On June 13, 2016, Etude Capital LLC announced that it has delivered a letter to Russell Cleveland, RENN Fund Inc.'s Chief Executive Officer, and to the other members of the Company's Board of Directors. In the letter, Etude Capital stated that it had discussions with other significant investors in the Fund have given them reason to view that they share its views regarding the best path forward to unlocking shareholder value. In addition, Etude Capital stated that it has been in contact with Russell Cleveland since February 2016, to discuss strategies for unlocking significant value for the Company's shareholders.
RENN Fund, Inc. (the Fund) is a registered, non-diversified, closed-end management investment company. The investment objective of the Fund is to provide shareholders with above-market rates of return through capital appreciation and income by investment process that invests in a variety of financial instruments, including common stocks, fixed income and other instruments. In addition, the Fund may sell short stocks, exchange traded funds and exchange traded notes. It invests in various sectors, including aerospace and defense; communication services; marine shipping; metal mining; medicinal chemicals and botanical products; oil and gas; other financial investment activities; real estate; securities and commodity exchanges; technology services; surgical and medical instruments and apparatus, and securities, commodity contracts and other financial investments and related activities. Horizon Kinetics Asset Management LLC is the investment advisor of the Fund.
RENN FUND, INC. 
