RUG Renn Universal

    RENAISSANCE US GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 31 December
2008 was:

Including current period revenue 263.31 pence (US 378.57c)

Excluding current period revenue 266.76 pence (US 383.53c)

The exchange rate at which this was calculated was �=US$1.43775.

The net asset value calculation includes the time value of unlisted warrants in
respect of the portfolio valuation, as set out in the announcement made by the
Company on 27 May 2008. The Company has adopted the Black Scholes methodology
and will calculate the time value (in US Dollars) of unlisted warrants every
quarter. The warrants included in the portfolio for 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 recently calculated quarterly
valuation.

Intrinsic value of unlisted warrants as at 31 December 2008:           $130,441
                                                                               
Sterling equivalent at exchange rate above:                             �90,726
                                                                               
Time value of unlisted warrants as at 31 December 2008:              $1,703,106
(adjusted for warrants subsequently acquired, exercised,                       
expired or disposed)                                                           
                                                                               
Sterling equivalent at exchange rate above:                          �1,184,563

05.01.09



END

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