REG-Global Special Opps: Net Asset Value(s)

GLOBAL SPECIAL OPPORTUNITIES TRUST PLC

ESTIMATED NET ASSET VALUE CALCULATION AS AT

17 June 2009

UK GAAP

£ million %

Investments 13.47 95.08

Cash 0.96 6.78

14.43 101.86

Other net current assets/(liabilities) 0.05 0.31

Loan value USD revolving credit facility -0.31 -2.17

Net Assets (including estimated 14.17 100.00
revenue reserves at 17
June 2009 of £0.07m)

Number of shares
in issue

Net Asset Value per Capital - 50,000,000
share:

Income 54.72p 25,210,008

ZDP 182.61p 206,037

US$

USD exchange rate used to revalue all US assets and 1.62860
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 17 June 2009: $82,121

Sterling equivalent at exchange rate above: £0.05m

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: £0.23m

END