SNDA Shanda Interactive Entertainment Limited ADS, Each Representing 2 Ordinary Shares (MM)

SHANGHAI, Jan. 17, 2012 /PRNewswire-Asia/ -- Shanda Interactive Entertainment Limited, incorporated in the Cayman Islands ("Shanda" or the "Company") (Nasdaq: SNDA), a leading interactive entertainment media company in China, announced today that it has called an extraordinary general meeting of shareholders (the "EGM"), to be held on February 14, 2012 at 10:00 a.m. (Hong Kong time). The meeting will be held at 8th Floor, Room 802-3, The Hong Kong Club Building, 3A Chater Road, Hong Kong, to consider and vote on the proposal to adopt the previously announced agreement and plan of merger dated November 22, 2011, among Premium Lead Company Limited, a company organized under the laws of the British Virgin Islands ("Parent"), New Era Investment Holding Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of Parent ("Merger Sub") and the Company (the "Merger Agreement"), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company. If completed, the proposed merger would result in Shanda becoming a privately held company and its American Depository Shares ("ADSs") would no longer be listed on the NASDAQ Global Select Market. The Company's board of directors, acting upon the unanimous recommendation of the special committee formed by the board of directors, approved the Merger Agreement and resolved to recommend that the Company's shareholders vote to approve the Merger Agreement.

Shareholders of record as of the close of business in the Cayman Islands on February 3, 2012 will be entitled to vote at the EGM. The record date for ADS holders entitled to instruct The Bank of New York Mellon, the ADS depositary, to vote the shares represented by the ADSs is the close of business in New York City on January 18, 2012. Additional information regarding the EGM and the Merger Agreement can be found in the Transaction Statement on Schedule 13E-3, and the proxy statement attached as Exhibit (a)(1) thereto, filed with the Securities and Exchange Commission ("SEC"), which can be obtained from the SEC's website (http://www.sec.gov). In addition, shareholders and ADS holders may receive the definitive proxy statement by mail by directing requests to Ipreo Holdings LLC, the firm assisting the Company with this proxy solicitation, toll free at +1 888 593 9546 (or +1 212 849 3700 outside of the United States). INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that have been or will be made with the SEC.

About Shanda Interactive Entertainment Limited

Shanda is a leading interactive entertainment media company in China, offering a broad array of online entertainment content on an integrated service platform to a large and diverse user base.  Shanda offers its high quality entertainment content through its subsidiaries and affiliates, including Shanda Games, Cloudary, Ku6 Media, and various other online community and business units.  The broad variety of content ranges from massively multi-player online role-playing games (MMORPGs) and advanced casual games, to social network games, e-sports, literature, film, television, music, and video etc.  By providing a centralized platform through which Shanda can deliver its own content as well as third-party content, Shanda allows its users to interact with thousands of other users while enjoying some of the best entertainment content available in China today.  Shanda: "Interaction enriches your life".  For more information about Shanda, please visit http://www.snda.com.

SOURCE Shanda Interactive Entertainment Limited