RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 17 January
2014 was as follows:

Including current period revenue 307.05 pence (US504.93c) (includes revenue
reserve losses up to and including 17 January 2014)

Excluding current period revenue 312.09 pence (US513.22c) (includes revenue
reserve losses up to and including the year ended 31 March 2013)

The exchange rate at which this was calculated was £=US$1.64445

As at 17 January 2014, the Company holds net cash of £13.396m, 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 17 January     $902,220
2014



Sterling equivalent at exchange rate above:               £548,645

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:                   £534

Share price as at 17 January 2014                          251.50p

Discount:                                                 (18.09%)

21 January 2014