RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC


The Net Asset Value of the ordinary 25p shares of the Company at 28 February 2014 was as follows:


Including current period revenue 302.54 pence (US507.01c) (includes revenue reserve losses up to
and including 28 February 2014)

Excluding current period revenue 307.92 pence (US516.03c) (includes revenue reserve losses up to
and including the year ended 31 March 2013)

The exchange rate at which this was calculated was =US$1.67585

As at 28 February 2014, the Company holds net cash of £15.337m, including UK treasury gilts of
£13.342m. 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 28 February 2014: $714,257

Sterling equivalent at exchange rate above: £426,206


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: £524


Share price as at 28 February 2014: 270.75p

Discount: (10.51%)

04 March 2014