RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 31
December 2013 was as follows:

Including current period revenue 291.02 pence (US482.00c) (includes revenue
reserve losses up to and including 31 December 2013)

Excluding current period revenue 295.86 pence (US490.02c) (includes revenue
reserve losses up to and including the year ended 31 March 2013)

The exchange rate at which this was calculated was £=US$1.65625

As at 31 December 2013, the Company holds net cash of £12.772m, including
UK treasury gilts of £10.239m. The proportion of cash, including UK
treasury gilts, is expected to rise following the adoption of the new
investment policy and objective approved by shareholders on 17 April 2013.

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 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 2013    $902,220

Sterling equivalent at exchange rate above:                    £544,736

Time value of unlisted warrants as at 31 December
2013: (adjusted for warrants subsequently acquired,
exercised, expired or disposed)                                    $878

Sterling equivalent at exchange rate above:                        £530

Share price as at 31 December 2013                              249.50p

Discount:                                                       (14.27%)

03 January 2014