3、Primavera, Perfect World, FV Investment Holdings, and CAP IV Engagement Limited have withdrawn from the Consortium.

As previously announced, the Consortium submitted a preliminary non-binding proposal letter dated January 27, 2014 (the "Proposal") to the board of directors of Shanda Games (the "Board"). The Company has been informed by Shanda Interactive that, other than the change in the composition of the Consortium as described above, the Proposal is unchanged. According to the Proposal, the Consortium proposes to acquire Shanda Games in a "going private" transaction for US$3.45 per class A or class B ordinary share of Shanda Games, or US$6.90 per ADS. The Proposal states that it constitutes only a preliminary indication of interest and is subject to negotiation and execution of definitive agreements relating to the proposed transaction. The Company cautions its shareholders and others considering trading its securities that there can be no assurance that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.

The Company has been informed that one of its independent directors, Mr. Andy Lin, is affiliated with one of the new members of the Consortium, Orient Finance. Accordingly, Mr. Lin has proposed to the Company that the Board, and the Company expects that the Board will, reconstitute the special committee formed by the Board to consider and evaluate the Proposal to consist of independent directors who are not affiliated with any members of the Consortium.