Renren Announces Renewal of Share Repurchase Program

             Renren Announces Renewal of Share Repurchase Program

PR Newswire

BEIJING, Dec. 26, 2012

BEIJING, Dec. 26, 2012 /PRNewswire/ -- Renren Inc. (NYSE: RENN), a leading
real-name social networking internet platform in China ("Renren" or the
"Company"), today announced that its board of directors has authorized the
renewal of the Company's share repurchase program dated September 29, 2011 for
another 12 months from January 1, 2013 to December 31, 2013. During this
12-month period, Renren is authorized, but not obligated, to repurchase up to
US$48.2 million of its American Depositary Shares ("ADSs"), representing the
remaining balance of its previously announced share repurchase plan that ended
in September this year.

The repurchases may be made on the open market at prevailing market prices
pursuant to Rule 10b5-1 and/or Rule 10b-18 plans, in privately negotiated
transactions, in block trades or other legally permissible ways from time to
time depending on market conditions and in accordance with applicable rules
and regulations. Renren expects to implement this share repurchase program in
a manner consistent with market conditions and the interest of its
shareholders. Renren's board of directors will review the share repurchase
program periodically and may authorize adjustment of its terms and size.
Renren plans to fund repurchases made under this program from its available
cash balance. Under the original share repurchase program of $150 million, the
Company had repurchased 24.2 million ADS in total for an aggregate
consideration of $101.8 million.

"We remain confident in our ability to execute our long-term strategy of
building a sustainable business around mobile-centric social networking. We
are on track in executing this strategy, supported by our innate opportunities
in online gaming, social commerce, communications and entertainment services.
Our healthy balance sheet thus provides us the flexibility to invest in both
our future growth and return value to shareholders," commented Joseph Chen,
Chairman and Chief Executive Officer.

About Renren Inc.

Renren Inc. (NYSE: RENN) operates a leading real-name social networking
internet platform in China. It enables users to connect and communicate with
each other, share information and user-generated content, play online games,
listen to music, shop for deals and enjoy a wide range of other features and
services. Renren's platform includes the main social networking website
Renren.com, the online games center game.Renren.com, the social commerce
website Nuomi.com, and the video-sharing website 56.com. Renren's American
depositary shares, each of which represents three ClassA ordinary shares,
trade on NYSE under the symbol "RENN". Renren had approximately 172 million
activated users as of September 30, 2012.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements. Among
other things, the quotations from Renren's management in this announcement
contain forward-looking statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S. Securities and
Exchange Commission ("SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not
historical facts, including statements about Renren's beliefs and
expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Further information regarding these risks,
uncertainties and other factors that may affect the Company's results of
operations is included in our annual report on Form20-F and other documents
filed with the SEC. All information provided in this pressreleaseis as of
the date of this press release, and Renren does not undertake any obligation
to update anyforward-looking statement, except as required under applicable
law.

For more information, please contact:
Sam Lawn
Investor Relations Director
Renren Inc.
Tel: (86 10) 8448 1818 ext 1300
Email: ir@renren-inc.com

SOURCE Renren Inc.

Website: http://www.renren.com
Website: http://www.nuomi.com
Website: http://www.56.com
 
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