RUG Renn Universal

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 21 November 2014
was as follows:

Including current period revenue 290.93 pence (US456.12c) (includes revenue
reserve losses up to and including 21 November 2014)

Excluding current period revenue 295.65 pence (US463.52c) (includes revenue
reserve losses up to and including the year ended 31 March 2014)

The exchange rate at which this was calculated was £=US$1.5678

As at 21 November 2014, the Company held net cash of £2.367m.

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.
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Intrinsic value of unlisted warrants as at 21 November 2014 $0
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Sterling equivalent at exchange rate above: £0

Time value of unlisted warrants as at 30 September 2014: (adjusted for warrants
subsequently acquired, exercised, expired or disposed)$0

Sterling equivalent at exchange rate above: £0

Share price as at 21 November 2014 £213.00p

Discount:(26.79%)

25 November 2014