Profile: RENN Global Entrepreneurs Fund, Inc (RCG)

RENN Global Entrepreneurs Fund, Inc. (the Fund), formerly Renaissance Capital Growth & Income Fund III, Inc., is a non-diversified, closed-end fund that has elected to be treated as a business development company. The investment objective of the Fund is to provide long-term capital appreciation by investing in primarily privately placed convertible securities and equity securities of emerging growth companies. The Fund generally invests in privately placed convertible preferred stock, common stock, and warrants and debentures of a company to be held in the Fund’s portfolio (Portfolio Company). The convertible preferred stock, warrants and debentures securities typically are convertible into, or exchangeable for, the common stock of the Portfolio Company. While such common stock of the Portfolio Company may be publicly traded, the common stock acquired by the Fund is often unregistered. The Fund also purchases shares of small and micro-cap issuers in the open markets. The Fund’s investment advisor is RENN Capital Group, Inc.

The Fund invests in the securities of emerging growth companies that are generally not available to the public. With respect to investments in emerging growth companies, the Fund emphasizes investing in convertible debentures or convertible preferred stock of publicly held companies that the Fund anticipates will be converted into common stock and registered for public sale within 3 to 5 years after the private placement. In addition, the Fund invests in privately placed common stock of publicly traded issuers that are initially restricted from trading. To a lesser extent, the Fund may participate in bridge financings in the form of loans or other preferred securities, which are convertible into common stock of the issuer or issued together with equity participation or both, for companies, which the Fund anticipates will complete a stock offering or other financing within a year from the date of the investment. The Fund may also make bridge loans, either secured or unsecured, intended to carry the borrower to a private placement or an initial public offering, or to a merger, acquisition or other strategic transaction. The Fund will generally seek to limit its investment in securities of any single Portfolio Company to approximately 15% of the Portfolio Company’s net assets at the time of the investment.

At December 31, 2008, the Fund had investments in 30 Portfolio Companies. The Fund does not focus on particular industry segments. As of December 31, 2008, some of the Fund’s investments included Access Plans USA, Inc., A-Power Energy Generation Systems, Ltd., Asian Financial, Inc. (Duoyuan Digital Printing Technology), AuraSound, Inc., Bovie Medical Corporation, BPO Management Services, Inc., Business Process Outsourcing (Outsource Partners International) and CaminoSoft Corporation.