Renaissance Capital Announces First Quarter Distribution
Renaissance Capital Group

Dallas, Texas, March 11, 2008 -- Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors has approved a quarterly cash dividend distribution of $0.10 per share. The dividend will be payable on March 31, 2008, to shareholders of record as of March 21, 2008.

With this dividend, the Fund will have paid its investors a total of $14.01 per share in cash distributions since it was established in 1994 at $10.00. Total distribution since inception, including cash and deemed dividends, is $18.99 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 30 businesses in various industries.



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