Shanda Announces Receipt of Non-Binding Proposal to Acquire All Outstanding Public Shares at $41.35 per ADS in Cash

Shanda Interactive Entertainment Limited, incorporated in the Cayman Islands (Nasdaq: SNDA) today announced that its Board of Directors has received a preliminary non-binding proposal letter from Mr. Tianqiao Chen, Chairman of the Board, Chief Executive Officer and President of Shanda, to acquire all of the outstanding ordinary shares of the Company not currently owned, legally or beneficially, by Mr. Tianqiao Chen, his wife Ms. Qianqian Luo, who is also a non-executive director of Shanda and his brother Mr. Danian Chen, who is also the Chief Operating Officer and a director of Shanda, for US$41.35 per American Depositary Share or $20.675 per ordinary share in cash. As of September 30, 2011, the Buyer Group controlled approximately 68.4% of the outstanding shares of the Company (excluding outstanding options of the Company).