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

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. 3

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 4

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 5

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

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Return & Standard deviation for 2010 Data for current portfolio Data for optimized portfolio 9

Allocation of Original PortfolioAllocation of Optimized Portfolio 10

Performance of Original PortfolioPerformance of Optimized Portfolio 11

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Large Close + Spread Positions = exaggerates volatility Large 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 15

16 Derivative Positions maximize returns towards Expiration Bond Positions held to maturity

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Fund Spreadsheets Link 18