US SPECIAL OPPORTUNITIES TRUST PLC
 
                         ESTIMATED NET ASSET VALUE CALCULATION AS AT
 
                                       09 May 2008
 
                                                                             UK GAAP
 
                                                                  � million              %

US Growth Portfolio Investments                                       23.70          33.72
                    Cash                                               8.13          11.57
                                                                      31.83          44.29
 
Income Portfolio    Investment companies                               0.48           0.69
                    Reverse convertible bonds and other fixed income  10.69          15.20
                    Cash                                              27.54          39.18
                                                                      38.71          55.07
 
Other net current assets/(liabilities)                                 0.14           0.18
 
Derivatives Values  Interest rate swap                                 0.00           0.00
                    Cap & Collar Cylinder facility                    -0.38          -0.54
 
Net Assets          (including revenue reserves                       70.30         100.00
                    at 31 May 2007 of �1.12m)
 

                                                                 Number of shares in issue
 
Net Asset Value per share:                       Capital                  -     50,000,000
                                                  Income             91.06p     49,670,000
                                                     ZDP            181.68p     13,799,000
 
                                                                                       US$

USD exchange rate used to revalue all US assets and liabilities                    1.94625
 
The net asset value calculations include 50% of the costs associated with the
circular issued to shareholders relating to Tender Offers for ZDP and Income
Shares. As detailed in the circular these costs are split between revenue and
capital on a 50:50 basis.

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 9 May 2008:                 $310,833
Sterling equivalent at exchange rate above:                              �0.16m
 
Time value of unlisted warrants as at 29 February 2008:              $1,824,973
 
(adjusted for warrants subsequently acquired, exercised or
disposed)
 
Sterling equivalent at exchange rate above:                              �0.94m


END
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