Portfolio Update

EP Global Opportunities Trust Plc (the 'Company')

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments and where appropriate, any
investment with a value greater than 5% of the Company's gross assets as at
31st December 2004:

Name of company                              Class of share              
                                                                         
Altadis                                      Ordinary                    
                                                                         
Bradford & Bingley                           Ordinary                    
                                                                         
C&C Group                                    Ordinary                    
                                                                         
Edinburgh Partners Opp Fd Japan Opps         I Shares                    
                                                                         
ENI                                          Ordinary                    
                                                                         
Korea Electric Power                         Ordinary                    
                                                                         
Mizuho Financial Group                       Ordinary                    
                                                                         
Neopost                                      Ordinary                    
                                                                         
Pfleiderer                                   Ordinary                    
                                                                         
Repsol                                       Ordinary                    
                                                                         
None of the above have a value greater than 5% of the Company's gross    
assets