Chinese Entertainment Media Company in Notes Offering

Cleary Gottlieb represented the initial purchasers in a Rule 144A offering of $175 million aggregate principal amount of 2.0% convertible senior notes due 2011 of Shanda Interactive Entertainment Limited. Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities Ltd. were the initial purchasers of the notes. In connection with the offering, Shanda also entered into a $175 million accelerated share repurchase agreement with Goldman, Sachs & Co. The offering was launched and priced on September 9 and closed on September 16.

Shanda is a leading interactive entertainment media company and one of the largest operators of online games in China. Shanda is based in Shanghai, China and its American depositary shares are listed on Nasdaq Global Select Market.