US SPECIAL OPPORTUNITIES TRUST PLC                       
                                                                               
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT                  
                                                                               
                                 28 March 2008                                 
                                                                               
                                                     UK GAAP                   
                                                                               
                                             � million               %         
                                                                               
US Growth       Investments                      46.16           65.52         
Portfolio                                                                      
                                                                               
                Cash                              1.78            2.52         
                                                                               
                                                 47.94           68.04         
                                                                               
Income          Investment companies              1.15            1.63         
Portfolio                                                                      
                                                                               
                Reverse convertible bonds         9.92           14.09         
                and other fixed income                                         
                                                                               
                Cash                             12.61           17.90         
                                                                               
                                                 23.68           33.62         
                                                                               
Other net current assets/(liabilities)           -0.74           -1.05         
                                                                               
Derivatives     Interest rate swap                0.00            0.00         
Values                                                                         
                                                                               
                Cap & Collar Cylinder            -0.43           -0.61         
                facility                                                       
                                                                               
Net Assets      (including revenue               70.45          100.00         
                reserves                                                       
                                                                               
                at 31 May 2007 of �1.12m)                                      
                                                                               
                                                             Number of shares  
                                                             in issue          
                                                                               
Net Asset Value per                Capital           -         50,000,000      
share:                                                                         
                                                                               
                                    Income      91.85p         49,670,000      
                                                                               
                                       ZDP     179.93p         13,799,000      
                                                                               
                                                                      US$      
                                                                               
USD exchange rate used to revalue all US assets and               1.98920      
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 28 March 2008:           $184,042
                                                                            
Sterling equivalent at exchange rate above:                           �0.09m
                                                                            
Time value of unlisted warrants as at 29 February 2008:           $1,793,723
                                                                            
(adjusted for warrants subsequently acquired, exercised or                  
disposed)                                                                   
                                                                            
Sterling equivalent at exchange rate above:                           �0.90m



END
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