Global Opportunities Trust Plc – Annual Results

PR Newswire

LONDON, United Kingdom, March 24

Global Opportunities Trust plc

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

Annual Results for the year ended 31 December 2025

Financial Highlights

+————————-+—————————————-+
|NET ASSET VALUE PER SHARE|NET ASSET VALUE TOTAL RETURN |
| | |
|- cum inc. |(with dividends added back)* |
| | |
|+7.5% |+10.3% |
+————————-+—————————————-+
|SHAREHOLDERS’ FUNDS |share price DISCOUNT TO NET ASSET VALUE*|
| | |
|£117.5m |16.1% |
+————————-+—————————————-+

31 December 31 December %

2025 2024 Change
Net assets/shareholders’ funds 117,454,000 109,295,000 +7.5
(£)
Shares in issue 29,222,180 29,222,180 –
Net asset value per share – 401.9 374.0 +7.5
cum inc. (pence)*
Net asset value total return 10.3 4.1 n/a
(with dividends added back)
(%)*
Share price (pence) 337.0 286.0 +17.8
Dividend per share (pence) 10.3 10.0 +3.0
Share price total return (with 21.9 -2.4 n/a
dividends added back) (%)*
Share price discount to net 16.1 23.5 n/a
asset value (%)*
Ongoing charges ratio (%)* 0.8 0.8 n/a

* Alternative Performance Measure.

CHAIR’S STATEMENT

Introduction

I am pleased to present the Company’s Annual Report and Financial Statements for
the year ended 31 December 2025.

Investment performance

The Company’s Net Asset Value (`NAV’) Total Return grew by 10.3% during the
year, with a shareholder return of 21.9% being recorded as the discount to NAV
narrowed. In comparison, the FTSE All-World Index Total Return rose by 14.6% and
the Bloomberg Global Bond Index declined slightly. Equity markets broadened with
non-US equities providing strong performance.

Shareholders should note however that the Company has no stated benchmark
against which it seeks to outperform. Its objective is to achieve real long-term
total return through investing in undervalued global securities. In this regard,
the Company’s NAV Total Return over the past three years has averaged 5.2%
despite the Company retaining a defensive investment posture, achieved through a
combination of high cash levels and the nature of the equity holdings.

As at 31 December 2025 the Company had net assets of £117.5 million. The NAV per
ordinary share was 401.9p and the middle market price per share on the London
Stock Exchange was 337.0p, representing a discount to NAV of 16.1%.

Management arrangements

During 2025 the Board undertook a detailed review of its regulatory structure
and management arrangements with the then Executive Director, Dr Sandy Nairn.
Following this extensive review the Board transitioned from operating as a self
-managed investment trust under the small registered UK alternative investment
fund manager (`AIFM’) regime to appoint an external AIFM with effect from 2
January 2026. Juniper Partners Limited (`Juniper’) were appointed as AIFM with
the portfolio management responsibilities delegated to Goodhart Partners LLP
(`Goodhart’ or the `Portfolio Manager’). As part of the transition Dr Nairn
ceased to be Executive Director but continues to have day-to-day responsibility
for the management of the portfolio as part of the Goodhart investment team,
supported by the wider Goodhart team and resources.

There were no changes to the Company’s investment objective and policy or
investment approach as part of the transition. However, the change in regulatory
status removed certain constraints associated with its previous status,
including the ability to use gearing and hedge the portfolio. As a result, the
Company now has greater flexibility (within the parameters of its investment
objective and policy) in the use of derivative instruments within its portfolio
for efficient portfolio management, including for the purposes of hedging and
leverage, when conditions demand to support the Company’s long term growth
strategy. We have now put in place new arrangements which provide enhanced
governance and risk management oversight.

Discount

Although there were no share buybacks conducted during the year, the Board
remains of the opinion that having the option to utilise share buybacks as a
discount control mechanism is important and is therefore requesting that
shareholders approve a renewal to this authority at the forthcoming Annual
General Meeting (`AGM’).

Increased final dividend

The total return per ordinary share for the year ended 31 December 2025 was
37.9p (2024: 14.9p), comprising a revenue return of 7.8p per share and a capital
return of 30.1p per share. The Board is proposing a final dividend of 10.3p per
share, representing a 3% increase on the year following the prior year’s
doubling of the dividend. Subject to the approval of the payment of the final
dividend by shareholders at the AGM, the dividend will be paid on 29 May 2026 to
those shareholders on the register at the close of business on 1 May 2026. This
dividend is fully covered by the Company’s revenue reserves and exceeds the
minimum that the Company is obliged to distribute under law to maintain its
investment trust status.

Board composition

As noted above Dr Nairn ceased to be a full-time executive and Director of the
Company on 2 January 2026 in connection with the transition of the management
arrangements. The Board therefore now consists of three independent Non
-Executive Directors. The Board believes that its size and composition remain
appropriate for the activities of the Company and the Board retains a good
balance of skills and business experience to enable it to operate effectively.
As such, all three Directors will be standing for re-election at the forthcoming
AGM.

Annual General Meeting

This year’s AGM will be held on 14 May 2026 at the offices of Juniper Partners
Limited, 28 Walker Street, Edinburgh EH3 7HR at 12 noon.

In addition to the formal business of the meeting, Dr Nairn will provide a short
presentation to shareholders on the performance of the Company over the past
year, as well as an outlook for the future.

The AGM is an opportunity for shareholders to ask questions of both the Board
and of the Portfolio Manager, and as always, the Board would welcome your
attendance. If you are unable to attend the AGM in person, I would encourage you
to vote in favour of all resolutions by Form of Proxy and appointing me (as
Chair of the meeting) as your proxy to ensure your vote is registered.

Outlook

Equity markets continued to make progress during 2025. However, valuations
remain high and government finances remain stretched whilst the political
environment, if anything, is even more uncertain. US growth has been sustained
by the surge in AI-related infrastructure spending, which is unlikely to be
sustained whilst there are signs of economic weakness in the non-technology
segments of the economy. As such, we believe the stance employed by the
Company’s Portfolio Manager remains appropriate. The aim is to deliver positive
returns in a rising market, but to be prepared to react if and when market
declines occur and opportunities become available.

As we noted last year, the Board authorised a series of initiatives to address
the widening discount to NAV. We are pleased to report that the efforts to
increase investors’ awareness of the Company appear to be having an impact, with
the discount to NAV shrinking significantly over the year. These initiatives
will be continued through 2026.

Once again, we would like to thank our shareholders for their continued support
and look forward to the day when the investment landscape is more attractive.
Periodically, investment articles are posted on the Company’s website when we
encounter investment issues worthy of comment and we would encourage
shareholders to sign up to the website to receive such notifications during the
year.

Recent geopolitical events must have served to increase the potential for market
declines. The potential for US actions in the Gulf to cause widening and
sustained conflict is meaningful, irrespective of whether resolution is reached
in the near-term.

Keep up to date

Shareholders can keep up to date on the performance of the portfolio through the
Company’s website at www.globalopportunitiestrust.com where you will find
information on the Company, a monthly factsheet and regular updates from Dr
Nairn.

As always, the Board welcomes communication from shareholders and I can be
contacted directly through the Company Secretary at [email protected].

Cahal Dowds

Chair

23 March 2026

PORTFOLIO MANAGER’S REPORT

Background and context

The year was another where global equities produced strong returns, although in
2025 the contributors to global markets broadened from the relatively narrow
range that were so important in 2024. In particular, non-US equity returns
showed some strength. In aggregate, the Company produced a NAV total return of
10.3% and, with the discount narrowing, a shareholder return of 21.9%. For
comparative purposes, the FTSE All-World Index Total Return was 14.6% and the
Bloomberg Aggregate Bond Index -0.4%.

The political environment was dominated by the actions of President Trump where
tariff policy, in particular, induced significant concerns as threats and
actions fluctuated wildly. Just as concerning was the increased pressure exerted
on the Federal Reserve in an attempt to subvert its actions to the desires of
the White House. This probably played some role in the decline of the dollar
over the period. Equity markets, on the other hand, had clearly become
relatively immune to Presidential whims. There are two potential reasons, the
first being that markets have come to the `TACO’ (Trump Always Chickens Out)
view. The second is a simple one of complacency, following from the extended
period of good returns. Neither provides much confidence. In the UK, the newly
elected Labour Government, handed a sweeping majority, seemed to quickly find
itself almost paralysed by competing factions within the party, leading to a
damaging series of U-turns.

Most governments remain constrained by the debt overhang built up since the
Global Financial Crisis period and this is the main contributor to the political
tensions associated with any discussion of fiscal policy. The macro environment
therefore remains fragile. On the other hand, hope has been provided by the
emergence of AI and its potential to enhance productivity and hence economic
growth. Whilst some segments of the market may have become over-exuberant, on
the back of this, it is a transformative technology which will have a profound
impact over the coming decades. As the exuberance works its way out the system
and capital shortage works its way in we anticipate opportunities will emerge in
this area.

More recently the Trump administration has embarked on military operations in
both Venezuela and Iran and an aggressive policy towards Cuba. All of these
events increase uncertainty, but clearly the war with Iran carries the highest
risk given the strategic implications on oil supplies from the Gulf. This
combines with the apparent lack of clear strategic objectives. Whilst not
helpful in improving the geopolitics of the Gulf it does make a US exit strategy
much simpler since success can be declared at any time. The most likely outcome
is a declaration of victory by the US but a continued theocratic and
increasingly hostile state left behind. This would create a meaningful risk of
internecine conflict which could easily spread across the region. That markets
with elevated valuations have remained relatively unconcerned is remarkable.

The portfolio

The portfolio remained defensive during the year, reflecting our views, but the
equity component still managed to produce strong returns. In arithmetical terms
this was driven by the returns from the top five performing stocks (Danieli,
Intel, Alibaba, Orange and Lloyds) increasing by almost 80%, as compared with
the average decline of just under 20% from the five worst performing stocks
(Azelis, Breedon, Jet2, Bakkafrost and Whitbread). New holdings added to the
portfolio include Cicor Technologies, the European electronic solutions company,
Carlsberg, the brewer, which has derated significantly and Laboratorios
Farmaceutico ROVI, the European specialised pharmaceutical company.

Looking at the thematic contribution to portfolio performance there was strong
performance from `defence’ and `digital’ discount, particularly Alibaba and
Intel. `European value’ on the other hand contained four of the worst five
stocks, albeit the aggregate negative contribution was minimal due to the
appreciation of Danieli, the machine and technology supplier to the metal
industry. The European value stocks were all cyclical and their inclusion was
partly to act as a hedge against the defensive nature of much of the portfolio.
It is important for the portfolio that it has the ability to generate returns in
all environments, which means that the various components all play an important
role. Over the period and particularly during the fourth quarter the Company’s
positioning became more defensive, reflecting some of the appreciation that had
been recorded.

Future prospects

That double digit returns were recorded with a defensively-oriented portfolio is
pleasing, but we remain of the view that the real opportunities are yet to
appear and we retain the dry powder accordingly. We are also pleased that the
marketing efforts are beginning to bear fruit as more investors come to
appreciate the unique characteristics of the Company.

Dr Sandy Nairn

Goodhart Partners

23 March 2026

PORTFOLIO OF INVESTMENTS

as at 31 December 2025

Company Sector Country of Valuation % of Net assets
Incorporation
£’000
AVI Japanese Financials Japan 11,185 9.5
Special Situations
Fund1
Volunteer Park Financials Luxembourg 8,275 7.1
Capital Fund SCSp2
Unilever Consumer United 3,326 2.8
Staples Kingdom
Orange Communication France 3,296 2.8
Services
Carlsberg Consumer Denmark 2,416 2.1
Staples
GQG Partners Inc. Financials United States 2,345 2.0
Dassault Aviation Industrials France 2,292 1.9
Terveystalo Health Care Finland 2,134 1.8
Philips Health Care Netherlands 2,062 1.8
Nestlé Consumer Switzerland 2,050 1.7
Staples
Bakkafrost Consumer Denmark 2,025 1.7
Staples
Verizon Communication United States 1,974 1.7
Communications Services
Laboratorios Health Care Spain 1,889 1.6
Farmaceutico ROVI
ENI Energy Italy 1,797 1.5
Viscofan Consumer Spain 1,743 1.5
Staples
Sanofi Health Care France 1,722 1.5
Qinetiq Industrials United 1,718 1.5
Kingdom
TotalEnergies Energy France 1,654 1.4
Danieli Industrials Italy 1,630 1.4
General Dynamics Industrials United States 1,554 1.3
Alibaba Group Consumer Hong Kong 1,542 1.3
Discretionary
RTX Industrials United States 1,509 1.3
Cicor Technologies Technology Switzerland 1,458 1.2
Jet2 Industrials United 1,140 1.0
Kingdom
The Magnum Ice Consumer Netherlands 181 0.2
Cream Company Staples

Equity Investments 62,917 53.6
Liquidity Fund 36,510 31.1
Investments
Total Investments 99,427 84.7
Cash and other net 18,027 15.3
assets
Net Assets 117,454 100.0

1 Sub-Fund of Gateway UCITS Funds PLC

2 Luxembourg Special Limited Partnership

STRATEGIC REVIEW

Introduction

The purpose of this report is to provide shareholders with details of the
Company’s strategy, objectives and business model as well as the principal and
emerging risks and challenges the Company has faced during the year under
review. It should be read in conjunction with the Chair’s Statement, the
Portfolio Manager’s Report and the portfolio information, which provide a review
of the Company’s investment activity and outlook.

The Board is responsible for the stewardship of the Company, including overall
strategy, investment policy, dividends, corporate governance procedures and risk
management. The Board assesses the performance of the Company against its
investment objective at each Board meeting by considering the key performance
indicators.

Business and Status

The principal activity of the Company is to carry on business as an investment
trust.

The Company is registered in Scotland as a public limited company and is an
investment company within the meaning of section 833 of the Companies Act 2006.
The Company has been approved by HM Revenue & Customs as an authorised
investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010
and the ongoing requirements for approved companies as detailed in Chapter 3 of
Part 2 of the Investment Trust (Approved Company) (Tax) Regulations 2011. In the
opinion of the Directors, the Company has conducted its affairs so as to enable
it to continue to maintain its status as an investment trust.

Throughout the year under review, the Company was a self-managed investment
company run by its Board and is authorised by the Financial Conduct Authority
(`FCA’) as a Small Registered Alternative Investment Fund Manager.

With effect from 2 January 2026, the Company appointed Juniper as its AIFM with
responsibility for portfolio management services delegated to Goodhart as
Portfolio Manager. The Portfolio Manager has the responsibility of investing and
managing the assets of the Company in accordance with the investment objective.
In addition to AIFM services, including risk management oversight, Juniper also
provide company secretarial and administration services with responsibility for
managing the daily activities of the Company. The Company also appoints the
Depositary to have responsibility for the safekeeping and monitoring of the
assets.

The Company’s shares are listed on the closed-ended investment funds category of
the Official List and traded on the main market of the London Stock Exchange.

The Company is a member of the Association of Investment Companies (`AIC’), a
trade body which promotes investment companies and develops best practice for
its members.

Investment Objective

The Company’s investment objective is to provide shareholders with an attractive
real long-term total return by investing globally in undervalued asset classes.
The portfolio is managed without reference to the composition of any stock
market index.

Investment Policy

The Company invests in a range of assets across both public and private markets
throughout the world. These assets include both listed and unquoted securities,
investments and interests in other investment companies and investment funds
(including limited partnerships and offshore funds) as well as bonds (including
index-linked securities) and cash as appropriate.

Any single investment in the Company’s portfolio may not exceed 15% of the
Company’s total assets at the time of the relevant investment (the `Single
Investment Limit’).

The Company may invest in other investment companies or funds and may appoint
one or more sub-advisors to manage a portion of the portfolio if, in either
case, the Board believes that doing so will provide access to specialist
knowledge that is expected to enhance returns. The Company will gain exposure to
private markets directly and indirectly through investments and interest in
other investment companies and investment funds (including limited partnerships
and offshore funds). The Company’s investment directly and indirectly in private
markets (including through investment companies and investment funds) shall not,
in aggregate, exceed 30% of the Company’s total assets, calculated at the time
of the relevant investment. The Company will invest no more than 15% of its
total assets in other closed-ended listed investment companies (including
investment trusts).

The Company may also invest up to 50% of its total assets in bonds, debt
instruments, cash or cash equivalents when the Board believes extraordinary
market or economic conditions make equity investment unattractive or while
seeking appropriate investment opportunities for the portfolio or to maintain
liquidity. The Single Investment Limit does not apply to cash or cash
equivalents in such circumstances. In addition, the Company may purchase
derivatives for the purposes of efficient portfolio management.

From time to time, when deemed appropriate, the Company may borrow for
investment purposes up to the equivalent of 25% of its total assets. By
contrast, the Company’s portfolio may from time to time have substantial
holdings of debt instruments, cash or short-term deposits.

The investment objective and policy are intended to ensure that the Company has
the flexibility to seek out value across asset classes rather than being
constrained by a relatively narrow investment objective. The objective and
policy allow the Company to be constrained in its investment selection only by
valuation and to be pragmatic in portfolio construction by only investing in
assets which the Portfolio Manager considers to be undervalued on an absolute
basis.

Investment Strategy

The Company’s portfolio is managed without reference to any stock market index.
Investments are selected for the portfolio only after extensive research by the
Portfolio Manager. The Portfolio Manager’s approach is long-term and focused on
absolute valuation. The team aims to identify and invest in undervalued asset
classes, and to have the patience to hold them until they achieve their long
-term earnings potential or valuation.

Dividend Policy

The Company does not have a stated dividend policy. The Company’s investment
objective is to provide real long-term total return rather than income growth.
As a result, the level of revenue generated from the portfolio will vary from
year to year, and any dividend paid to shareholders is likely to fluctuate.

The Board is mindful that in order for the Company to continue to qualify as an
investment trust, the Company is not permitted to retain more than 15% of
eligible investment income arising during any accounting period. Accordingly,
the Board will ensure that any declared dividend is sufficient to enable the
Company to maintain its investment trust status.

Management Arrangements

Previously, as a self-managed investment trust, the Board was fully responsible
for the management of the Company and all required reporting to the FCA in
respect of the safeguarding of the Company’s assets.

As noted above, Juniper has been appointed as the Company’s AIFM and will
continue to provide company secretarial and administrative services to the
Company on the terms of its existing agreement with the Company. As AIFM,
Juniper will receive an annual management fee of £60,000 per annum, plus a
variable rate of 0.015% of net assets. Goodhart has ceased to provide the
investment sub-advisory services to the Company and is instead providing the
portfolio management functions, as delegated by Juniper. These services include
the introductory services in relation to private market investment opportunities
provided under the previous arrangement. Goodhart will also continue to provide
marketing services to the Company. Under the new management arrangements,
Goodhart will receive a management fee equal to 0.50% of the Company’s net
assets per annum. Further information on Goodhart is available via their website
at www.goodhartpartners.com.

As Juniper is a full-scope AIFM, the Company is also required to appoint a
depositary, and JPMorgan Europe Limited has been appointed to perform this role.
JPMorgan Chase Bank N.A. already acts as custodian to the Company and there has
been no change to these arrangements.

Portfolio Performance

Full details on the Company’s activities during the year under review are
contained in the Chair’s Statement and Portfolio Manager’s Report. The portfolio
consisted of 25 investments, excluding cash and other net assets as at 31
December 2025, thus ensuring that the Company has a suitable spread of
investment risk.

Key Performance Indicators

At each Board meeting, the Directors consider key performance indicators to
assess whether the Company is meeting its investment objective.

The key performance indicators used to measure the performance of the Company
over time are as follows:

Share price total return 1 year (%) 3 years (%) 5 years (%)

to 31 December 2025
Global Opportunities Trust plc 21.9 14.6 31.6
AIC Flexible Investments peer group† 13.6 18.3 33.2
FTSE All-World Total Return Index* 14.6 58.9 76.7

NAV Total Return 1 year (%) 3 years (%) 5 years (%)

to 31 December 2025
Global Opportunities Trust plc 10.3 16.6 42.0
AIC Flexible Investments peer group† 8.8 23.0 42.4
FTSE All-World Total Return Index* 14.6 58.9 76.7

Share Price Discount to NAV 2025 (%) 2024 (%) 2023(%)

as at 31 December
Global Opportunities Trust plc 16.1 23.5 18.2
AIC Flexible Investments peer group† 21.1 22.0 18.3

Ongoing charges ratio 2025 (%) 2024 (%) 2023 (%)

to 31 December
Global Opportunities Trust plc 0.8 0.7 0.7
AIC Flexible Investments peer group† 0.9 0.9 0.9

† Source: theaic.co.uk & Morningstar. The Company is classified by the
Association of Investment Companies in its Flexible Investment sector. This
sector’s performance indicators have been shown for comparative purposes only.

* The Company does not formally benchmark its performance against a specific
index, the FTSE All-World Total Return Index (in sterling) has been shown for
comparative purposes only.

Gearing

The Company did not have any borrowings and did not use derivative instruments
for currency hedging during the year ended 31 December 2025.

Principal Risks

In order to monitor and manage the risks facing the Company, the Board maintains
and formally reviews on a semi-annual basis a risk register. There have been no
new principal risks identified during the year, however, the Board is currently
monitoring a small number of emerging risks: corporate strategy at risk from
hedge funds/arbitrageurs seeking to build their positions and impose changes;
and shareholder returns at risk from increasing expenses, if the Company cannot
grow out of its current small size. The new management arrangements, as referred
to in the Chair’s Report, are expected to provide enhanced governance and risk
management oversight, including reduction in Key Person Risk from 2 January
2026.

The principal risks and uncertainties facing the Company, together with a
summary of the mitigating actions and controls in place to manage these risks,
and how these risks have changed over the year are set out below:

Culture

The Chair leads the Board and is responsible for its overall effectiveness in
directing the Company. He demonstrates objective judgement, promotes a culture
of openness and debate, and facilitates effective contributions by all
Directors. In liaison with the Company Secretary, the Chair ensures that the
Directors receive accurate, timely and clear information. The Directors are
required to act with integrity, lead by example and promote this culture within
the Company.

The Board seeks to ensure the alignment of the Company’s purpose, values and
strategy with the culture of openness, debate and integrity through ongoing
dialogue, and engagement with shareholders, the Portfolio Manager and the
Company’s other service providers. The Company has adopted a number of policies,
practices and behaviours to facilitate a culture of good governance and ensure
that this is maintained.

The culture of the Board is considered as part of the annual performance
evaluation process which is undertaken by each Director. The culture of the
Company’s service providers is also considered by the Board during the annual
review of their performance and while considering their continuing appointment.
In the context of the Portfolio Manager, particular attention is paid to
environmental, social and governance, engagement and proxy voting policies.

Directors and Gender Representation

As at 31 December 2025, the Board of Directors of the Company comprised two male
and two female Directors. The appointment of any new Director is made in
accordance with the Company’s diversity policy.

Employees and Human Rights

The Board recognises the requirement under the Companies Act 2006 to detail
information about human

rights, employees and community issues, including information about any policies
it has in relation to

these matters and the effectiveness of these policies. During the year, the
Company had one employee,

Executive Director Dr Nairn. All the remaining Directors are Non-Executive. The
Company has outsourced all its functions to third-party service providers. The
Company has therefore not reported further in respect of these provisions.

Modern Slavery Statement

The Company is not within the scope of the Modern Slavery Act 2015 because it
has not exceeded the turnover threshold and therefore no further disclosure is
required in this regard.

Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to report from its operations, nor
does it have responsibility for any other emission-producing sources under the
Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.

Environmental, Social and Governance (`ESG’)

The Company seeks to invest in companies that are well managed with high
standards of corporate governance. The Board believes this creates the proper
conditions to enhance long-term value for shareholders. The Company adopts a
positive approach to corporate governance and engagement with companies in which
it invests.

In pursuit of the above objective, the Board believes that proxy voting is an
important part of the corporate governance process and considers seriously its
obligation to manage the voting rights of companies in which it is invested. It
is the policy of the Company to vote, as far as possible, at all shareholder
meetings of investee companies. The Company follows the relevant applicable
regulatory and legislative requirements in the UK, with the guiding principles
being to make proxy voting decisions which favour proposals that will lead to
maximising shareholder value while avoiding any conflicts of interest. Voting
decisions are taken on a case-by-case basis by the Portfolio Manager on behalf
of the Company. The key issues on which the Portfolio Manager focuses are
corporate governance, including disclosure and transparency, board composition
and independence, control structures, remuneration, and social and environmental
issues.

The Portfolio Manager considers a wide range of factors when making investment
decisions including an investee company’s ESG credentials.

In making fund investment decisions, the Portfolio Manager’s assessment includes
analysing the fund manager’s ESG cultural buy-in, its ESG process, procedures
and reporting, its engagement with underlying portfolio companies and an
operational due diligence review of the relevant manager and fund.

Duty to Promote the Success of the Company

Under section 172 of the Companies Act 2006, the Directors have a duty to act in
the way they consider, in good faith, would be most likely to promote the
success of the Company for the benefit of its members as a whole, and in doing
so have regard (amongst other matters) to:

· the likely consequences of any decision they make in the long term;
· the need to foster the Company’s business relationships with its
stakeholders, which includes the shareholders, the Portfolio Manager and other
relevant parties as listed below;
· the need to act independently by exercising reasonable skill and judgement;
· the impact of the Company’s operations on the community and the environment;
· the requirement to avoid a conflict of interests;
· the desirability of the Company maintaining a reputation for high standards
of business conduct;
· the need to act fairly between members of the Company; and
· the need to declare any interests in proposed transactions.

Stakeholder Engagement

During the year, the Company had one employee, its Executive Director, Dr Nairn.
As an investment trust, the Company has no customers or physical assets; the
primary stakeholders are the shareholders, the Portfolio Manager, and other
third-party service providers. The Company also engages with its investee
companies where appropriate.

Shareholders

Communication and regular engagement with shareholders are given a high priority
by the Board. The Portfolio Manager seeks to maintain regular contact with major
shareholders and is always available to enter into dialogue with all
shareholders. A regular dialogue is also maintained with the Company’s
institutional shareholders and private client asset managers through the
Portfolio Manager, who regularly reports to the Board on significant contact,
the views of shareholders and any changes to the composition of the share
register.

All shareholders are encouraged, if possible, to attend and vote at the AGM and
at any other general meetings of the Company (if any), during which the Board is
available to discuss issues affecting the Company. Shareholders wishing to
communicate directly with the Board should contact the Company Secretary by e
-mail or post. The Chair is available throughout the year to respond to
shareholders, including those who wish to speak with him in person. Copies of
the Annual and Half-Yearly Reports are currently issued to shareholders and are
also available, along with the monthly factsheets for downloading from the
Company’s website at www.globalopportunitiestrust.com. The Company also releases
portfolio updates to the market on a monthly basis.

Portfolio Manager

The Non-Executive Directors believe that maintaining a close and constructive
working relationship with the Portfolio Manager is crucial to promoting the long
-term success of the Company in an effective and responsible way. This ensures
the interests of all current and potential stakeholders are properly taken into
account when decisions are made. Dr Nairn attends all Board meetings and
provides reports on investments, performance, marketing, operational and
administrative matters. Other representatives of the Portfolio Manager are
available to attend Board meetings upon request. An open discussion regarding
such matters is encouraged, both at Board meetings and by way of ongoing
communication between the Directors and the Portfolio Manager. Board members are
encouraged to share their knowledge and experience with the Portfolio Manager,
and where appropriate, the Board adopts a tone of constructive challenge. The
Board keeps the ongoing performance of the Portfolio Manager under continual
review and conducts an annual appraisal of the firm.

Service Providers

The Company’s day-to-day operational functions are delegated to several third
-party service providers, each engaged under separate contracts. In addition to
the Portfolio Manager, the Company’s principal third-party service providers
include the AIFM, Administrator, Auditor, Company Secretary, Custodian and
Registrar. The Board engages with its service providers to develop and maintain
positive and productive relationships, and to ensure that they are well informed
in respect of all relevant information about the Company’s business and
activities. The Board, through its Audit and Management Engagement Committee,
keeps the ongoing performance, fees and continuing appointment of these service
providers under continual review and conducts an annual appraisal of all third
-party service providers.

Corporate Broker

The Company appointed Cavendish Capital Markets Limited (`Cavendish’) as
corporate broker and financial adviser to the Company on 3 February 2025. Under
this appointment, Cavendish advises the Company on the trading in the Company’s
shares and is working with the Portfolio Manager to build relationships with new
retail investors and wealth management clients.

Investee Companies

The Portfolio Manager assists with the day-to-day management of the Company’s
equity investment portfolio. As such, the Portfolio Manager has responsibility
for engaging with investee companies on behalf of the Company. The Portfolio
Manager does so in consideration of the principles set out in the UK Stewardship
Code 2020.

The Board recognises the importance of engagement with investee companies. The
Board is aware of evolving expectations in this regard and is committed to
working with the Portfolio Manager, in relation to future engagement on behalf
of the Company. The above methods for engaging with stakeholders are kept under
review by the Directors and discussed on a regular basis at Board meetings to
ensure that they remain effective.

The above methods for engaging with stakeholders are kept under review by the
Directors and discussed on

a regular basis at Board meetings to ensure that they remain effective.

For and on behalf of the Board

Cahal Dowds

Chair

23 March 2026

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and the Financial
Statements in accordance with applicable UK law and regulations.

The Companies Act 2006 (the `Law’) requires the Directors to prepare Financial
Statements for each financial period. Under that Law, they have elected to
prepare the Financial Statements in accordance with UK Accounting Standards
(United Kingdom Generally Accepted Accounting Practice), including FRS 102 «The
Financial Reporting Standard applicable in the UK and Republic of Ireland».

Under the Law, the Directors must not approve the Financial Statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period.

In preparing these Financial Statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgements and estimates that are reasonable and prudent;

· state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the Financial
Statements; and

· prepare the Financial Statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position of the Company and enable
them to ensure that its Financial Statements comply with the Law and include the
information required by the Listing Rules of the Financial Conduct Authority.
They are also responsible for safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and detection of fraud and other
irregularities.

Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, Directors’ Report, Remuneration Report and
Corporate Governance Statement that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Company’s website,
www.globalopportunitiestrust.com. The work carried out by the Auditor does not
include consideration of these matters and, accordingly, the Auditor accepts no
responsibility for any changes that may have occurred to the Financial
Statements since they were initially presented on the website. Legislation in
the UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.

Each of the Directors confirm to the best of their knowledge that:

· the Financial Statements, prepared in accordance with the applicable
set of UK Accounting Standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company;

· the Annual Report includes a fair view of the development and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that the Company faces; and

· in the opinion of the Board, the Annual Report and Financial
Statements taken as a whole, is fair, balanced and understandable and provides
the information necessary to assess the Company’s performance, business model
and strategy.

On behalf of the Board

Cahal Dowds

Chair

23 March 2026

INCOME STATEMENT

for the year ended 31 December 2025

2025 2024
Revenue Capital Total Revenue Capital Total

£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments at fair – 10,875 10,875 – 2,123 2,123
value through profit or loss
Foreign exchange – (2,027) (2,027) – 136 136
(losses)/gains on capital
items
Income 3,338 71 3,409 2,996 33 3,029
Investment management fee (45) (105) (150) (42) (99) (141)
Other expenses (799) – (799) (591) – (591)
Net return before finance 2,494 8,814 11,308 2,363 2,193 4,556
costs and taxation
Finance costs
Interest payable and related – – – (7) – (7)
charges
Net return before taxation 2,494 8,814 11,308 2,356 2,193 4,549
Taxation – overseas (227) – (227) (204) – (204)
withholding tax
Net return after taxation 2,267 8,814 11,081 2,152 2,193 4,345
Return per ordinary share 7.8p 30.1p 37.9p 7.4p 7.5p 14.9p

All revenue and capital items in the above statement derive from continuing
operations.

The total column of this statement is the profit and loss account of the
Company.

The revenue and capital return columns are prepared under guidance issued by the
Association of Investment Companies Statement of Recommended Practice.

A separate Statement of Comprehensive Income has not been prepared as all gains
and losses are included in the Income Statement.

BALANCE SHEET

as at 31 December 2025

2025 2024

£’000 £’000
Fixed asset investments
Investments at fair value through profit or loss 99,427 94,186
Current assets
Debtors 367 411
Cash at bank and short-term deposits 17,830 16,506
18,197 16,917
Current liabilities
Creditors (170) (1,808)
(170) (1,808)
Net current assets 18,027 15,109
Net assets 117,454 109,295

Capital and reserves
Called-up share capital 645 645
Share premium 1,597 1,597
Capital redemption reserve 14 14
Special reserve 9,760 9,760
Capital reserve 101,288 92,474
Revenue reserve 4,150 4,805
Total shareholders’ funds 117,454 109,295

Net asset value per ordinary share 401.9p 374.0p

The Financial Statements were approved by the Board of Directors on 23 March
2026 and signed on its behalf by:

Cahal Dowds

Chair

Registered in Scotland No. SC259207

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2025

Year Share Share Capital Special Capital Revenue Total
ended premium redemption reserve1 reserve1 reserve1
capital £’000
31 £’000 reserve £’000 £’000 £’000
December £’000
2025 £’000
At 1 645 1,597 14 9,760 92,474 4,805 109,295
January
2025
Net – – – – 8,814 2,267 11,081
return
after
taxation
Dividends – – – – – (2,922) (2,922)
paid
At 31 645 1,597 14 9,760 101,288 4,150 117,454
December
2025

Year Share Share Capital Special Capital Revenue Total
ended premium redemption reserve1 reserve1 reserve1
capital £’000
31 £’000 reserve £’000 £’000 £’000
December £’000
2024 £’000
At 1 645 1,597 14 9,760 90,281 4,114 106,411
January
2024
Net – – – – 2,193 2,152 4,345
return
after
taxation
Dividends – – – – – (1,461) (1,461)
paid
At 31 645 1,597 14 9,760 92,474 4,805 109,295
December
2024

1 Distributable reserves total £107,099,000 (2024: £100,167,000). The Capital
reserve comprises realised gains of £93,189,000 (2024: £85,602,000), which are
distributable, and unrealised gains of £8,099,000 (2024: £6,872,000), which are
not immediately distributable.

STATEMENT OF CASH FLOW

for the year ended 31 December 2025

Year ended Year ended

31 December 2025 31 December 2024
£’000 £’000 £’000 £’000
Cash flows from operating
activities
Net return on ordinary 11,308 4,549
activities before taxation
Adjustments for:
Gains on investments (10,875) (2,123)
Interest payable – 7
Purchases of investments* (46,046) (60,433)
Sales of investments* 50,068 34,122
Dividend income (1,769) (1,601)
Other income (1,640) (1,428)
Dividend income received 1,716 1,612
Other income received 1,619 1,335
(Increase)/decrease in (2) 2
receivables
Increase in payables 19 1
Overseas withholding tax (152) (174)
deducted
(7,062) (28,680)
Net cash flows from 4,246 (24,131)
operating activities
Cash flows from financing
activities
Equity dividends paid from (2,922) (1,461)
revenue
Interest paid – (7)
Net cash flows from (2,922) (1,468)
financing activities
Net increase/(decrease) in 1,324 (25,599)
cash and cash equivalents
Cash and cash equivalents 16,506 42,105
at the start of the year

Cash and cash equivalents 17,830 16,506
at the end of the year

* Receipts from the sale of, and payments to acquire, investment securities have
been classified as components of cash flows from operating activities because
they form part of the Company’s dealing operations. Amounts include liquidity
fund investment subscriptions and redemptions

NOTES TO THE FINANCIAL STATEMENTS

at 31 December 2025

1. Accounting policies

Statement of compliance

Global Opportunities Trust plc is a company incorporated in Scotland. The
Company is registered as a public limited company and is an investment company
within the terms of section 833 of the Companies Act 2006 («the Act»). The
nature of the Company’s operations and its principal activities are set out in
the Strategic Review.

The Company’s Financial Statements have been prepared under FRS 102 «The
Financial Reporting Standard applicable in the UK and Republic of Ireland» and
in accordance with the Act and with the Statement of Recommended Practice issued
by the AIC (the «AIC SORP»).

The comparative figures for the Financial Statements are for the year ended 31
December 2024.

Going concern

The financial statements have been prepared on a going concern basis and on the
basis that approval as an investment trust company will continue to be met.

The Directors have made an assessment of the Company’s ability to continue as a
going concern and are satisfied that the Company has adequate resources to
continue in operational existence for a period of at least 12 months from the
date when these financial statements were approved.

The Directors have noted that the Company, holding a portfolio consisting
principally of liquid listed investments and cash balances, is able to meet the
obligations of the Company as they fall due, any future funding requirements and
finance future additional investments. The Company is a closed end fund, where
assets are not required to be liquidated to meet day-to-day redemptions.

The Directors have completed stress tests assessing the impact of changes and
scenario analysis to assist them in determination of going concern. In making
this assessment, the Directors have considered severe but plausible downside
scenarios that have been financially modelled. These tests apply to any set of
circumstances in which asset value and income are significantly impaired. The
conclusion was that in a severe but plausible downside scenario, the Company
could continue to meet its liabilities. Whilst the economic future is uncertain,
and the Directors believe that it is possible the Company could experience
further reductions in income and/or market value, the opinion of the Directors
is that this should not be to a level which would threaten the Company’s ability
to continue as a going concern.

The Directors are not aware of any material uncertainties that may cast
significant doubt on the Company’s ability to continue as a going concern,
having taken into account the liquidity of the Company’s investment portfolio
and the Company’s financial position in respect of its cash flows and investment
commitments. Therefore, the financial statements have been prepared on the going
concern basis.

Segmental reporting

The Directors are of the opinion that the Company is engaged in a single segment
of business, being investment business. The Company primarily invests in listed
companies.

Income recognition

Dividend and other investment income is included as revenue on the ex-dividend
date, the date the Company’s right to receive payment is established. Dividends
from overseas companies are shown gross of withholding tax. Where the Company
has elected to receive scrip dividends in the form of additional shares rather
than in cash, the amount of the cash dividend foregone is recognised as income.
Any excess or shortfall compared to the cash dividend is recognised as capital.
Special dividends are reviewed on an individual basis to determine whether they
should be accounted for as revenue or capital. Income from private equity
holdings is recognised upon notification of irrevocable income distribution by
the general partner. Interest income and rebate income is included on an
accruals basis.

Expenses and finance costs

All management expenses and finance costs are accounted for on an accruals
basis. The Company charges 30% of management fees and finance costs related to
borrowings to revenue in the Income Statement and 70% to capital in the Income
Statement. All other operating expenses and finance costs are charged to revenue
in the Income Statement, except costs that are incidental to the acquisition or
disposal of investments, which are charged to capital in the Income Statement.
Transaction costs are included within the gains and losses on investments, as
disclosed in the Income Statement.

Investments

In accordance with FRS 102, Sections 11 and 12, all investments held by the
Company are designated as held at fair value upon initial recognition and are
measured at fair value through profit or loss in subsequent accounting periods.
Investments are initially recognised at cost, being the fair value of the
consideration given.

After initial recognition, investments are measured at fair value, with changes
in the fair value of investments recognised in the Income Statement and
allocated to capital. Realised gains and losses on investments sold are
calculated as the difference between sales proceeds and cost.

For investments actively traded in organised financial markets, fair value is
generally determined by reference to Stock Exchange quoted market bid prices at
the close of business on the Balance Sheet date, without adjustment for
transaction costs necessary to realise the asset. Investments which are not
listed, or which are not frequently traded, are valued at the Directors’ best
estimate of fair value. In arriving at their estimate, the Directors make use of
recognised valuation techniques including the utilisation of valuations of such
investments from the relevant investment manager or general partner.

For unquoted investments, the Portfolio Manager plays a key role in providing
the Board with assurance that the valuation policy and methodology adopted is
reasonable and in accordance with both the International Private Equity and
Venture Capital Association («IPEV») Guidelines and generally accepted
accounting standards. The Board meets annually with the Portfolio Manager and
AIFM to review and challenge the assumptions behind the proposed asset
valuations. In addition, the Portfolio Manager engages in regular discussions
with the manager of each of the underlying portfolio investments and considers
the valuation methodologies adopted, which comprise net assets and discounted
cash flows. The value of each portfolio investment is determined in accordance
with the Fund Valuation Policy, dated 24 November 2025, which was established
and is implemented by the Portfolio Manager. Where formal valuations are not
completed as at the Balance Sheet date, the last available valuation is adjusted
to reflect any cash flows and changes in circumstances from the last formal
valuation date to arrive at the estimate of fair value.

Foreign currency

The Financial Statements have been prepared in sterling, rounded to the nearest
£’000, which is the functional and reporting currency of the Company. Sterling
is the currency of the primary economic environment in which the Company
operates.

Transactions denominated in foreign currencies are converted to sterling at the
actual exchange rate as at the date of the transaction. Assets and liabilities
denominated in foreign currencies at the year end are reported at the rate of
exchange at the Balance Sheet date. Any gain or loss arising from a change in
exchange rates subsequent to the date of the transaction is included as a gain
or loss in the capital reserve or revenue reserve as appropriate.

Taxation

The charge for taxation is based on the net revenue for the year and takes into
account taxation deferred or accelerated because of timing differences between
the treatment of certain items for accounting and taxation purposes. Full
provision for deferred taxation is made under the liability method, without
discounting, on all timing differences between taxable profits and total
comprehensive income that have arisen but not been reversed by the Balance Sheet
date, unless such provision is not permitted by FRS 102. Deferred tax assets are
only recognised if it is considered more likely than not that there will be
suitable profits from which the future reversal of the underlying timing
differences can be deducted. Timing differences are differences arising between
the Company’s taxable profits and its results as stated in the Financial
Statements which are capable of reversal in one or more subsequent periods.

Cash at bank and short-term deposits

Cash at bank and short-term deposits comprise cash at bank and short-term
deposits with an original maturity date of three months or less.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable within one
year are recorded at transaction price. Any losses arising from impairment are
recognised in the Income Statement in other operating expenses.

Dividends payable to Shareholders

Dividends payable are accounted for when they become a liability of the Company.
Final dividends are recognised in the period in which they have been approved by
Shareholders in a general meeting. Interim dividends are recognised in the
period in which they have been declared and paid.

Own shares held in Treasury

From time to time, the Company buys back shares and holds them in Treasury for
potential sale at a later date or for cancellation. The consideration paid and
received for these shares is accounted for in Shareholders’ funds and, in
accordance with the AIC SORP, the cost has been allocated to the Company’s
special reserve. The cost of shares sold from Treasury is calculated by taking
the average cost of shares held in Treasury at the time of sale. Any difference
between the proceeds from shares sold from Treasury and above average cost is
taken to share premium.

Judgements and key sources of estimation uncertainty

The preparation of the Financial Statements requires the Company to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts in the financial statements. The estimates and associated
assumptions are based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the results of which form
the basis of making judgements about carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from
these estimates.

The areas requiring judgement and estimation in the preparation of the financial
statements are: the valuation of unquoted investments; and recognising and
classifying unusual or special dividends received as either revenue or capital
in nature. The policy for the valuation of unquoted investments is detailed in
the investments section of Note 1. The accounting policy for special dividends
is detailed in the income recognition section of Note 1.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future period if the revision affects both current and
future periods.

Reserves

Share premium

The share premium account represents the accumulated premium paid for shares
issued in previous periods above their nominal value less issue expenses.

This is a reserve forming part of the non-distributable reserves. The following
items are taken to this reserve:

· costs associated with the issue of equity; and
· premium on the issue of shares.

Capital redemption reserve

The capital redemption reserve represents non-distributable reserves that arise
from the purchase and cancellation of shares.

Special reserve

The special reserve was created by a reduction in the share premium account by
order of the High Court. The costs of share buy backs, including shares acquired
through the tender offer, and any related stamp duty and transaction costs, if
applicable, are charged to the special reserve. The special reserve is
distributable.

Capital reserve

The following are taken to the capital reserve through the capital column in the
Income Statement:

Capital reserve – other, forming part of the distributable reserves:

· gains and losses on the realisation of investments;
· realised exchange differences of a capital nature;
· 70% of management fees and finance costs related to borrowings; and
· expenses, together with related taxation effect, charged to this account in
accordance with the above policies.

Capital reserve – not distributable:

· net movement arising from changes in the fair value of investments; and

· unrealised exchange differences of capital nature.

Revenue reserve

The revenue reserve represents the surplus of accumulated profits and is
distributable.

2. Income

2025 2024
Revenue Capital Total Revenue Capital Total

£’000 £’000 £’000 £’000 £’000 £’000

UK dividend income 460 – 460 573 – 573
Overseas dividend income 1,238 27 1,265 1,008 20 1,028
Liquidity fund income 1,219 – 1,219 711 – 711
Income from investments 2,917 27 2,944 2,292 20 2,312
Total income comprises:
Income from investments 2,917 27 2,944 2,292 20 2,312
Bank interest 421 – 421 662 – 662
Rebate income1 – 44 44 42 13 55
3,338 71 3,409 2,996 33 3,029

1 Rebates of annual management charges from managed investment funds held in the
investment portfolio.

3. Management fee

2025 2024
Revenue Capital Total Revenue Capital Total

£’000 £’000 £’000 £’000 £’000 £’000
Management fee 45 105 150 42 99 141
45 105 150 42 99 141

As the Company’s Sub-Advisor, during the year ended 31 December 2025, Goodhart
Partners LLP («Goodhart») was entitled to a fee paid quarterly in arrears at the
rate of 0.12% per annum of the market value of equity securities, and 0.12% of
the value of cash and other current assets. No performance fee was due.

The Company’s investment in the Volunteer Park Capital Fund SCSp was excluded
from the market value of equity securities, prior to calculation of the
management fees payable by the Company to Goodhart, being an investment in
private markets, as prescribed by the sub-advisory agreement.

During the year ended 31 December 2025, the management fees payable totalled
£150,000 (2024: £141,000). At 31 December 2025, there was £34,000 outstanding
payable (2024: £32,000) in relation to management fees.

During the year ended 31 December 2025, the fees payable to the Administrator
totalled £191,000 (2024: £185,000). At 31 December 2025, there was £17,000
outstanding payable to the Administrator (2024: £16,000) in relation to
administration fees.

4. Dividends

2025 2024

£’000 £’000
Declared and paid
Amounts recognised as distributions to Ordinary
Shareholders in the year.
2024 final dividend of 10.0p per share paid on 30 2,922 1,461
May 2025 (2024: year ended 31 December 2023 final
dividend of 5.0p paid on 31 May 2024).
2,922 1,461

2025 2024

£’000 £’000
Proposed
Detailed 3,010 2,922
below is the
proposed
final
dividend per
share in
respect of
the year
ended 31
December
2025, which
is the basis
on which the
requirements
of section
1159 of the
Corporation
Act 2010 are
considered.

2025 final
dividend of
10.3p per
share (2024
final
dividend of
10.0p per
share)

The Directors recommend a final dividend of 10.3p per share for the year ended
31 December 2025 (2024: final dividend of 10.0p per share, paid on 30 May 2025).
Subject to Shareholder approval at the Annual General Meeting to be held on 14
May 2026, the dividend will be payable on 29 May 2026 to Shareholders on the
register at the close of business on 1 May 2026. The ex-dividend date will be 30
April 2026. Based on 29,222,180 shares, being the number of shares in issue
(excluding shares held in Treasury) at 20 March 2026, being the latest practical
date prior to the publication of this report, the total dividend payment will
amount to £3,010,000. The proposed dividend will be paid from the revenue
reserve.

5. Return per share

2025 2024
Net Number of Per Net Number of Per
return share return share
shares1 pence shares1 pence
£’000 £’000
Revenue return 2,267 29,222,180 7.8 2,152 29,222,180 7.4
after taxation
Capital return 8,814 29,222,180 30.1 2,193 29,222,180 7.5
after taxation
Total return 11,081 29,222,180 37.9 4,345 29,222,180 14.9
after taxation

1 Weighted average number of ordinary shares, excluding shares held in Treasury,
in issue during the year.

6. Net asset value per share

The NAV, calculated in accordance with the Articles of Association, is as
follows:

2025 2024

Pence Pence
Share 401.9 374.0

The NAV is based on net assets of £117,454,000 (2024: £109,295,000) and on
29,222,180 (2024: 29,222,180) shares, being the number of shares, excluding
shares held in Treasury, in issue at the year end.

7. Significant holdings

As detailed in Note 8 of the Annual Report, as at 31 December 2025, the Company
owned 25% (2024: 25%) of the net assets of the Volunteer Park Capital Fund SCSp,
a Luxembourg Special Limited Partnership. The registered office of Volunteer
Park Capital Fund SCSp is 412F, route d’Esch, L-1471 Luxembourg, Grand Duchy of
Luxembourg.

As at 31 December 2025, the Company owned 11.8% (2024: 50.9%) of the AVI
Japanese Special Situations Fund, a Sub-Fund of Gateway UCITS Funds PLC, whose
registered office is 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

The Company had no other holdings of 3.0% or more of the share capital of any
portfolio companies.

8. Related party transactions

Dr Sandy Nairn was the Executive Director of the Company, until his resignation
on 2 January 2026, but remains a substantial shareholder.

The Company has invested in Volunteer Park Capital Fund SCSp («VPC»). The
Alternative Investment Fund Manager of VPC is Goodhart Partners LLP
(«Goodhart»). Goodhart Partners S.a.r.l. is the general partner to VPC and is
100% owned by Goodhart.

The Company has invested in AVI Japanese Special Situations Fund («AVI JSS»).
The sub-investment manager of AVI JSS is Asset Value Investors Ltd. («AVI»).
Goodhart maintains a minority interest in AVI of less than 25%.

Goodhart was appointed to provide sub-investment management services to the
Company with effect from 31 May 2023. Goodhart has now ceased providing these
investment sub-advisory services and is instead providing the portfolio
management functions delegated by Juniper with effect from 2 January 2026.

Dr Nairn is the sole controller of a company which holds a significant
shareholding of more than 25% but not more than 50% in Goodhart and may be a
beneficiary of the management fees and carried interest payable to Goodhart
-related companies, with respect to the investments noted above. Given Dr
Nairn’s interests in Goodhart, it was agreed with him, in March 2023, that his
salary would be reduced (such reduction equalling the entire salary, if
necessary) by his share (through his minority interest in Goodhart) of amounts
credited in the same period in respect of (i) any carried interest on co
-investments made by the Company alongside Goodhart and (ii) any partnership
profit allocations attributable to Goodhart’s net profits on fees earned with
respect to the investments noted above.

9. Availability of Annual Report and Financial Statements

The Annual Report and Financial Statements will shortly be available to view on
the Company’s website at www.globalopportunitiestrust.com. where up to date
information on the Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.

A copy of the Annual Report and Financial Statements will shortly be submitted
to the Financial Conduct Authority’s National Storage Mechanism and will be
available for inspection at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For further information please contact:

Juniper Partners Limited

Company Secretary

e-mail: [email protected]

23 March 2026

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