Open Letter to Renren Special Committee, Board of Directors and all Renren Shareholders from private investors

The following is an open letter sent September 25, 2015 to the Special Committee, Board of Directors and all shareholders of Renren Inc. RENN. This is a follow-up to the open letter written on July 24, 2015.  Sum of the parts fair value is $6.72 per share; ultimately we believe further upside remains beyond this price as investments mature  The bid freezes out shareholders from any possible asymmetrical benefits of $500 MM FinTechbased VC portfolio We reiterate our conviction and IMPLORE the special committee of the independent directors of Renren, Inc. ("Renren") to REJECT the extremely low privatization offer (the "Offer") of US$4.20 in cash per American Depositary Share ("ADS") from Mr. Joseph Chen ("Chen"), Chairman and CEO of Renren, and Mr. James Jian Liu ("Liu"), a Board member and COO of the Company. We further request that the special committee of the Board RETAIN external financial and legal advisors to evaluate the non-binding proposal which is standard practice. Our analysis concludes that the Offer undervalues the sum of the parts by roughly 40% and discounts tremendous value not accounted for in both its balance sheet and operating assets. Moreover, the low ball offer removes any possibility of Renren shareholders realizing the potential of its promising VC portfolio of over 25+ companies and $500MM of "at cost" investments, some of which are likely to realize windfall profits. Furthermore, ALL SHAREHOLDERS WILL NOT REALIZE future synergies that many of these investments share with Renren.com. Shareholders have waited patiently and remained loyal IN GOOD FAITH under the guise that they will benefit and, just as the investment fruits are starting to materialize, Chen and Liu are attempting to enrich themselves to the detriment of ALL OTHER SHAREHOLDERS. It is particularly unsettling to see such a lowball offer right after Chen declares that the transition is complete in the last earnings call, "Four years ago we were a social networking company, now we are a social finance company." We understand the interest in buying out Renren at this juncture. Clearly Chen and Liu believe there is little downside at this level. It is unfathomable to think that a $4.20 per ADS offer is adequate and in the best interest of ALL the shareholders when considering fair value by our calculations to be approximately $6.72.... Full press release coming...