Net Asset Value(s)
April 04 2008 - 9:42AM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
31 March 2008
UK GAAP
� million %
US Growth Investments 46.93 65.91
Portfolio
Cash 1.78 2.50
48.71 68.41
Income Investment companies 1.10 1.55
Portfolio
Reverse convertible bonds 10.24 14.38
and other fixed income
Cash 12.36 17.35
23.70 33.28
Other net current assets/(liabilities) -0.76 -1.05
Derivatives Interest rate swap 0.00 0.00
Values
Cap & Collar Cylinder -0.45 -0.64
facility
Net Assets (including revenue 71.20 100.00
reserves
at 31 May 2007 of �1.12m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 93.33p 49,670,000
ZDP 180.05p 13,799,000
US$
USD exchange rate used to revalue all US assets and 1.98750
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 31 March 2008: $191,042
Sterling equivalent at exchange rate above: �0.10m
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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