Shanghai Pudong Development Bank Co. Ltd (600000) announced today that the company had received a notice from Shanghai International Group (SIG), its largest shareholder, regarding a stake transfer of the bank.

SITICO Investment and Management Co. Ltd and Shanghai Guoxin Investment Development Co. Ltd, two companies under SIG, agreed to become the transferee of the shares of Shanghai Pudong Development Bank held by Shanghai Industrial Investment (Holding) Co. Ltd. The share transfer agreement has been submitted to the State-owned Assets Supervision and Administration Commission of the State Council, and is awaiting approval. In addition, SIG submitted an application for the exemption of tender offer to the China Securities Regulatory Commission, which is presently under review.

Source: Shanghai Securities News

Date: 15 May 2008

CN01/DM/BT/KM