$人人(RENN)$
As part of the spin-off, what specifically will be included in “minority stakes in privatelyheld companies”? Would this include Renren’s shares of Social Finance Inc.?

A1. The complete list of minority stakes in privately held companies to be included within thecompany to be spun off (“SpinCo”) is still subject to change and will depend in part onthe outcome of negotiations between the Special Committee and the investors to whomwe ultimately agree to sell shares in SpinCo. However, we plan to include our shares ofSocial Finance Inc. within SpinCo. （计划是把SoFi 包含在分拆的公司中的 ）

Q2 Will all the long-term investments be included in SpinCo for the spin-off?

A2. We anticipate that most (by value)（按照价值算，有价值的长期投资，都会被分拆) of the long-term investments on our balance sheet willbe included in SpinCo for the spin-off, subject to the outcome of negotiations withinvestors.

Q3. How often are the long-term investments on the balance sheet revalued to fair marketvalue?
A3. Please see the section entitled “Critical Accounting Policies” in our annual report onForm 20-F for the year ended December 31, 2015. We prepare a balance sheet at the endof each quarter.  （按2015年 12月31日的评估，是明显被低估的, 没有按软银40亿美元的估值进行计算)

Q4. How much debt will SpinCo have?
A4. We incurred debt to finance our acquisition of shares of Social Finance Inc. in 2015.Please see note 12 to our financial statements in our annual report on Form 20-F for theyear ended December 31, 2015. We plan to include the outstanding balance of this debtin SpinCo together with our shares of Social Finance Inc.

Q5. When will the spin-off be completed?
A5. We are aiming to complete the spin-off by the end of the first quarter of 2016 （应该是有笔误，是计划2017年第一季度完成), but thetiming may be affected by factors that are not within our control. In particular, the specialcommittee will determine, in its sole discretion, how much time it requires to complete itsreview of the terms of the spin-off.