GLOBAL SPECIAL OPPORTUNITIES TRUST PLC                     
                                                                               
                 (Formerly US Special Opportunities Trust plc)                 
                                                                               
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT                  
                                                                               
                                13 August 2008                                 
                                                                               
                                                    UK GAAP                    
                                                                               
                                             � million               %         
                                                                               
Investments                                      15.85           93.11         
                                                                               
Cash                                              3.13           18.40         
                                                                               
                                                 18.98          111.51         
                                                                               
Other net current assets/(liabilities)           -0.07           -0.49         
                                                                               
Loan value USD revolving credit facility         -1.88          -11.02         
                                                                               
Net Assets      (including estimated             17.03          100.00         
                revenue reserves at 13                                         
                August 2008 of �0.12m)                                         
                                                                               
                                                         Number of shares  
                                                                 in issue          
                                                                               
Net Asset Value per               Capital            -         50,000,000      
share:                                                                         
                                                                               
                                   Income       66.04p         25,210,008      
                                                                               
                                      ZDP      182.61p            206,037      
                                                                               
                                                                      US$      
                                                                               
USD exchange rate used to revalue all US assets and               1.86490      
liabilities                                                                    

In accordance with AIC guidelines the net asset value calculations include
estimated current period revenue.

The net asset value calculations include 50% of the costs associated with the
circular issued to shareholders relating to Tender Offers for ZDP and Income
Shares. As detailed in the circular these costs are split between revenue and
capital on a 50:50 basis.

The net asset value calculation includes the time value of unlisted warrants in
respect of the portfolio valuation. The Company has adopted the Black Scholes
methodology and will calculate the time value (in dollars) of unlisted warrants
every quarter. The twice weekly NAV calculations will be calculated by valuing
the intrinsic value of the warrants and adding the time value as at the most
recent quarterly valuation.

 

Intrinsic value of unlisted warrants as at 13 August 2008:          $248,435
                                                                            
Sterling equivalent at exchange rate above:                           �0.13m
                                                                            
Time value of unlisted warrants as at 31 May 2008:                  $797,662
                                                                            
(adjusted for warrants subsequently acquired, exercised or                  
disposed)                                                                   
                                                                            
Sterling equivalent at exchange rate above:                           �0.43m



END
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