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Mr. Cleveland became a director in May 2004. He is the President, Chief Executive Officer, sole Director, and majority shareholder of RENN Capital Group. He is also President, Chief Executive Officer, and a Class Three Director of the Fund. He is a Chartered Financial Analyst with more that 35 years experience as a specialist in investments for smaller capitalization companies. A graduate of the Wharton School of Business, Mr. Cleveland has served as President of the Dallas Association of Investment Analysts. Mr. Cleveland serves on the Board of Directors of Renaissance US Growth and Investment Trust PLC, BFS US Special Opportunities Trust PLC, Integrated Security Systems, Inc., Tutogen Medical, Inc. and Cover-All Technologies, Inc. He has served as an officer and director of RENN III since 1994. | 