This credit card program will be a globally innovative pilot that pioneers the combination of social, location and mobile services. CMB will offer information about, and services provided by over 10,000 of their merchant partners through Renren's Location Based Services. When the co-branded credit card holders "check in" from their current locations through Renren's Location Based Services function, they will receive promotional information from CMB merchant partners located in the vicinity.

In addition, a wide range of loyalty incentive programs will also be offered by both Renren and CMB for the co-branded credit card applicants and holders.

Renren CMB co-branded credit card is expected to be issued in July 2011.

Mr. Jialong Liu, General Manager of CMB Credit Card Center, said, "We are very excited about this partnership with Renren. This is truly a milestone in the socialization of financial services. Renren has a large base of young, highly educated users. We very much look forward to attracting many loyal consumers to our financial products through innovative social services provided by Renren."

Mr. Joseph Chen, Chairman and Chief Executive Officer of Renren, said, "Social networking is increasingly penetrating many aspects of people's lives. We are very pleased to have the opportunity to work with CMB, one of the best commercial banks and the leading credit card issuer in China, on this important project. Through this co-branded credit card program, we see a business model we previously envisioned start to materialize, combining social, location and mobile services to make people's lives more convenient, more informed, and more fun!"