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3SBio Inc. Announces Preliminary Third Quarter 2008 Results
Date:10/31/2008

hers Holdings Inc. ("Lehman Brothers") and mature on January 21, 2009, subject to certain conditions. Subsequent to Lehman Brothers' Chapter 11 filing for bankruptcy protection under the U.S. Bankruptcy Code, 3SBio was notified that a credit event under the terms of the Notes had occurred. As a result, the Company expects to recognize an impairment loss of approximately RMB19.0 million (US$2.7 million) after determining the fair value the Notes to be approximately RMB2.0 million (US$0.3 million) based on the value of the cash redemption for the Notes offered by the Issuer based on results from the ISDA settlement auction for Lehman Brothers' credit default swaps held on October 10, 2008.

There are no other similar Notes in the Company's investment portfolio, which is primarily made up of investment grade bonds with an expected aggregate fair market value of approximately RMB58.7 million (US$8.6 million) as of September 30, 2008. In addition, as of the end of the third quarter 2008, the Company had an expected cash balance of approximately RMB675.4 million (US$99.5 million) and generated an expected operating cash flow of approximately RMB43.0 million (US$6.4 million).

Management Commentary and Outlook

Following a thorough assessment of its investment portfolio and treasury and cash management infrastructure, the Company has taken immediate and appropriate steps to implement additional risk management measures, including the formation of an Investment Advisory Committee. In addition, 3SBio has engaged Mr. Bo Tan as a consultant to advise on capital markets initiatives and oversee the Company's treasury functions. Mr. Tan has extensive experience in private equity, equity research and commercial practice in the pharmaceutical industry. Previously, he served as the Executive Director and a member of the Investment Committee for Bohai Industrial Fund Management Company, a private equity fund in China. Earlier in his career, he spent six years in the
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SOURCE 3SBio Inc.
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