RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 31 May 2014
was as follows:

Including current period revenue 285.37 pence (US478.67c) (includes revenue
reserve losses up to and including 31 May 2014)

Excluding current period revenue 294.49 pence (US493.96c) (includes revenue
reserve losses up to and including the year ended 31 March 2013)

The exchange rate at which this was calculated was £=US$1.67735

As at 31 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 31 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 31 May 2014 269.00p


Discount:(5.74%)

02 June 2014