US SPECIAL OPPORTUNITIES TRUST PLC                       
                                                                               
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT                  
                                                                               
                                11 January 2008                                
                                                                               
                                                     UK GAAP                   
                                                                               
                                              � million               %        
                                                                               
US Growth       Investments*                      68.52           77.30        
Portfolio                                                                      
                                                                               
                Cash including Treasury           12.08           13.63        
                Bills                                                          
                                                                               
                                                  80.60           90.93        
                                                                               
Income          Investment companies               3.68            4.15        
Portfolio                                                                      
                                                                               
                Reverse convertible bonds          9.76         11.01          
                and other fixed income                                         
                                                                               
                Cash                              -6.02           -6.79        
                                                                               
                                                   7.42            8.37        
                                                                               
Other net current assets/(liabilities)             0.62            0.70        
                                                                               
Total Assets    (including revenue                88.64          100.00        
                reserves                                                       
                                                                               
                at 31 May 2007 of �1.12m)                                      
                                                                               
                                              � million                        
                                                                               
Net assets      (including revenue                80.63                        
                reserves                                                       
                                                                               
                at 31 May 2007 of �1.12m)                                      
                                                                               
                                                              Number of shares 
                                                              in issue         
                                                                               
Net Asset Value per                Capital       11.84p        50,000,000      
share:                                                                         
                                                                               
                                    Income      101.31p        49,670,000      
                                                                               
                                       ZDP      176.75p        13,799,000      
                                                                               
                                                                      US$      
                                                                               
USD exchange rate used to revalue all US assets and                1.9583      
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 11 January               $348,792
2008:                                                                       
                                                                            
Sterling equivalent at exchange rate above:                           �0.18m
                                                                            
Time value of unlisted warrants as at 30 November 2007:           $2,528,686
                                                                            
(adjusted for warrants subsequently acquired, exercised,                    
expired or disposed)                                                        
                                                                            
Sterling equivalent at exchange rate above:                           �1.29m



END
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