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

GLOBAL SPECIAL OPPORTUNITIES TRUST PLC

ESTIMATED NET ASSET VALUE CALCULATION AS AT

12 August 2009

UK GAAP

£ million %

Investments 14.42 94.43

Cash 1.14 7.44

15.56 101.87

Other net current assets/(liabilities) 0.01 0.11

Loan value USD revolving credit facility -0.30 -1.98

Net Assets (including estimated 15.27 100.00
revenue reserves at 12
August 2009 of £0.06m)

Number of shares
in issue

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

Income 59.08p 25,210,008

ZDP 182.61p 206,037

US$

USD exchange rate used to revalue all US assets and 1.65360
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 12 August 2009: $432,706

Sterling equivalent at exchange rate above: £0.26m

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: £0.22m

Valuation of Integrated Security Systems

The Board, in reviewing its valuation of its holding in Integrated Security
Systems Inc ("IZZI") and on the recommendation of its Investment Adviser, has
increased the value of its holding in IZZI to 1 cent per share. The write up
represents an increase in net assets of £885,200 (at 12 August 2009 exchange
rates), equivalent to 3.5 p per Income share.

END