RENN Fund, Inc.

¹ The premium/discount is calculated as [(most recent price/most recent NAV)-1].

Important Risk Disclosures:

You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please read the Fund’s prospectus for a complete list of risks associated with an investment.

The Fund is a registered, non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. Closed-end fund shares are not redeemable, but instead are traded in the secondary market and frequently trade at a discount to net asset value. Shares of the Fund are also subject to market risks of investing in the underlying portfolio securities held by the Fund. There are risks inherent in an investment, including the possible loss of principal. There can be no assurance the objectives of the Fund will be achieved, and past performance is no guarantee of future results.

The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisers. The information on this web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

On July 6, 2017, Horizon Kinetics Asset Management LLC (“HKAM”) (formerly, Horizon Asset Management LLC) was approved as the investment manager of the Fund. Statistics that rely on Fund data prior to that date will reflect the Fund’s prior manager. HKAM is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), and a wholly owned subsidiary of Horizon Kinetics LLC (“Horizon Kinetics”). In addition to being the investment adviser to the RENN Fund, Inc., HKAM manages other investment products, including separate accounts, mutual funds and private funds.

Certain Limited Risks Associated with an Investment in the Fund

Investing in the Fund involves risks that you should review carefully in the Fund’s regulatory filings. The below represent only some of the risks associated with an investment of the Fund and does not discuss numerous other risks associated with an investment, including the risks associated with investments in non-diversified, closed-end funds generally, other business, operating and tax risks, and economic and other risks affecting investment markets generally.

Liquidity Risks: The investment adviser may not be able to sell portfolio securities at an optimal time or price. For example, if the Fund is required or the advisor deems it advisable to liquidate all or a portion of a portfolio security quickly, it may realize significantly less than the value at which the investment was previously recorded.

Private Issuer Risks: In addition to the risks associated with small public companies, limited or no public information may exist about private companies, and the Fund will rely on the ability of our Investment Advisor to obtain adequate information to evaluate the potential returns from investing in these companies. If the Investment Advisor is unable to uncover all material information about these companies, the Fund may not make a fully informed investment decision and may lose money on the investment.

Interest Rate Risks: When interest rates increase, any fixed-income securities held by the Fund may decline in value. Long-term fixed income securities will normally have more price volatility because of this risk than short-term fixed-income securities. The negative impact on fixed-income securities from the resulting rate increases for that and other reasons could be swift and significant.

Leveraging Risks: Investments in derivative instruments may give rise to a form of leverage. The Investment Advisor may engage in speculative transactions which involve substantial risk and leverage. The use of leverage by the Investment Advisor may increase the volatility of the Fund. These leveraged instruments may result in losses to the Fund or may adversely affect the Fund’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.

Distressed Debt Risks: An investment in distressed debt involves considerable risks, including a higher risk of nonpayment by the debtor. The Fund may incur significant expenses seeking recovery upon default or attempting to negotiate new terms. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, a bankruptcy court might re-characterize the debt held by the Fund and subordinate all or a portion of the Fund’s claim to claims of other creditors, even, in some cases, if the investment is structured as senior secured debt. The bankruptcy process has a number of significant inherent risks, including substantial delays and the risk of loss of all or a substantial portion of the Fund’s investment in the bankrupt entity.

Bitcoin Risks: The value of the Fund’s investment in the Grayscale Bitcoin Trust is subject directly to fluctuations in the value of bitcoins. The value of bitcoins is determined by the supply of and demand for bitcoins in the global market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Grayscale Bitcoin Trust . Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect the Fund’s direct investment in the Grayscale Bitcoin Trust . Bitcoin transactions are irrevocable, and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of the Fund’s direct or indirect investment in the Grayscale Bitcoin

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Market price and net asset value (NAV) of a Fund’s shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown. Fund data is updated daily, monthly and quarterly, depending on the specific data point.

For further information, please contact us at info@horizonkinetics.com or 646-495-7333.