Renren Announces China's First Used Automobile Finance Leasing ABS Issued

Renren Inc.

announced Monday, the issuance of the Shanghai Renren Finance Leasing Asset-Backed Special Plan (the "Plan") on January 21, 2016. The Plan will be traded on the Shanghai Stock Exchange. The Plan is China's first asset-backed security product collateralized by finance leasing of used automobiles. The originator of the Plan is Shanghai Renren Finance Lease Co., a wholly owned subsidiary of Renren that was established in 2015 and holds the requisite licenses from the Ministry of Commerce in China. The Plan is administered by Xinyuan Asset Management, a subsidiary of Nanjing Bank. The size of the Plan is approximately RMB299.8 million and consists of three tranches: AAA-rated securities (68%), AA-rated securities (10.5%) and interests held by the originator (21.5%). The Plan is rated by United Ratings. Deloitte and Qin Li Law Firm, a member of the international Deloitte network, advised the Plan on internal auditing, accounting, taxation, cash flow analysis and project coordination. Grandall Law Firm issued a legal opinion for the Plan. About Renren Inc. Renren Inc.

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