US SPECIAL OPPORTUNITIES TRUST PLC                       
                                                                               
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT                  
                                                                               
                                  21 May 2008                                  
                                                                               
                                                     UK GAAP                   
                                                                               
                                              � million              %         
                                                                               
US Growth       Investments                       20.47          29.74         
Portfolio                                                                      
                                                                               
                Cash                               2.59           3.77         
                                                                               
                                                  23.06          33.51         
                                                                               
Income          Investment companies               0.00           0.00         
Portfolio                                                                      
                                                                               
                Reverse convertible bonds          6.90          10.03         
                and other fixed income                                         
                                                                               
                Cash                              38.57          56.05         
                                                                               
                                                  45.47          66.08         
                                                                               
Other net current assets/(liabilities)             0.29           0.41         
                                                                               
Net Assets      (including revenue                68.82         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       87.94p        49,670,000      
                                                                               
                                       ZDP      182.19p        13,799,000      
                                                                               
                                                                      US$      
                                                                               
USD exchange rate used to revalue all US assets and               1.96430      
liabilities                                                                    

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.

On 21st May the Company purchased a currency option to neutralize the $1.95
exchange rate cap on the currency cylinder on $100 million US dollars. The cost
of this was �105,000. This removed the risk of a potential liability on the
cylinder if the US dollar strengthens relative to sterling beyond the exchange
rate of $1.95 to the pound and also allowed the Company's dollar cash to be
sold forward for sterling thereby reducing the risk that the sterling value of
that cash balance would reduce if the dollar weakened against sterling.  

Intrinsic value of unlisted warrants as at 21 May 2008:             $283,000
                                                                            
Sterling equivalent at exchange rate above:                           �0.14m
                                                                            
Time value of unlisted warrants as at 29 February 2008:           $1,824,232
                                                                            
(adjusted for warrants subsequently acquired, exercised or                  
disposed)                                                                   
                                                                            
Sterling equivalent at exchange rate above:                           �0.93m



END
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