Net Asset Value(s)
February 26 2008 - 10:59AM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
22 February 2008
UK GAAP
� million %
US Growth Investments* 63.69 74.09
Portfolio
Cash including Treasury 7.59 8.83
Bills
71.28 82.92
Income Investment companies 2.09 2.43
Portfolio
Reverse convertible bonds 10.35 12.04
and other fixed income
Cash 1.66 1.93
14.10 16.40
Other net current assets/(liabilities) 0.58 0.68
Total Assets (including revenue 85.96 100.00
reserves
at 31 May 2007 of �1.12m)
� million
Net assets (including revenue 78.21
reserves
at 31 May 2007 of �1.12m)
Number of shares
in issue
Net Asset Value per Capital 6.33p 50,000,000
share:
Income 101.50p 49,670,000
ZDP 178.48p 13,799,000
US$
USD exchange rate used to revalue all US assets and 1.96685
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 22 February $292,708
2008:
Sterling equivalent at exchange rate above: �0.15m
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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