Interim Management Statement

EP Global Opportunities Trust plc

INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS TO 31 MARCH 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 January 2011 to 31 March 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

                              31 March       31 December          % change
                                                                          
                                  2011             2010                   
                                                                          
Net asset value per share      185.3p            188.2p             (1.5%)
(including income)                                                        
                                                                          
Share price                    180.5p            186.8p             (3.4%)
                                                                          
Share price discount to         (2.6%)            (0.7%)                  
net asset value                                                           
                                                                          
Net assets                     £109.9m            £51.6m                  

REVIEW OF THE PERIOD

Results

The net asset value total return for the three month period to 31 March 2011
was -0.1%. In comparison, the return from the FTSE All-World Index was 2.0%
while the return from the FTSE All-Share Index was 1.0%. All Index returns are
stated on a total return basis.

Share price and discount

During the quarter to 31 March 2011 the share price decreased by 6.3p from
186.8p to 180.5p, a decrease of 3.4%. The share price discount to net asset
value increased slightly from 0.7% at 31 December 2010 to 2.6% at 31 March
2011.

During the period the Company issued a total of 31,855,462 new shares in EP
Global Opportunities Trust plc to shareholders in Anglo & Overseas Plc ("Anglo
& Overseas") as detailed below. In addition, during the period the Company
repurchased 419,000 shares which were placed into treasury and sold 450,000
shares from treasury. The total number of shares held in treasury at 31 March
2011 was 5,192,700 shares, representing 8.0% of the total number of shares in
issue of 64,509,642 shares. The total number of shares in circulation was
59,316,942 shares.

Since 31 March 2011 the Company has repurchased into treasury 260,000 shares.
As at 27 April 2011 the total number of shares held in treasury totalled
5,452,700 shares, the total number of shares in circulation was 59,056,942
shares, with the total number of shares in issue, including treasury shares,
being 64,509,642 shares.

Gearing

On 14 January 2011, the Company announced it had entered an agreement to borrow
£5 million from Scotiabank Europe PLC in the form of a secured multicurrency
revolving loan. The interest rate payable on the loan is 1.2 per cent over
LIBOR, the London interbank offered rate. At the time of the agreement, the £5
million amounted to gearing of approximately 10 per cent of the Company's net
assets. To date, the equivalent of £4.5 million in Japanese yen and US dollars
has been drawn down and is being invested.

Anglo & Overseas

On 4 February 2011 the Company announced that it had reached agreement in
principle with the board of Anglo & Overseas in respect of a merger through a
scheme of reconstruction and voluntary winding up of Anglo & Overseas. The
Board recommended the proposals as it believed an increase in the size of the
Company should improve the marketability of the Company's shares and reduce the
annual running costs as a percentage of the total assets.

The proposals received the approval of the Shareholders of both companies in
March 2011 . One member of the Anglo & Overseas Board, Giles Weaver, joined the
Board on 10 March 2011 and a total of 31,855,462 new shares in EP Global
Opportunities Trust were issued on 11 March 2011 to Anglo & Overseas
Shareholders who elected to roll over their investment, increasing the net
assets of the Company by £59 million to £110 million.

Investment strategy and outlook

During the first quarter there were two events which have had a powerful impact
on investor focus. The first of these was a series of uprisings in North Africa
and the Persian Gulf, which increased the risk factor in oil supplies leading
to further increases in oil prices. This was closely followed by a catastrophic
earthquake and consequent tsunami in Japan, which devastated the region
northeast of Tokyo as well as seriously damaging the Fukushima nuclear plant.

Despite these extreme events, overall global equity markets remained relatively
sanguine. Investors have assumed that the political upheaval likely to result
from regime change in the affected oil-producing countries will not materially
affect the aggregate flow of oil supplies. The exception was Japan, where
equities bore the brunt of selling pressure and, although there has been some
recovery, prices remain substantially lower than before the disaster struck.

We believe that despite the huge cost in human terms, the impact on Japanese
corporate earnings will be short-term and relatively slight and we continue to
find some of the most attractively priced companies in the world in the
Japanese market. Emerging market share prices have shown some early signs of
weakening and we expect this trend to continue. Our research efforts are
focussed on being ready to take advantage of this.

Top Ten Investments

Ranking   Company              Sector               Country            % of Net
                                                                         Assets
                                                                               
1.        Gazprom              Oil & Gas            Russia                  4.0
                                                                               
2.        Sanofi-aventis       Health Care          France                  3.2
                                                                               
3.        ENI                  Oil & Gas            Italy                   3.2
                                                                               
4.        Singapore            Telecommunications   Singapore               3.2
          Telecommunications                                                   
                                                                               
5.        Vodafone Group       Telecommunications   United Kingdom          3.0
                                                                               
6.        Cisco Systems        Technology           United States           3.0
                                                                               
7.        Yamaha Motor Company Consumer Goods       Japan                   2.9
                                                                               
8.        Mitsubishi           Industrials          Japan                   2.8
          Corporation                                                          
                                                                               
9.        Nokia                Technology           Finland                 2.8
                                                                               
10.       Heineken             Consumer Goods       Netherlands             2.8
                                                                               
                                                                           30.9

Sector classification of investments

31 March 2011                % of Net
                                     
                               Assets
                                     
Technology                      20.0 
                                     
Financials                      18.5 
                                     
Telecommunications              15.0 
                                     
Consumer Goods                  14.1 
                                     
Oil & Gas                       12.3 
                                     
Industrials                     10.8 
                                     
Health Care                      5.9 
                                     
Consumer Services                4.5 
                                     
Net liabilities                 (1.1)
                                     
                               100.0 

Geographical distribution

31 March 2011                % of Net
                               Assets
                                     
Europe                          28.8 
                                     
Japan                           26.0 
                                     
United States                   16.7 
                                     
United Kingdom                  16.5 
                                     
Asia Pacific                    10.7 
                                     
Latin America                    2.4 
                                     
Net liabilities                 (1.1)
                                     
                               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 31 March 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

28 April 2011