Global Opportunities Fund Fund Managers: Guergana Anguelova &

1. Global Opportunities Fund Fund Managers: Guergana Anguelova & Moritz Broelz

2. Agenda • Fund Objective • Fund Guidelines • Fund Bandwidths • Asset Allocation Rationale • Current Asset Allocation • Current Holdings • Markowitz Portfolio Optimization • Benchmarks • Fund Performance • Q&A

3. Fund Objective • Global Opportunities Fund, Inc. (“the Fund”) is a non-diversified, closed-end management investment company. • The Fund’s investment objective is long-term capital appreciation and income generation, which it seeks to achieve by investing in equity, debt and derivative securities of all types from issuers around the world. • The fund consists of three security portfolios - equity, debt and derivative, with equal capital base. • The Fund allocates and reallocates capital based upon management selection, and is not limited to specific industries or sectors. • The Fund aims to limit downside risk potential by investing in strategic derivative positions. • The Fund will invest near all, but no less than 90% of its total available capital. • There is no guarantee that the Fund will meet its objectives.

4. Fund Guidelines • General Fund Guidelines • Allocations subject to management selection • Equity Portfolio Guidelines • Focus on capital gains • Flexible time horizons • Bond Portfolio Guidelines • Long Term Income Generation • Long Term Capital Preservation • Derivative Portfolio Guidelines • Hedge Currency Exposures • Limit Equity Downside Risk • Generate Steady Income • Speculation

5. Fund Bandwidths • General Fund • No more than 10% cash holdings • Equity Portfolio • No more than 10% in a single title issue • No more than 40% in a single fund title • Bond Portfolio • No more than 80% European debt • No more than 80% U.S. debt • Derivative Portfolio • No limitations

6. Asset Allocation Rationale FED ↑ Balance Sheet through Q.E. 2 (…) Buys U.S. Treasuries & MBS U.S. Primary Government Dealers Earnings ↑ FED Reserves ↑ U.S. Monetary Base ↑ U.S. Treasuries ↑ U.S. Financials ↑ Cashflows to Emerging Markets ↑ (Yields) U.S. Equity ↑ (LT) U.S. Dollar ↓ Positioning Long U.S. Financials, particularly Primary Dealers Long Emerging Markets Long U.S. Blue Chips Hedge Currency Exposure Long U.S. Treasuries

7. Current Asset Allocations

8. Current Holdings

9. Markowitz Portfolio Optimization Return & Standard deviation for 2010 Data for current portfolio Data for optimized portfolio

10. Markowitz Portfolio Optimization Allocation of Original Portfolio Allocation of Optimized Portfolio

11. Original vs. Optimized Equity Portfolio Performance Performance of Original Portfolio Performance of Optimized Portfolio

12. Benchmarks

13. Benchmarks

14. Equity Portfolio Performance vs. MSCI World Country Index

15. Fund Performance (excl. Bonds) Large Spreads @ Close + Spread Positions = exaggerates volatility EUR/USD Performance has large impact on Fund Performance! QE2 starts kicking in: Equity up, USD down, (UST’s up) European sovereign debt worries weaken Euro - halts U.S. Equity advance (in $ terms) – Equity Portfolio appreciates solely due to EUR/USD impact

16. Fund Performance • Derivative Positions maximize returns towards Expiration • Bond Positions held to maturity

17. Questions & Answers

18. Appendix 1 • Fund Spreadsheets Link