RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC                                     
                                                                               
The Net Asset Value of the ordinary 25p shares of the Company at 21            
November 2012 was as follows:                                                  

Including current period revenue 283.41 pence (US451.60c) (includes revenue reserve losses up to and including 21 November 2012)

Excluding current period revenue 287.57 pence (US458.23c) (includes revenue reserve losses up to and including the year ended 31 March 2012)

The exchange rate at which this was calculated was £=US$1.59345                
                                                                               
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 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 21 November             $0          
2012                                                                           
                                                                               
                                                                               
                                                                               
Sterling equivalent at exchange rate                               £0          
above:                                                                         
                                                                               
Time value of unlisted warrants as at 28 September 2012:                       
(adjusted for warrants subsequently acquired, exercised,                       
expired or disposed)                                          $27,500          
                                                                               
                                                                               
                                                                               
Sterling equivalent at exchange rate                          £17,258          
above:                                                                         
                                                                               
Share price as at 21 November 2012                            224.00p          
                                                                               
Discount:                                                    (20.96%)          

23 November 2012