TIDMUSPI 
 
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC 
 
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 
                                14 August 2009 
 
                                                    UK GAAP 
 
                                             GBP million               % 
 
Investments                                      14.07           94.28 
 
Cash                                              1.09            7.27 
 
                                                 15.16          101.55 
 
Other net current assets/(liabilities)            0.07            0.48 
 
Loan value USD revolving credit facility         -0.30           -2.03 
 
Net Assets      (including estimated             14.93          100.00 
                revenue reserves at 14 
                August 2009 of GBP0.06m) 
 
                                                             Number of shares 
                                                             in issue 
 
Net Asset Value per               Capital            -         50,000,000 
share: 
 
                                   Income       57.72p         25,210,008 
 
                                      ZDP      182.61p            206,037 
 
                                                                      US$ 
 
USD exchange rate used to revalue all US assets and               1.65305 
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 14 August 2009:             $432,206 
 
Sterling equivalent at exchange rate above:                           GBP0.26m 
 
Time value of unlisted warrants as at 31 July 2009:                 $357,423 
 
(adjusted for warrants subsequently acquired, exercised or 
disposed) 
 
Sterling equivalent at exchange rate above:                           GBP0.22m 
 
 
 
END
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