RUG Renn Universal

    Renaissance US Growth Investment Trust PLC                   

                             June 2008 Newsletter                              

We have been updating you between the annual and interim reports using
newsletters. These are not intended to provide detailed financial information
as in formal reports, but are intended to provide an overview of your Trust's
activities during the previous quarter.

Net Asset Value

Your Company's net asset value decreased by 0.37% in Sterling and 0.24% in
Dollars for the three months ending 30 June 2008. Your Company's benchmark, the
Russell 2000 increased 0.38% in Sterling and 0.59% in Dollars. Unrealized gains
in A-Power and Fushi Copperweld of approximately $7.7 million were offset by
unrealized losses of approximately $7.5 million in BPO Management Services,
Integrated Security Systems, Merriman Curhan Ford, OmniVision, Points
International, and Simtek.

New investments

Company            Sector              Amount     Instrument    Price   Shares 
                                                                               
China              Urban Planning   $3,000,000   Series A Pref $5.00   600,000 
Infrastructure                                                                 
                                                                               
Dynamic Green      Solar PV         $4,000,000   Convertible   N/A     N/A     
Energy                                           Deb                           
                                                                               
Total                               $7,000,000                                 

For the three months ended 30 June 2008, your Company made over $7.0 million in
new investments in two new companies. The companies, with a brief description
of the businesses, are as follows:

China Infrastructure (Private) provides economic strategy guidance and detailed
urban planning services to municipalities in China. The company generates the
plans for the industrial, commercial, and residential development of key
infrastructure projects.

Dynamic Green Energy (Private) is a differentiated, technology-driven solar
company engaged in the rapidly expanding global solar power industry. The
company is one of China's most experienced and largest photovoltaic module
assemblers with customers which include SunPower Corporation and GE Energy.

For the three months ended June 2008, your Company made six follow-on
investments with a combined total of approximately $7.15 million. In April your
Company made a follow-on investment in BPO Management Services raising its cost
basis by $625,000 to $2.5 million. In May your Company made follow-on
investments in Asian Financial, Inc. raising its cost basis by $750,000 to
$2.25 million, $750,000 in China Greenscape bringing its cost basis to $3.25
million, $2.3 million in Cover-ALL Technologies bringing its cost basis to $3.5
million, $750,000 in HeySpace International bringing its cost basis to $2.75
million, $1.2 million in Simtek Corporation bringing its cost basis to $3.9M,
and finally your Company increased its cost basis in Skystar Bio-Pharmaceutical
to $2.3 million by purchasing $776,000 in common stock.

Your Company sold six positions in companies that were not performing, namely
Access Integrated Technologies, China Agritech, Inc., Pro-Dex, Inc., Terra Nova
Financial Group, Spanish Broadcasting System, and US Home Systems realizing a
combined loss of approximately $1.3 million.

Other Events

We anticipate five of the Company's private companies to be quoted in the
upcoming future. Asian Financial, known also as Duoyuan Digital Printing
Technology, continues to seek U.S. Securities & Exchange Commission approval to
begin trading. We anticipate approval will be granted soon. China Greenscape
and publicly traded Shine Media Acquisition, which your Company also owns,
signed a definitive agreement to merge in May. This will give your Company a
cost basis of $4.75 million in this exciting growth company. China Greenscape
is one of a select few companies in China that has the necessary scale to meet
the central government mandated greenery needs of entire cities and urban
development zones. China Infrastructure, mentioned above as a new investment,
and publicly traded InterAmerican Acquisition Group signed a definitive
agreement to merge in May. Therefore these two private companies could be
quoted in approximately six months. Finally, Dynamic Green Energy and HeySpace
International are both moving toward bulge bracket initial public offerings
which could happen in 2009.

Russell Cleveland

RENN Capital Group, Inc.

Investment Manager

This report contains forward-looking statements. Such statements reflect the
current views of the Manager with respect to future events and are subject to
certain risks, uncertainties and assumptions. Although the Manager believes
that the expectations reflected in such forward-looking statements are
reasonable, should one or more of these risks or uncertainties materialise, or
should underlying assumptions prove incorrect, actual future results or events
may vary materially from those described herein.



END

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