Initial accounts and share premium account

EP GLOBAL OPPORTUNITIES TRUST PLC

Initial accounts and cancellation of the share premium account

The Directors announce that the Company has filed with the Registrar of
Companies a set of initial accounts for the period from incorporation to 31 May
2004.

The Directors also announce that Court approval in respect of the cancellation
of the Company's share premium account has been granted and is effective as of
25 June 2004. As a result, a distributable reserve of £20,584,000 has been
established.

29.06.04