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Shanda Games Reports Fourth Quarter and Full Year 2010 Unaudited Results

SHANGHAI March 1, 2011 Shanda Games China December 31, 2010

Fourth Quarter 2010 Financial Highlights

  • RMB1,152.5 million US$174.0 million
  • RMB1,040.9 million US$157.2 million RMB36.7
  • RMB61.9 million US$9.3 million RMB27.7
  • RMB49.7 million US$7.5 million
  • RMB701.0 million US$105.8 million
  • RMB324.9 million US$49.1 million
  • RMB350.5 million US$53.0 million
  • RMB366.6 million US$55.4 million RMB1.30 (US$0.20) RMB1.02 RMB1.44
  • RMB392.2 million US$59.3 million RMB1.40 (US$0.22) RMB1.10 RMB1.54

Full Year 2010 Financial Highlights

  • RMB4,504.7 million US$680.2 million
  • RMB4,018.3 million US$606.7 million RMB300.6 million US$45.4 million RMB185.8 million US$28.1 million
  • RMB1,332.9 million US$201.3 million RMB1,734.4 million RMB1,438.8 million US$217.3 million RMB1,860.2 million
  • RMB1,288.8 million US$194.6 million RMB1,453.0 million RMB4.52 (US$0.68) RMB5.20
  • RMB1,394.7 million US$210.6 million RMB1,578.8 million RMB4.90 (US$0.74) RMB5.64

Alan Tan Shanda Games

Japan Taiwan Asia China Indonesia

"Additionally, we are seeing an accelerated growth in our international business, driven by successful launches of new titles in overseas markets. We expect to further expand our business geographically to take full advantage of our high-quality titles and operational expertise.

"Our performance in the fourth quarter of 2010 gives us confidence in our competitive position, our capabilities, and our future. Our continuing focus on quality content combined with the spirit of innovation has served us well and laid a solid foundation for a sustainable business as we move into the new year," concluded Mr. Tan.

Fourth Quarter 2010 Financial Results

Net Revenues . RMB1,152.5 million US$174.0 million RMB1,096.3 million RMB1,336.2 million

China China

RMB1,040.9 million US$157.2 million RMB971.7 million RMB1,254.4 million July 2010 RMB35.2 RMB36.7

RMB61.9 million US$9.3 million RMB76.3 million RMB62.0 million RMB27.7

RMB49.7 million US$7.5 million RMB48.3 million RMB19.8 million

Cost of Revenues. RMB451.5 million US$68.2 million RMB449.4 million RMB534.3 million

Gross Profit. RMB701.0 million US$105.8 million RMB646.9 million RMB801.9 million

Operating Expenses RMB376.1 million US$56.7 million RMB340.7 million RMB320.3 million

RMB137.2 million US$20.7 million

RMB138.5 million US$20.9 million

RMB100.4 million US$15.1 million

RMB25.6 million US$3.9 million RMB23.2 million RMB32.0 million

Operating Income. RMB324.9 million US$49.1 million RMB306.2 million RMB481.6 million

Non-GAAP Operating Income . RMB350.5 million US$53.0 million RMB329.4 million RMB513.6 million

Government F inancial I ncentives . RMB124.8 million US$18.8 million RMB52.0 million RMB76.8 million

Income Tax Expense . RMB87.2 million US$13.1 million RMB75.9 million RMB128.4 million

Net Income Attributable to Ordinary Shareholders. RMB366.6 million US$55.4 million RMB289.0 million RMB415.2 million RMB1.30 (US$0.20) RMB1.02 RMB1.44

Non-GAAP Net Income Attributable to Ordinary Shareholders. RMB392.2 million US$59.3 million RMB312.2 million RMB447.2 million RMB1.40 (US$0.22) RMB1.10 RMB1.54

Cash, Cash Equivalent, Short-Term Investments, and Restricted Cash . RMB604.1 million US$91.2 million RMB3,417.8 million September 30, 2010 RMB2,174.8 million US$328.3 million December 31, 2010 RMB1,215.2 million US$183.5 million RMB503.0 million US$76.0 million

Full Year 2010 Financial Results

RMB4,504.7 million US$680.2 million RMB4,806.7 million

RMB4,018.3 million US$606.7 million RMB300.6 million US$45.4 million RMB185.8 million US$28.1 million

RMB2,667.5 million US$402.8 million RMB2,873.2 million

RMB1,332.9 million US$201.3 million RMB1,734.4 million

RMB1,438.8 million US$217.3 million RMB1,860.2 million

RMB1,288.8 million US$194.6 million RMB1,453.0 million RMB4.52 (US$0.68) RMB5.20

RMB1,394.7 million US$210.6 million RMB1,578.8 million RMB4.90 (US$0.74) RMB5.64

Recent Business Highlights

December 29, 2010 Shanda Games

December 2010 January 2011 Shanda Games Brazil Thailand North America Singapore Malaysia Japan Hong Kong Macau Taiwan Europe

January 20, 2011 Shanda Games Shanda Games China China

January 2011 Shanda Games Vietnam

February 2011 Shanda Games China

Share Repurchase

March 1, 2010 $150 million February 28, 2011 US$37.8 million

Conference Call and Webcast Notice

Shanda Games 9:00 a.m. March 2, 2010 Beijing Hong Kong 8:00 p.m. March 1, 2010 Eastern Time)

Dial-in details for the live conference call are as follows:

U.S. Toll Free:

+1-800-706-7745

Mainland China Netcom Toll Free:

10800-852-1490

Mainland China Telecom Toll Free:

10800-152-1490

Hong Kong Toll Free:

800-963-844

U.K. Toll Free:

0808-234-7616

International Toll:

+1-617-614-3472

Passcode:

60034673

12:00 pm Beijing Hong Kong March 2, 2011

U.S. Toll Free:

+1-888-286-8010

International Toll:

+1-617-801-6888

Passcode:

71744900

Shanda Games http://ir.shandagames.com/

Currency Convenience Translation

The United States RMB6.6227 to US$1.00 China December 31, 2010

Note to the Financial Information

December 31, 2010

Non-GAAP Financial Measures

the United States

Safe Harbor Statement

China

Shanda Games

China Shanda Games China Shanda Games Shanda Games http://www.ShandaGames.com

Contact

Ellen Chiu, Investor Relations Director

Maggie Zhou, Investor Relations Manager

Shanda Games Limited

Phone:  +86-21-5050-4740 (Shanghai)

Email:   [email protected]

Savoy Lee, Director (China)

Taylor Rafferty

Phone:  +852-2167-2005

Email:   [email protected]

Alan Oshiki, Managing Director (U.S.A.)

Taylor Rafferty

Phone:  +1-212-232-2354

Email:   [email protected]

SHANDA GAMES LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except for share and per share data)

As of December 31, 2009

As of September 30, 2010

As of December 3 1 , 2010

RMB

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,799.1

1,657.5

1,571.8

237.3

Restricted cash

54.5

2.5

5.4

0.8

Short-term investments

758.0

1,757.8

597.6

90.2

Marketable securities

9.2

5.8

5.4

0.8

Accounts receivable, net of allowance for doubtful accounts

18.5

40.9

48.4

7.3

Accounts receivable due from related parties

405.9

400.5

389.9

58.9

Deferred licensing fees and related costs

53.6

42.5

44.5

6.7

Prepayments and other current assets

112.8

135.8

132.7

20.2

Other receivables due from related parties

6.2

5.5

531.9

80.3

Deferred tax assets

79.6

69.4

66.9

10.1

Total current assets

3,297.4

4,118.2

3,394.5

512.6

Time deposit with maturity over one year

1,215.2

183.5

Investment in affiliated companies

8.7

17.1

31.5

4.8

Property and equipment  

139.8

181.8

195.4

29.5

Intangible assets

517.2

1,327.5

1,269.7

191.7

Goodwill

170.1

486.9

486.9

73.5

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