RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC                                     
                                                                               
The Net Asset Value of the ordinary 25p shares of the Company at 12        

   
December 2012 was as follows:                                                  
                                                                               

Including current period revenue 279.50 pence (US450.46c) (includes revenue    
reserve losses up to and including 12 December 2012)                           
                                                                               
Excluding current period revenue 284.00 pence (US457.71c) (includes revenue    
reserve losses up to and including the year ended 31 March 2012)               
                                                                               
The exchange rate at which this was calculated was £=US$1.61165                
                                                                               
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 12 December 2012    $778,455          
                                                                               
Sterling equivalent at exchange rate above:                    £483,017                                              
                                                                               
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 above:                     £17,063                                        
                                                                               
Share price as at 12 December 2012                              226.50p    

     
                                                                               
Discount:                                                      (18.96%)          
               
                                                                
14 December 2012