TIDMUSPI 
 
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC 
 
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 
                                  31 May 2010 
 
                                                     UK GAAP 
 
                                             GBP million               % 
 
Investments                                      13.69           96.66 
 
Cash                                              0.87            6.14 
 
                                                 14.56          102.80 
 
Other net current assets/(liabilities)           -0.06           -0.37 
 
Loan value USD revolving credit facility         -0.34           -2.43 
 
Net Assets     (including estimated              14.16          100.00 
               revenue reserves at 31 May 
               2010 of -GBP0.14m) 
 
                                                             Number of shares 
                                                             in issue 
 
Net Asset Value per                Capital           -         50,000,000 
share: 
 
                                    Income      55.06p         25,035,008 
 
                                       ZDP     182.61p            206,037 
 
                                                                      US$ 
 
USD exchange rate used to revalue all US assets and               1.45295 
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 2010:                $480,115 
 
Sterling equivalent at exchange rate above:                           GBP0.33m 
 
Time value of unlisted warrants as at 31 May 2010:                  $291,174 
 
(adjusted for warrants subsequently acquired, exercised or 
disposed) 
 
Sterling equivalent at exchange rate above:                           GBP0.20m 
 
Valuation of Pipeline Data Inc 
 
The value of the Company's holding in Pipeline Data Inc has been written down 
to $0.65 per share in line with the agreed sale price. The write down represents a 
reduction in net assets of GBP411,000 (at 31 May 2010 exchange rates), equivalent 
to 1.64p per Income share. 
 
Valuation of Integrated Securities Systems ("IZZI") 
 
The value of the Company's holding in Integrated Securities Systems Inc 
("IZZI") has been written down to $0.005 per share in light of difficult market 
conditions and in anticipation of future difficulties during realisation. The 
write down represents a reduction in net assets of GBP500,000 (at 31 May 2010 
exchange rates), equivalent to 2.00p per Income share. 
 
 
 
 
 
END
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