Implementation of "Debt-to-equity swap" for subsidiaries

Shanda Wit (000915) announced that the company and the Yinan County People's government of Shandong province to the Shanda Wit Wolong School's claims are to be converted to the investment in the school, the two sides jointly to Shanda Wit Wolong school to increase capital. The company to the Wolong school's 4.6466 million yuan receivable creditor's rights, converted to the school equity 4.1601 million Yuan, Shandong province Yinan County People's government to Wolong School's creditor's rights 26.343 million yuan, converted the school equity capital 24.683 million yuan. After the increase, the total registered capital of Wolong School changed to 89.6814 million yuan.　　Among them, the company invested 51.7171 million yuan, accounting for 57.67% of the total registered capital, Shandong province Yinan County People's government (authorized Yinan County Education Bureau holding and Management) contributed 37.9643 million yuan, accounting for 42.33%. Wolong School was established in 2003, is the company in Shandong province Yinan County Investment set up a joint-stock full-time school, mainly engaged in middle school, high school stage of student education.