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RENAISSANCE US GROWTH INVESTMENT TRUST PLC
The Net Asset Value of the ordinary 25p shares of the Company at 23 July 2010 was:
Including current period revenue 313.27 pence (US 482.55c) (includes revenue losses up to and including 23 July 2010)
Excluding current period revenue 314.77 pence (US 484.86c) (includes revenue losses up to and including the year ended 31 March 2010 only)
The exchange rate at which this was calculated was £=US$1.54035
The Net Asset Value calculation includes the time value of unlisted warrants in respect of the portfolio valuation, as set out in the announcement made by the Company on 31 May 2008. 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 twice 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 July 2010:               $230,645
                                                                               
Sterling equivalent at exchange rate above:                            £149,735
                                                                               
Time value of unlisted warrants as at 30 June 2010: (adjusted          $280,708 for warrants subsequently acquired, exercised, expired or
                      
disposed)                                                                      
                                                                               
Sterling equivalent at exchange rate above:                            £182,236
26.07.10
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