RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 23 May
2014 was as follows:

Including current period revenue 277.37 pence (US467.13c) (includes
revenue reserve losses up to and including 23 May 2014)

Excluding current period revenue 286.32 pence (US482.21c) (includes
revenue reserve losses up to and including the year ended 31 March 2013)

The exchange rate at which this was calculated was £=US$1.68415

As at 23 May 2014, the Company held net cash of £2.227m.

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 23 May 2014 $0

Sterling equivalent at exchange rate above:£0

Time value of unlisted warrants as at 31 March 2014: (adjusted for
warrants subsequently acquired, exercised, expired or disposed) $0

Sterling equivalent at exchange rate above: £0

Share price as at 23 May 2014 263.00p

Discount:(5.18%)

28 May 2014