Renaissance Capital Announces Second Quarter Distribution
Renaissance Capital Group

Dallas, TX, June 18, 2008 -- Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors has approved on June 17, 2008, a quarterly cash dividend distribution of $0.10 per share. The dividend will be payable on July 15, 2008, to shareholders of record as of June 30, 2008. 

The Fund was established in 1994 at $10.00 per share. Total distribution since inception, including cash and deemed dividends, is $19.09 per share.

About Renaissance Capital Growth & Income Fund III, Inc.

Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 34 businesses in various industries.



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