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

GLOBAL SPECIAL OPPORTUNITIES TRUST PLC

ESTIMATED NET ASSET VALUE CALCULATION AS AT

6 November 2009

UK GAAP

£ million %

Investments 15.40 93.85

Cash 1.00 6.09

16.40 99.94

Other net current assets/(liabilities) 0.31 1.89

Loan value USD revolving credit facility -0.30 -1.83

Net Assets (including estimated 16.41 100.00
revenue reserves at 6
November 2009 of -£0.03m)

Number of shares
in issue

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

Income 64.06p 25,035,008

ZDP 182.61p 206,037

US$

USD exchange rate used to revalue all US assets and 1.66090
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 6 November 2009: $762,129

Sterling equivalent at exchange rate above: £0.46m

Time value of unlisted warrants as at 31 October 2009: $478,923

(adjusted for warrants subsequently acquired, exercised or
disposed)

Sterling equivalent at exchange rate above: £0.29m

On 6 November 2009, one of the Company's unlisted investments (Asian Financial)
became listed on the New York Stock Exchange. This company is now known as
Duoyuan Printing (NYSE DYP) and is now valued at market price rather than cost,
representing a 102% uplift in valuation. A proportion of this holding has now
been sold.

The uplift plus gains on sale represent a 2.1p per Income share increase in the
NAV calculation from that released as at 4 November.

END