Shanda Games Announces Ex-Dividend Date of January 23, 2012 for Special Cash Dividend - GameSquare Holdings (NASDAQ:GAME)

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Shanda Games Limited (Nasdaq: GAME) today announced that the Nasdaq has established the ex-dividend date for the special cash dividend declared by the Board of Directors on November 28, 2011. The dividend of US$0.51 per Class A or Class B ordinary share or US$1.02 per American Depositary Share (ADS) will be paid on January 20, 2012 to all shareholders or ADS holders of record as of December 20, 2011 (the "record date"). As the special cash dividend is expected to exceed 25% of the Company's current ADS price, pursuant to the rules of the Nasdaq, the ex-dividend date is January 23, 2012, the first business day following the dividend payment date.

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