
                                                                               
Shares issued                                 -            4                 6 
                                                                               
Premium on issues of shares                   -          655               894 
                                                                               
Share issue costs                             -            -                (2)
                                                                               
Cost of own shares bought into             (290)           -                 - 
treasury                                                                       
                                                                               
Closing Shareholders' funds              60,221       53,737            58,765 

Notes to this announcement:

1. Financial information

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 2006. The statutory accounts for the year ended 31 December 2006
received an unqualified audit opinion.

2. 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.

3. Net asset value per Ordinary share

The net asset value per Ordinary Share is based on total net assets at 30 June
2007 of £60,221,000 (31 December 2006: £58,765,000, 30 June 2006: £53,737,000)
and on 33,825,180 Ordinary Shares (31 December 2006: 33,998,180, 30 June 2006:
33,848,180) being the issued share capital (excluding 173,000 Ordinary Shares
(31 December 2006: 0, 30 June 2006: 0) held in treasury) at that date. Net
asset values calculated include current period revenue.

20 LARGEST INVESTMENTS

As at 30 June 2007

Company         Sector             Country            Valuation     % of Total 
                                                                               
                                                                    net assets 
                                                                               
Vodafone        Mobile             United Kingdom         2,819            4.7 
                                                                               
                Telecommunications                                             
                                                                               
Dell            Technology &       United States          2,474            4.1 
                Hardware Equipment                                             
                                                                               
Royal Bank of   Banks              United Kingdom         2,317            3.8 
Scotland                                                                       
                                                                               
E.ON            Utilities          Germany                2,002            3.3 
                                                                               
SABMiller       Beverages          United Kingdom         1,734            2.9 
                                                                               
Telefonica      Fixed Line         Spain                  1,725            2.9 
                Telecommunications                                             
                                                                               
Bunge           Food Producers     United States          1,681            2.8 
                                                                               
Intel           Technology         United States          1,632            2.7 
                                                                               
                & Equipment                                                    
                                                                               
KON-KPN         Fixed Line         Netherlands            1,583            2.6 
                                                                               
                Telecommunications                                             
                                                                               
TomTom          Technology &       Netherlands            1,582            2.6 
                Hardware Equipment                                             
                                                                               
Deutsche Post   Industrial         Germany                1,558            2.6 
                Transportation                                                 
                                                                               
General         General            United States          1,524            2.5 
Electric        Industrials                                                    
                                                                               
Lagardere       Media              France                 1,518            2.5 
                                                                               
American        Non Life Insurance United States          1,483            2.5 
International                                                                  
                                                                               
Symantec        Software &         United States          1,479            2.5 
                Computer Services                                              
                                                                               
Swiss Life      Life Insurance     Switzerland            1,475            2.5 
                                                                               
Lloyds TSB      Banks              United Kingdom         1,462            2.4 
                                                                               
ABN AMRO        Banks              Netherlands            1,421            2.4 
                                                                               
Intesa Sanpaola Banks              Italy                  1,418            2.4 
                                                                               
Yamaha Motor    Automobiles &      Japan                  1,412            2.3 
                Parts                                                          
                                                                               
Total - Top 20 Investments (57.0% of total net           34,299           57.0 
assets)                                                                        
                                                                               

DISTRIBUTION OF INVESTMENTS

As at 30 June 2007 (% of total net assets)

Sector distribution as at 30 June 2007           % of total 
                                                            
                                                 net assets 
                                                            
Financials                                             32.9 
                                                            
Technology                                             13.9 
                                                            
Telecommunications                                     12.3 
                                                            
Consumer goods                                          9.6 
                                                            
Health care                                             8.4 
                                                            
Industrials                                             7.4 
                                                            
Consumer services                                       4.9 
                                                            
Oil & gas                                               4.3 
                                                            
Utilities                                               3.3 
                                                            
Cash and other net assets                               3.0 
                                                            
                                                      100.0 

Geographical distribution as at 30 June 2007     % of total 
                                                            
                                                 net assets 
                                                            
Europe                                                 39.4 
                                                            
USA                                                    29.7 
                                                            
UK                                                     19.9 
                                                            
Japan                                                   5.8 
                                                            
Asia ex Japan                                           2.2 
                                                            
Cash and other net assets                               3.0 
                                                            
                                                      100.0 

Enquiries:

Sandy Nairn

Kenneth Greig

Edinburgh Partners

Telephone: [phone]