TIDMUSPI 
 
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC 
 
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 
                                  31 May 2009 
 
                                                     UK GAAP 
 
                                             GBP million               % 
 
Investments                                      13.31           95.24 
 
Cash                                              0.99            7.05 
 
                                                 14.30          102.29 
 
Other net current assets/(liabilities)           -0.01           -0.07 
 
Loan value USD revolving credit facility         -0.31           -2.22 
 
Net Assets       (including estimated            13.98          100.00 
                 revenue reserves at 31 May 
                 2009 of GBP0.07m) 
 
                                                             Number of shares 
                                                             in issue 
 
Net Asset Value per                 Capital          -         50,000,000 
share: 
 
                                     Income     53.95p         25,210,008 
 
                                        ZDP    182.61p            206,037 
 
                                                                      US$ 
 
USD exchange rate used to revalue all US assets and               1.61255 
liabilities 
 
In accordance with AIC guidelines the net asset value calculations include 
estimated current period revenue. 
 
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 month. 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 monthly valuation. 
 
 
 
Intrinsic value of unlisted warrants at 31 May 2009:                 $84,471 
 
Sterling equivalent at exchange rate above:                           GBP0.05m 
 
Time value of unlisted warrants as at 31 May 2009:                  $371,876 
 
(adjusted for warrants subsequently acquired, exercised or 
disposed) 
 
Sterling equivalent at exchange rate above:                           GBP0.23m 
 
Revaluation of unlisted securities 
 
The value of the unlisted holding in eOriginal has been written down to zero on 
the recommendation of the Manager which the Board has endorsed. The 
recommendation was made when the Manager became aware that it was likely that 
senior creditors would be in a position to take control of the company leaving 
junior creditors, preferred shareholders and common shareholders with an 
investment of negligible value.  The write down represents a reduction in net 
assets of GBP437,000 (at 29 May 2009 exchange rates), equivalent to 1.73p per 
income share. 
 
The value of the unlisted holdings in Anchorfree and Heyspace have been written 
down by 24.5% and 15.9% respectively on the recommendation of the Manager 
following a review of those companies' current trading positions and the market 
valuation of comparable companies with a public listing. The board has endorsed 
these write downs. The write downs represent a reduction in net assets of GBP 
90,000 (at 29 May 2009 exchange rates) equivalent to 0.36p per income share. 
 
The holdings in Integrated Security System's debentures, loan notes and 
convertibles have been converted to common stock following the implementation 
of a scheme of conversion. The net result of this conversion, with the common 
stock valued at the 31 May 2009 market price of 2 cents, was an increase in the 
value of the Global Special Opportunities Trust's investment in Integrated 
Security Systems compared to the preceding net asset value calculation on 27 
May 2009, of approximately GBP685,000 (at 29 May 2009 exchange rates), equivalent 
to 2.72p per income share. In addition approximately $380,000 of accrued 
interest was converted to common stock.   The notes and debentures which were 
previously valued at 60 cents in the dollar were converted into common at a 
price of 4 cents (i.e. 25 common for $1 dollar nominal of stock).  The 
conversion terms for the convertible debenture holdings were improved as a 
result of the scheme of conversion. The convertible holdings had previously 
been valued on a converted basis and the new conversion terms resulted in a 
significant uplift in the value of these holdings. 
 
 
 
END
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