Pullulan, a great natural extracellular polysaccharide is obtained by fermentation using a isolated microbe, Aureobasidium pullulans.-SB-1. The present work reports some of these aspects like screening of a new strain of A. pullulons SB-1 from the phyloplane of Brassica oleracea in natural environment for the first time. The screened microorganism was compared with standard cultures of A. pullulons (NCIM-976, NCIM-1048) for identification and characterization of exo-polysacharide (EPS) production. 2.4% of EPS was produced in the production medium by A. pullulans -SB-1 and its characterization was done by IR-Spectroscopy. The hydrolysis of this EPS was done with the pullulanase enzyme in which maximum 75% of pullulan was hydrolyzed after 300 min yielding 2.80 mg/mL of reducing sugars. The 3,5-dimethylsalicylic acid and Nelson-Somogyi methods were employed in order to estimate the total amount of reducing sugar in the polymer. © Global Science Publications.