US SPECIAL OPPORTUNITIES TRUST PLC                       
                                                                               
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT                  
                                                                               
                                19 October 2007                                
                                                                               
                                                     UK GAAP                   
                                                                               
                                              � million               %        
                                                                               
US Growth       Investments*                      77.43           72.62        
Portfolio                                                                      
                                                                               
                Cash including Treasury           12.79           12.00        
                Bills                                                          
                                                                               
                                                  90.22           84.62        
                                                                               
Income          Investment companies               7.55            7.08        
Portfolio                                                                      
                                                                               
                Reverse convertible bonds          4.44            4.16        
                                                                               
                Cash                               3.57            3.35        
                                                                               
                                                  15.56           14.59        
                                                                               
Other net current assets/(liabilities)             0.84            0.79        
                                                                               
Total Assets    (including revenue               106.62          100.00        
                reserves                                                       
                                                                               
                at 31 May 2007 of �1.12m)                                      
                                                                               
                                              � million                        
                                                                               
Net assets      (including revenue                86.57                        
                reserves                                                       
                                                                               
                at 31 May 2007 of �1.12m)                                      
                                                                               
                                                              Number of shares 
                                                              in issue         
                                                                               
Net Asset Value per                Capital       25.22p        50,000,000      
share:                                                                         
                                                                               
                                    Income      100.74p        49,670,000      
                                                                               
                                       ZDP      173.36p        13,799,000      
                                                                               
                                                                      US$      
                                                                               
USD exchange rate used to revalue all US assets and               2.04635      
liabilities                                                                    

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 quarter. 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 quarterly valuation.

Intrinsic value of unlisted warrants as at 19 October             $2,107,058
2007:                                                                       
                                                                            
Sterling equivalent at exchange rate above:                           �1.03m
                                                                            
Time value of unlisted warrants as at 31 August 2007:             $4,092,852
                                                                            
(adjusted for warrants subsequently acquired, exercised,                    
expired or disposed)                                                        
                                                                            
Sterling equivalent at exchange rate above:                           �2.00m



END
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