Net Asset Value(s)

 
TIDMUSPI 
 
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC 
 
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 
                                20 October 2010 
 
                                                    UK GAAP 
 
                                             GBP million               % 
 
Investments                                       9.38           96.53 
 
Cash                                              0.76            7.80 
 
                                                 10.14          104.33 
 
Other net current assets/(liabilities)           -0.10           -1.09 
 
Loan value USD revolving credit facility         -0.32           -3.24 
 
Net Assets      (including estimated              9.72          100.00 
                revenue reserves from 1 
                June 2010 to 20 October 
                2010 of -GBP0.10m) 
 
 
                                                             Number of shares 
                                                             in issue 
 
Net Asset Value per               Capital            -         50,000,000 
share: 
 
                                   Income       37.33p         25,035,008 
 
                                      ZDP      182.61p            206,037 
 
                                                                     US$ 
 
USD exchange rate used to revalue all US assets and              1.58550 
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 20 October 2010:                $nil 
 
Sterling equivalent at exchange rate above:                           GBP0.00m 
 
Time value of unlisted warrants at 30 September 2010:               $147,297 
 
(adjusted for warrants subsequently acquired, exercised or 
disposed) 
 
Sterling equivalent at exchange rate above:                           GBP0.09m 
 
25.10.10 
 
 
 
END