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 30 November 2014
was as follows:

Including current period revenue 290.44 pence (US454.84c) (includes revenue
reserve losses up to and including 30 November 2014)

Excluding current period revenue 295.35 pence (US462.53c) (includes revenue
reserve losses up to and including the year ended 31 March 2014)

The exchange rate at which this was calculated was £=US$1.56605

As at 30 November 2014, the Company held net cash of £2.368m.

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 30 November 201 $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 30 November 2014 219.00p

Discount:(24.60%)

02 December 2014

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