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Global Special Opps (USPI)

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Wednesday 20 April, 2011

Global Special Opps

Interim Management Statement

                    GLOBAL SPECIAL OPPORTUNITIES TRUST PLC                     

        Interim Management Statement for the period ended 31 March 2011        

Investment Objective

The investment objective is for the portfolio to be managed to provide the
Shareholders with capital growth, for the Income Shareholders to be repaid
their final adjusted capital entitlement on 31 May 2011 of 120.82p per Income
Share and for the portfolio to be managed so as to provide the Capital
Shareholders with a cash return on or shortly after 31 May 2011. The Directors
will seek to distribute substantially all of the net revenue to Income
Shareholders by way of dividend, although this is not expected to be a material

Financial Highlights

                                         31 March   30 November      % change
                                             2011          2010             
Income share NAV                           37.66p         39.62p        (4.95)
Mid price                                  37.75p         32.25p        17.05
Capital share NAV                           0.00p          0.00p          n/a
Mid price                                   0.51p          0.26p        96.15
Unit (1 Cap and 1 Inc share) NAV           37.66p         39.62p        (4.95)
Mid price                                  38.25p         32.00p        19.53
Russell 2000 Index total return ($)     3,778.03       3,242.66         16.51
Russell 2000 Index total return (£)      2,356.92       2,082.17        13.20
US Dollar/Sterling exchange rate          1.60295        1.55735         2.93

Material Events and Transactions

Portfolio management

In accordance with the Company's articles of association the Board will 
convene a general meeting on 31 May 2011 to propose a resolution that the
Company be wound up. It has been the Company's strategy over the last year to
dispose of its illiquid holdings in unlisted companies and to focus on liquid
stocks that can be more easily realised in preparation for liquidation. Over
the period under review this process has continued ahead of the planned winding
up date.

Banking arrangements

The Company may use gearing and the Directors reserve the right to borrow up to
a maximum of 25% of the gross assets (at the time of drawdown). As at 31 March
2011 there were no borrowings.

Top TenHoldings

Company                     Sector                               % of net assets
iShares TR Index Russell    Financial services                            17.94
Vanguard Small Cap ETF      Financial services                            17.59
Powershares QQQ Trust       Financial services                            15.72
iShares S&P 500             Financial Services                             8.73
ETFS Fund Company Russell   Financial Services                             4.86
Skystar Bio-Pharmaceutical  Pharmaceuticals & Biotechnology                3.79
Wonder Auto Technologies    Financial services                             3.45
SinoHub                     Electronics                                    3.36
Bio-star Pharmaceuticals    Pharmaceuticals & Biotechnology                3.28
Points International        Internet Software                              2.59

Further Information

Daily prices, company announcements, Reports and Accounts and monthly fact
sheets are available at

20 April 2011