RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC - Net Asset Value(s)

RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC

The Net Asset Value of the ordinary 25p shares of the Company at 14 November
2014 was as follows:

Including current period revenue 287.46 pence (US449.77c) (includes revenue
reserve losses up to and including 14 November 2014)

Excluding current period revenue 292.04 pence (US456.94c) (includes revenue
reserve losses up to and including the year ended 31 March 2014)

The exchange rate at which this was calculated was £=US$1.56465

As at 14 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.

Intrinsic value of unlisted warrants as at 14 November 2014 $0

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 14 November 2014 213.00p

Discount:(25.90%)

18 November 2014

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