20,247,160 0960038578 0960074106 2,460,000 10 24,600,000 0960075497 227,071,600 1. 2. 825,000 0.41% 33,772,840 16.68% 52,105,160 25.73% 115,768,600 57

USERJOY TECHNOLOGY Co.,Ltd. ( ) ( ) ( ) ( ) 20,247,160 2,460,000 22,707,160 ( ) 202,471,600 24,600,000 227,071,600 ( ) 1. 2,460,000 10 24,600,000 65 68 2. 267 15% 369,000 2,091,000 3. ( ) 85% 2,091,000 ( ) 31 37 ( ) ( ) 2 9 http://newmops.tse.com.tw

20,247,160 0960038578 0960074106 2,460,000 10 24,600,000 0960075497 227,071,600 1. 2. 825,000 0.41% 33,772,840 16.68% 52,105,160 25.73% 115,768,600 57.18% 202,471,600 100.00% 3. http://newmops.tse.com.tw http://www.masterlink.com.tw 106 97 11 (02)2325-5818 http://www.entrust.com.tw 105 54 4 (02)2545-6888 http://www.tsc.com.tw 106 118 19 (02)2326-8866 http://agency.capital.com.tw 2 125 B1 02-25077000 http://www.deloitte.com.tw 156 12 (02)2545-9988 106 2 295 5 (02)2705-2168 E-mail magicboy@uj.com.tw E-mail bryan777@uj.com.tw (02)8226-9989 (02)8226-9989 http://www.uj.com.tw

202,471,600 2 17 8 02-82269989 84 5 19 http://www.uj.com.tw 95.11.16 02-25077000 http://agency.capital.com.tw 2 125 B1 (02)2325-5818 http://www.masterlink.com.tw 106 97 11 (02)2545-6888 http://www.entrust.com.tw 105 54 4 (02)2326-8866 http://www.tsc.com.tw 106 118 19 02-25459988 www.deloitte.com.tw 156 12 (02)2705-2168 106 2 295 5 96 5 3 21.39 (96 11 30 ) 10 (96 11 30 ) 96 5 3 1.55 (96 11 30 ) 6.23% 0.00% 3.66% 0.00% 2.58% 0.30% 5.76% 1.25% 3.16% 0.00% 72.66% 27.34% 23 2 9 309,246 ( 9 5 ) 140,631 7.86 79 31 37 15 97 4 7

... 1 ( )... 1 ( )... 1 ( )... 1... 2 ( )... 2 ( )... 10 ( )... 10 ( )... 10... 11 ( )... 11 ( )... 12... 15 ( )... 15 ( )... 15 ( )... 17 ( )... 17... 18 ( )... 18 ( )... 23... 27 ( )... 27 ( )... 27... 27... 27

... 31... 35... 35... 38 ( )... 38... 40 ( )... 40 ( )... 40 ( ) ( )... 40... 40 ( )... 40... 40 ( )... 40 ( )... 41 ( )... 41 ( )... 42 ( )... 43 ( )... 43... 44 44... 44... 44... 44 ( )... 44... 44... 44... 52... 119... 145

( ) 84 5 19 ( ) 2 17 8 (02)8226-9989 ( ) 1995 825 1996 1997 1998 1. 2. 3. 1. 1999 2. 3. 2000 2001 2002 1. 2. 3. 1. Online 2. 3. 4. 5.GoGo 6. 1. 2. 3. 4. 5. 6.MMOG Online 2003 1. 2. 1. 2004 2. 2005 1. Online 2. Online 3. 4. 2006 1. 1

2. Online 3. 11 12 4. Online 5. 1. 2. 3. 2007 4. 5. 6. ( ) 1. 2. 3. 4. (1) 9 94 99 97 102 95 9,589,218 2,397,304 95 140,631 1.7% 2

(2) A. B. Menteri Komunikasi Dan Informasi (Ministry of Comunication and Information ) C. (Culture Ministry) 1997 (1997 Videotape and Television Act),2006 3 11 18 10 2 D. E. (Ministry of Post and Telecommunications) 2006 6 TT60 2006 10 1 95 11 Online 95 11 12 4,618 95 11 18 3,404 96 10 28 7,348 95 11 180,189 96 426,848 F. 96 4 9 4 15 7 16 70% 18 3 94 9 Online 96 1 1 4 14 88,424 96 4 15 4 30 93,884 96 5 1 96 10 23 95,533 96 4 4,663,849 5 9 4,792,891 3

5. 6. 7. 8. 9. 10. 11. 12. A. B. 4

5 2D 3D C. 96 5 Online Online Online D.

(A) a. b. a. Online 11 Online 5 95 7 26 96 6 14 Online 31,523 56,641 43,275 63,149 10% b. Online 2006 Online PS3 (B) a. Online Online 6

b. Online E. 3D (A) 3D Big World(3D ) 1999 3D 8 3D (B) 3D 4 2D 3D Online 2 3D (C) Big World 3D 3D F. ( ) 7

(Game Star) G. (A) a. b. RSLG RPG c. (B) a. 8

Online Online b. Online Online Online 4 6 9

( ) 1. 2. 3. ( ) ( ) 10

( ) 24.66 100 USERJOY TECHNOLOG Y CO.,LTD 100 ODIN SOFT CO.,LTD 100 USERJO Y JAPAN 22.66 22.66 75.34 RICHLAND INVESTMENT S LIMITED JP SOFT L.L.C. 100 100 100 96 9 30 ( ) ( ) Userjoy technology USD669,900 co.,ltd 100% USD669,900 - - - Odin soft co.,ltd USD114,800 100% USD114,800 - - - Richland investments USD193,800 Limited 24.66% USD193,800 - - - USD740,000 100% USD740,000 - - - Jp soft L.L.C USD249,260 45.32% USD285,960 - - - USD181,280 45.32% USD181,280 - - - USD39,181 45.32% USD39,181 - - - USERJOY JAPAN ( 1) NTD22,831 100% NTD22,831 11

( ) 1. ( ) ( ) (%) (%) (%) (%) 89/12/21 96/5/22 3 1,041,845 6.81 1,260,158 6.23 121,906 0.60 - - 89/12/21 96/5/22 3 941,069 6.16 1,166,972 5.76 112,554 0.56 - - 93/10/12 96/5/22 3 373,327 2.44 522,631 2.58 350,384 1.73 - - 93/10/12 96/5/22 3 493,185 3.23 640,562 3.16 184,483 0.91 - - 93/10/12 96/5/22 3 573,002 3.75 740,282 3.66 166,849 0.82 - - ( ) 96/5/22 96/5/22 3 - - - - - - - - 96 11 30 USERJOY TECHNOLOGY CO.,LTD RICHLAND INVESTMENTS LIMITED ODIN SOFT L.L.C. - - - - JP SOFT L.L.C. - -USERJOY JAPAN - - - - - - - - - - - - - - - ( )- ( )- ( )- EMBA ( ) - ( )- - - - 12

( ) (%) (%) (%) (%) 96/5/22 96/5/22 3 - - - - - - - - - ( )- ( ) ( ) 95/6/29 96/5/22 3 - - 60,000 0.30 30,000 0.15 - - - - - ( ) ( ) 96/5/22 96/5/22 3 100,868 0.66 252,613 1.25 264,775 1.31 - - - - - - - 96/5/22 96/5/22 3 - - 1,200 0.00 - - - - - - - 95/3/10 95/6/29 13

2. 3. 1 2 3 4 5 6 7 8 9 10 1 1 1 2 ( ) 3 4 5 6 7 8 9 30 10 27 14

1. ( ) ( ) 91/11 10 7,500 75,000 5,500 55,000 5,000 1 92/11 10 7,500 75,000 6,000 60,000 5,000 2 93/08 10 7,500 75,000 6,600 66,000 6,000 3 93/09 10 20,000 200,000 11,811 118,105 52,105 4 94/12 33 20,000 200,000 12,603 126,033 7,928 5 95/09 10 20,000 200,000 15,289 152,893 26,860 6 96/07 80 20,000 200,000 16,289 162,893 10,000 7 96/08 10 30,000 300,000 20,247 202,471 39,578 8 1 91.12.17 09133142370 2 92.12.12 09233110380 3 93.09.23 09332741410 4 93.12.23 09333251680 5 95.01.11 09531543950 6 95.09.27 09532906600 7 96.07.31 09632526900 8 96.08.21 09632640230 2. 1. 96 9 29 ( ) ( ) 1,459,200 7.21 ( ) 1,440,000 7.11 15

1,260,158 6.23 1,166,972 5.76 ( ) 892,190 4.41 ( ) 865,538 4.27 750,266 3.71 740,282 3.66 684,843 3.38 640,562 3.16 2. 10% (1) 96 94 95 9 29 118,144 - - - 61,327 8,287 115,940 - - - 55,395-60,309 - - - 21,975 544 73,797 - - - 29,031 - ( ) ( 1) - 606,000 - - 68,584-33,729 - ( 3) - - - 50,000 ( 2) - - - - ( 2) - - - - ( 1) 8,275 8,275 - - ( 1) 15,381 - - - ( 2) - - 11,824 9,643 ( 2) - - - 1,000 1 ( ) 96/5/22 2 96/5/22 3 96/5/22 (2) ( ) ( ) 96 ( ) 50,000 80 96 ( ) 25,000 80 96 4,000 80 16

96 1,000 80 96 463 80 ( ) 96/5/22 96 94 95 9 30 18.01 21.47 22.64 13.53 19.13( 1) - 11,828 15,289 19,580 8.10 7.86 4.36 4.97 6.25 4.36 1.59 2.00( 1) - 1.59 2.00( 1) - - - - - - - ( 2) - - - ( 3) - - - ( 4) - - - 1 95 96 4 12 96 5 22 2 3 4 ( ) 1. ( ) ( ) 2. 3. 1 95 7,000,000 65,157,200 32,578,600 3,200,000 2 700,000 17.69% 3 7.65 4. 3 17

( ) 1. (1) I301010 I301020 I301030 E605010 F118010 F218010 JB01010 F109070 F209060 J304010 I401010 F113050 F213030 CC01110 I501010 F401010 (2) % 94 95 101,143 44.09 73,444 23.75 128,234 55.91 235,802 76.25 229,377 100.00 309,246 100.00 (3) ( ) (4) 3D 2. 18

(1) (PC Game) (TV Game) (Mobile Game) (Arcade Game) A. (PC Game) B. (TV Game) Sony PS2 PS3 Nintendo( ) Game Cube Wii Xbox Xbox360 C. (Mobile Game) Gameboy PSP PDA 3C ubiquitous D. (Acrade Game) 2004-2008 (CAGR) 23% 2008 556.4 19

2003 2004 2005 2006 2007 2008 16,236 16,566 16,028 18,325 22,466 23,246 3,837 3,960 3,565 3,523 3,358 3,264 1,498 2,445 4,187 6,928 10,973 15,488 733 1,593 4,591 7,373 10,065 13,639 22,304 24,564 28,371 36,149 46,862 55,637 PWC 2005/09 (2) ( ) (3) A. X-BOX360 PS3 PDA 20

B. C. (4) (PC Game) A. (RPG) B. MIC 2005 73 27 3. 1 A. 3D 29 5 21

250 16 2004-2006 18 B. (A) 3D (B) (C) 3D (D) BTS(Bug-tracking system) 2 94 95 96 11 30 6 6% 7 7% 12 9% 56 58% 62 62% 86 66% 35 36% 31 31% 32 25% 97 100% 100 100% 130 100% 3 9192939495 8,957 21,440 17,015 43,284 38,482 53,761 55,739 21,325 229,377 309,246 16.66% 38.46% 79.79% 18.87% 12.44% 4 A. 22

GoGo B. Online Online Online ( ) 1. (1) % 94 95 195,251 85.12 224,708 72.66 34,126 14.88 84,538 27.34 229,377 100.00 309,246 100.00 (2) % 95 309,246 9,734,000 3.18 MIC 2006 5 95 309,246 MIC 95 9,734,000 3.18% 20%-30% 8% (3) PC MIC 91 MIC 2007 100 23

PC Console 2006/06 12,300 2010 18,000 20,000 (4) A. ( ) B. C. (5) A. 24

25 (A) (B)3C (C) / (D) (E) (F) (G) B. (A) ( ) (B) TFT-LCD a. b. c. d. (C)

a. SSL b. ( ) c. IP (a) jail (b) (c) (IDC ) (D) StarForce 2006 StarForce 95 9 96 1 3 2. 1 % 81% 82% 1.2% 2 20% 26

96 9 30 95 ( 1) USERJOY TECHNOLOGY $22,268 $19,716 USD669,900 100.00 $19,716-2,681 CO., LTD. ODIN SOFT CO., LTD. $3,977 $15,903 USD114,800 100.00 $15,903-329 RICHLAND INVESTMENTS LIMITED( 2) $25,762 $7,378 USD786,000 100.00 $7,378-4,201 1 2 BIGWORLD PTY,LTD 2006.07.07~ BIGWORLD 2003.07.09~ 2008.07.08 ( ) 1. NokiaS40 NokiaS60 Moto-V A. iphone 27

(Multi-touch) B. iphone C. PC iphone 2. Hardcore A. UJ 2006 1 B. 28

C. 95 95 8 96 11 8 139 Online Online Online 3D 96 ( ) Online 2 Battle Angel online - Online2 3D Battle Angel Online (Casual) (Action RPG)( (MMORPG) ) 2D 3D 97 1 3 6 29

94 1~2 96 Online 穏 97 96 7 4 97 30

31 ( ) 1. 167,280 2. 1 2,460 10 68 167,280 2 3. 97 97 167,280 167,280 4. 167,280 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. (1) 96 4 12 96 5 22 96 12 27 (2)

32 2,460 68 167,280 267 15 369 28 1 (3) 93 21,325 95 309,246 96 逹 242,667 94 ~96 2. (1) (2) ( ) 94 95 70% 96 70% MIC2006 6 2007 54 2010 94 73% 95 96 34.82 20.78 3. (1) 167,280 97 97 (2) 穏

33 4. ( ) 2,460 97 20,247 12.15% 97 96 97 9.11%(12.15%*9/12) 97 5. ( ) 68 ( ) 1. ( ) 2. 3. (1) ( ) 31 ( ) 59 60 (2) ( ) A. 96 97 94 95 96 96

94 43 93 95 79 142 96 87 212 ( 100% ) 60~90 60% 2 40% 4 94 95 43 79 95 95 Online 絶 95 96 96 95 97 96 13,622 15,726 9,256 120 94 95 96 93 142 212 97 96 97 95 96 11 95 96 11 B. 97 C. / 94 95 96 9 30 1.01 1.01 1.00 (%) 20.68 23.72 9.60 34

1 96 97 (3) (4) (5) 35

96 1 2 3 4 5 6 7 8 9 10 11 12 1 137,611 156,167 135,260 176,930 182,157 179,247 260,423 200,082 205,149 196,970 203,148 208,442 137,611 : 2 38,620 50,855 54,033 21,161 36,544 37,502 26,919 19,405 24,958 23,617 21,331 45,512 400,457 315 1,317 231 231 257 325 498 353 414 3,370 341 245 7,897 38,935 52,172 54,264 21,392 36,801 37,827 27,417 19,758 25,372 26,987 21,672 45,757 408,354 : 3 0 ( ) 70 4,388 1,582 364 7,279 4,119 317 64 1,666 298 1,347 1,950 23,444 13,731 28,889 2,440 7,457 5,230 9,872 14,793 5,732 2,543 12,220 5,826 3,672 112,405 6,488 17,445 6,687 7,114 7,261 7,355 10,764 8,401 8,303 8,033 8,420 8,189 104,460 1,847 735 1,013 49 6 177 128 182 744 113 4,994 90 60 38 38 40 41 28 335 0 0 0 0 6,205 720 2,667 0 20,164 29,756 0 0 0 0 0 14,495 1,690 317 747 76 41 17,366 12,683 12,683 20,379 50,782 12,594 15,708 39,711 36,651 30,265 14,691 33,551 20,809 16,378 13,924 305,443 4 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5=3+4 26,379 56,782 18,594 21,708 45,711 42,651 36,265 20,691 39,551 26,809 22,378 19,924 311,443 ( ) 150,167 151,557 170,930 176,614 173,247 174,423 251,575 199,149 190,970 197,148 202,442 234,275 234,522 6=1+2-5 7 0 80,000 80,000 ( ) (22,297) (457) (21,714) (44,468) (35,779) (35,779) 0 (22,297) 0 (457) 0 80,000 (57,493) 0 0 0 0 0 (247) 8=1+2-3+7 156,167 135,260 176,930 182,157 179,247 260,423 200,082 205,149 196,970 203,148 208,442 240,275 240,275 36

97 1 2 3 4 5 6 7 8 9 10 11 12 1 240,275 212,972 198,455 366,456 357,178 317,842 305,800 252,320 252,817 268,297 268,591 245,602 240,275 : 2 37,747 27,449 42,943 34,044 31,520 25,063 39,497 39,946 53,107 30,278 50,451 45,114 457,159 261 261 1,221 261 261 1,221 261 261 261 261 261 261 5,052 38,008 27,710 44,164 34,305 31,781 26,284 39,758 40,207 53,368 30,539 50,712 45,375 462,211 : 3 0 ( ) 1,189 104 1,093 6,357 6,760 105 525 1,370 525 3,124 1,866 1,370 24,388 12,634 10,900 12,420 3,505 6,000 5,020 1,802 1,202 1,000 3,800 20,000 16,200 94,483 30,291 10,097 11,003 9,724 11,501 10,907 14,326 11,020 9,400 9,480 12,573 14,361 154,683 15,075 21,003 21,577 21,224 22,499 21,073 22,654 24,960 23,598 10,518 22,427 25,439 252,047 4,889 5,610 3,259 13,758 1,233 123 1,580 2,773 209 1,221 2,058 1,158 3,365 3,323 16,835 118 33,996 24,148 24,148 65,311 42,227 53,283 43,583 71,117 38,326 44,624 39,710 37,888 30,245 73,701 57,488 597,503 4 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 5=3+4 85,311 62,227 73,283 63,583 91,117 58,326 64,624 59,710 57,888 50,245 93,701 77,488 617,503 ( ) 192,972 178,455 169,336 337,178 297,842 285,800 280,934 232,817 248,297 248,591 225,602 213,489 84,983 6=1+2-5 7 0 167,280 167,280 ( ) 0 (48,614) (48,614) 0 0 167,280 0 0 0 (48,614) 0 0 0 0 0 118,666 8=1+2-3+7 212,972 198,455 356,616 357,178 317,842 305,800 252,320 252,817 268,297 268,591 245,602 233,489 223,649 37

( ) 96 9 30 10.24 8.06 33.15 20.68 23.72 9.60 5,171.33 8,731.51 311.75 575.33 518.94 523,63 707.48 916.34 174.47 436.12 458.25 616.94 652.50 861.43 147.06 419.04 404.89 567.30 2.20 6.28 (51.51) 149.64 140.51 287.33 4.29 7.54 1.93 8.62 4.65 4.20 86 48 189 43 79 87 3.18 3.22 1.18 6.41 13.95 22.23 2.26 4.04 3.23 12.32 9.45 11.10 116 113 310 57 27 17 32.55 44.79 1.00 5.40 4.34 3.70 0.64 0.62 0.17 1.04 0.72 0.64 5.65 14.13 ( 17.52) 43.49 33.77 24.34 3.23 13.31 ( 23.28) 57.78 43.30 28.92 12.61 14.16 ( 16.24) 74.23 95.08 45.31 6.65 21.59 ( 18.67) 68.87 91.98 47.94 4.57 19.63 ( 104.83) 41.74 38.88 35.16 0.37 1.50 ( 2.33) 6.67 7.86 4.36 207.61 58.31 91.77 251.89 148.91 231.46 763.67 807.27 196.28 225.95 198.80 204.13 27.16 5.00 10.51 33.24 18.19 16.99 1.20 1.08 0.79 1.11 1.04 1.07 1.79 1.41 0.98 1.01 1.01 1.00 20 1. 46.05% 83.72% 95 2. 117.63% 52.63% 95 3. 22.35% 95 4. 25.06% 95 5. 28.09% 33.56% 95 6. 40.88% 7. 45.28% 1. 38

39 (1) (2) ( ) 2. (1) (2) ( ) (3) 3. (1) ( ) ( ) (2) 365 (3) (4) ( ) ( ) (5) 365 (6) (7) 4. (1) ( ) (2) (3) (4) ( ) 5. (1) (2) ( ) (3) ( ) ( ) 6. (1) ( ) (2) ( )

( ) 1.94 67 75 2.95 76 84 3.96 85 92 ( ) 93 110 ( ) 96 111 118 ( ) ( ) % 150,982 275,474 124,492 82.45 43,413 71,258 27,845 64.14 20,173 6,474 13,699 67.91 286,094 430,374 144,280 50.43 34,619 60,114 25,495 73.64 22,833 41,487 18,654 81.70 59,161 102,072 42,911 72.53 126,033 152,893 26,860 21.31 18,285 18,285 - - 83,500 156,721 73,221 87.69 226,933 328,302 101,369 44.67 1. 95 2. 3. 4. 5. 6. 7. 8. 95 9. 10. 40

( ) 1. ( ) % 243,679 327,020 83,341 34.28 14,302 17,774 3,472 24.28 229,377 309,246 79,869 34.82 42,555 57,656 15,101 35.49 186,822 251,590 64,768 34.67 93,264 106,212 12,948 13.88 93,558 145,378 51,820 55.39 1,333 4,608 3,275 245.69 8,087 9,355 1,268 15.68 86,804 140,631 53,827 62.01 ( ) 8,949 20,400 29,349 327.96-10 10-95,753 120,221 24,468 25.55 20% 1. 95 2. 3. ( ) ( ) 4. 2. 1 20% ( ) 41

(1)95 ( ) (1) (3) (1) (2) (3) (2) 102,420 89,518 54,327 137,611 - - ( ) 251.89 148.91 40.88% 225.95 198.80 12.02 33.24 18.19 45.28 94 95 94 (2) (3) ( ) (1) (2) (3) (1) (2) (3) 137,611 150,033 127,369 160,275 80,000 1. 1 96 96 95 2 3 2. ( ) 42

1. ( ) USERJOY TECHNOLOGY CO., LTD. ODIN SOFT CO., LTD. RICHLAND INVESTMENTS LIMITED 2. USERJOY TECHNOLOGY CO., LTD. 100% (2,681) 95 ODIN SOFT CO., LTD. 100% 329 RICHLAND 95 INVESTMENTS LIMITED 100% (4,201) 3. ( ) 43

( ) 62-63 64 65-66 ( ) ( ) 18 ( 1) ( ) ( ) (%) / ( 2) 17-94.4% 15-88.24% 18-100.0% 14 2 88.89% 17-94.44% 7-87.5% 15-100.0% 96.5.22 95.2.17 95.6.29 96.5.22 96.5.22 96.5.22 95.3.10 95.11.01 96.03.23 95.6.29 96.5.22 44

0 - - 96.5.22 0 - - 96.5.22 7-87.5% 8-100.0% 8-100.0% 96.5.22 96.5.22 96.5.22 5-62.5% 96.5.22 14 3 ( ) 96 5 22 96 4 12 95 10 5 96 9 17 500 100.00% ( ) 1 45

46 2 (1) ( ) (%) ( ) (2) ( ) (%) ( ) ( ) ( ) ( ) ( ) ( ) ( )1. 2. ( ) ( )1. 2. ( ) ( ) ( ) ( ) ( ) ( ) 96 2 ( ) ( ) ( ) ( ) 96 1 ( ) 1. 2.

47 ( ( ) ( ) ( ) ( )

( ) ( ) ( ) 94 7 1 2% 94 7 1 6% 48

( ) 95 ( ) 1. 2. 3. 4. 5. ( ) 96 3 49

( ) ( ) 12 96/5/9 3 96/6 ( ) 12 96/5/9 3 96/6 ( ) 12 96/5/9 3 96/6 ( ) 12 96/5/9 3 96/6 ( ) 12 96/5/9 3 96/6 ( ) 12 96/5/9 3 96/6 12 91/7/30 3 96/6 ( ) 3 96/7/19 3 96/8/2 ( ) 12 96/5/9 3 96/6 ( ) 12 96/8/8 3 96/6 ( ) 12 96/8/8 3 96/6 ( ) 95 10 05 96 9 17 500 ( ) ( ) 50

敍 ( ) ( ) ( ) 1. (1) (2) (3) (4) (5) (6) (7) (8) (9) 2. 96 5 22 96 9 20 96 11 30 960522 960920 1. 2. 3. 4.96 5. - 2 17 1. 2. 3. 51

961130 4. 1. 2. 3. 96 3 7 4. 96 9 20 96 96 9 1. 2. ( ) 1. ( ) 94 95 96 29,971 5,660 6,826 28,805 28,805 4,185 8,775 24,215 24,215-7,570 16,645 398 4,440 1,484 3,354 3,354 10,369 3,028 10,695 10,695-5,601 5,094 30,369 10,100 8,310 32,159 32,159 14,554 11,803 34,910 34,910-13,171 21,739 52

(2) 93 94 95 96 96 3 ( 4) 29,971 5,660 4,185-39,816 90,679 42% 16,645-4,440 10,369-14,809 45,972 32% 5,094 29,971 10,100 14,554 54,625 136,651 40% 21,739 2. (1) (92.1.30 ) (90) 172 1. ( ) 1. ( ) 2. 1 3. 2. 1. ( ) 1. 2. 3. 4. 2. 3. 1. 53

54 ( ) 2. 3. ( ) 4. ( ) ( ) 1. 2. 3. 5. ( ) 1. 2. 3. 4. ( ) 6. ( ) ( ) 96 1 1 78 (92 1 30 ) (90) 172 2. (1) ( ) (2)

A. Online Game a. ( 2) ( 1) ( 4) ( 3) 1 2 1 3 2 4 ( 3) b. ( ) ( 5) ( 6) ( 7) 5 55

6 7 B. Online Game -- a. ( 2) ( 1) ( 4) ( 3) 1 2 1 3 2 4 ( 3) b. ( ) ( 5) ( 6) ( 7) 5 ( ) 6 56

( ) 7 C. Online a. ( 2) ( 1) ( 4) ( 5) ( 3) 1 2 16 3 4 ( 2) 5 ( ) b. ( ) ( 6) ( 8) ( 7) ( 9) 6 7 ( ) 8 ( ) 9 57

D. ( 2) ( 1) ( 4) ( 5) ( 3) 6 2 3 6 2 3 1 3 3D 3D 3D 3D 2 1 3 3D 3D 3D 3D 3D 3 2 3 3D 4 3 3D 5 ( ) 58

3. (1) (92.1.30 ( ) (2) A. 5 3 B. (3) 106 4. / ( ) V ( ) V V V V ( ) V V V V - V V V V V V V V 59 V

6169 5. 94 95 96 9 32,159 34,910 21,739 ( ) (91) 006 1. X = (1) (2) (3) / 94 95 96 9 109,293,726 155,432,439 141,048,899 10% 10% 10% 10,929,372 15,543,244 14,104,890 9,334,685 15,798,664 23,883,260 1,594,688-255,420-9,778,370 2. (1)94 1,594,688 0.65% (2)95 (3)96 9 3 2 3 96 9 96 60

3. ( ) 1. 2. 3. ( ) 172 4. 5. 61

62

63

( ) 2,460,000 24,600,000 64

20,247,160 202,471,600 劵 65

2,460,000 10 24,600,000 66

67

0920123784 0920123784 68

1100 $ 102,420 36 $ 17,265 11 2120 $ 2,766 1 $ 932 1 1110 808-8,220 5 2140 2,483 1 727-1120 11,538 4 145-2160 6,522 2 - - 1140 28,776 10 12,768 8 2170 20,195 7 12,361 8 1200 5,915 2 7,358 5 2270 1286 2,147 1 2,147 1 675 - - - 2298 506-10,674 7 1298 850 1 1,074 1 21XX 34,619 12 26,841 17 11XX 150,982 53 46,830 30 2420 22,833 8 24,980 16 142101 27,017 9 19,233 12 2810 1,709 1 - - 1501 23,000 8 23,000 15 1521 12,276 4 12,276 8 2XXX 59,161 21 51,821 33 1561 16,576 6 15,977 10 15X1 51,852 18 51,253 33 31XX 126,033 44 118,105 76 15X9 ( 10,895 ) ( 4 ) ( 9,725 ) ( 6 ) 3211 18,234 6 - - 1670 2,456 1 - - 3220 51-51 - 15XX 43,413 15 41,528 27 3310 7,234 2 7,234 5 3351 76,266 27 ( 19,487 ) ( 13 ) 3420 ( 885 ) - ( 1,421 ) ( 1 ) 1750 32,159 11 30,369 19 3XXX 226,933 79 104,482 67 1760 10,641 4 13,358 9 1770 1,709 1 - - 17XX 44,509 16 43,727 28 1820 1,240-1,389 1 1830 2,462 1 2,086 1 1860 16,471 6 - - 1880 - - 1,510 1 18XX 20,173 7 4,985 3 1XXX $ 286,094 100 $ 156,303 100 $ 286,094 100 $ 156,303 100 69

4110 $ 243,679 106 $ 25,808 121 4170 ( 14,302 ) ( 6 ) ( 4,483 ) ( 21 ) 4000 229,377 100 21,325 100 5000 42,555 18 6,819 32 5910 186,822 82 14,506 68 6100 5,841 3 829 4 6200 44,139 19 15,847 74 6300 43,284 19 17,015 80 6000 93,264 41 33,691 158 6900 93,558 41 ( 19,185 ) ( 90 ) 7110 222-104 - 7121 - - 3,677 17 7140 - - 651 3 7240 1,000 1 - - 7480 111-608 3 7100 1,333 1 5,040 23 70

7510 $ 584 - $ 420 2 7521 1,470 1 - - 7522 - - 1,763 8 7530 535 - - - 7540 1,267 1 - - 7560 - - 456 2 7570 2,700 1 - - 7880 1,531 1 5,272 25 7500 8,087 4 7,911 37 7900 86,804 38 ( 22,056 ) ( 104 ) 8110 8,949 4 ( 300 ) ( 1 ) 9600 $ 95,753 42 ( $ 22,356 ) ( 105 ) 9750 $ 7.34 $ 8.10 ( $ 2.79 ) ( $ 2.83 ) 71

$ 60,000 $ - $ - $ 1,422 $ 6,140 $ 19,963 $ 52 $ - $ 87,577 - - - - 1,094 ( 1,094 ) - - - 980 - - - - ( 980 ) - - - 5,020 - - - - ( 5,020 ) - - - - - - - - ( 10,000 ) - - ( 10,000 ) 52,105 - - - - - - - 52,105 - - - - - - - ( 4,749 ) ( 4,749 ) - - 51 - - - - 4,749 4,800 - - - ( 1,422 ) - - - - ( 1,422 ) - - - - - ( 22,356 ) - - ( 22,356 ) - - - - - - ( 1,473 ) - ( 1,473 ) 118,105-51 - 7,234 ( 19,487 ) ( 1,421 ) - 104,482 7,928 18,234 - - - - - - 26,162 - - - - - 95,753 - - 95,753 - - - - - - 536-536 $ 126,033 $ 18,234 $ 51 $ - $ 7,234 $ 76,266 ( $ 885 ) $ - $ 226,933 72

$ 95,753 ( $ 22,356 ) 17,029 3,998 278 38 1,267 ( 651 ) 1,470 ( 3,677 ) - 3,654 535-1,469 5,218 2,700-6,145 12,202 ( 11,508 ) 4,335 ( 16,170 ) 8,753 ( 2,726 ) 1,574 10 ( 10 ) ( 675 ) - 223 4,343 ( 16,471 ) - 1,834 ( 5,675 ) 1,756 ( 1,092 ) 6,522 ( 641 ) 7,747 7,257 ( 10,168 ) 6,783 87,020 24,053 73

( $ 5,294 ) ( $ 36,911 ) ( 8,718 ) ( 4,685 ) 149 ( 10 ) ( 9,919 ) ( 22,925 ) ( 2,098 ) ( 1,732 ) ( 25,880 ) ( 66,263 ) - 27,127 - ( 10,000 ) - ( 4,749 ) - 4,800-9,104 26,162 - ( 2,147 ) - 24,015 26,282 85,155 ( 15,928 ) 17,265 33,193 $ 102,420 $ 17,265 $ 584 $ 420 $ 22 $ 641 $ 536 ( $ 1,473 ) $ - ( $ 1,422 ) $ - $ 6,000 $ 2,147 $ 2,147 $ - $ 51 74

$ 5,381 $ 37,173 262 - ( 349 ) ( 262 ) $ 5,294 $ 36,911 $ - $ 52,105 - ( 41,579 ) - ( 1,422 ) $ - $ 9,104 75

76

0920123784 0920123784 77

1100 $ 137,611 32 $ 102,420 36 2120 $ 6,347 2 $ 2,766 1 1310 2140 602-2,483 1 $ 13,153 3 $ 808-2160 11,864 3 6,522 2 1120 35,984 8 11,538 4 2170 27,563 6 20,195 7 1140 50,687 12 25,758 9 2270 1150 3,975 1 2,147 1 5,958 1 3,018 1 2298 9,763 2 506-1200 2,351 1 5,915 2 21XX 60,114 14 34,619 12 1286 11,900 3 675-1298 17,830 4 850 1 2420 41,487 10 22,833 8 11XX 275,474 64 150,982 53 2810 456-1,709 1 1421 2820 15 - - - 29,919 7 27,017 9 28XX 471-1,709 1 2XXX 102,072 24 59,161 21 1501 41,678 10 23,000 8 1521 23,399 6 12,276 4 1561 18,036 4 16,576 6 31XX 152,893 36 126,033 44 15X1 83,113 20 51,852 18 3211 18,234 4 18,234 6 15X9 ( 11,855 ) ( 3 ) ( 10,895 ) ( 4 ) 3220 51-51 - 1670 - - 2,456 1 3310 14,861 3 7,234 2 3351 141,860 33 76,266 27 15XX 71,258 17 43,413 15 3420 403 - ( 885 ) - 3XXX 328,302 76 226,933 79 1750 34,910 8 32,159 11 1760 10,641 3 10,641 4 1770 1,698-1,709 1 17XX 47,249 11 44,509 16 1820 1,597-1,240-1830 3,406 1 2,462 1 1860 - - 16,471 6 1880 1,471 - - - 18XX 6,474 1 20,173 7 1XXX $ 430,374 100 $ 286,094 100 $ 430,374 100 $ 286,094 100 78

4110 $ 327,020 106 $ 243,679 106 4170 ( 17,774 ) ( 6 ) ( 14,302 ) ( 6 ) 4000 309,246 100 229,377 100 5000 57,656 19 42,555 18 5910 251,590 81 186,822 82 6100 13,715 4 5,841 3 6200 54,015 18 44,139 19 6300 38,482 12 43,284 19 6000 106,212 34 93,264 41 6900 145,378 47 93,558 41 7110 1,337 1 222-7140 1,096 - - - 7260 1,500 1 - - 7310 236-1,000 1 7480 439-111 - 7100 4,608 2 1,333 1 79

7510 $ 1,008 - $ 584-7521 3,572 1 1,470 1 7530 231-535 - 7540 - - 1,267 1 7560 290 - - - 7570 - - 2,700 1 7880 4,254 2 1,531 1 7500 9,355 3 8,087 4 7900 140,631 46 86,804 38 8110 ( 20,400 ) ( 7 ) 8,949 4 8900 120,231 39 95,753 42 9300 ( 10 ) - - - 9600 $ 120,221 39 $ 95,753 42 9750 9710 $ 9.20 $ 7.86 $ 6.05 $ 6.67 9740 - - $ 7.86 $ 6.67 80

$ 118,105 $ - $ 51 $ 7,234 ( $ 19,487 ) ( $ 1,421 ) $ 104,482 7,928 18,234 - - - - 26,162 - - - - 95,753-95,753 - - - - - 536 536 126,033 18,234 51 7,234 76,266 ( 885 ) 226,933 - - - 7,627 ( 7,627 ) - - 6,860 - - - ( 6,860 ) - - 20,000 - - - ( 20,000 ) - - - - - - ( 140 ) - ( 140 ) - - - - ( 20,000 ) - ( 20,000 ) - - - - 120,221-120,221 - - - - - 1,288 1,288 $ 152,893 $ 18,234 $ 51 $ 14,861 $ 141,860 $ 403 $ 328,302 81

$ 120,221 $ 95,753 10-17,021 17,029-278 ( 1,096 ) 1,267 3,572 1,470 231 535 3,985 1,469 ( 1,500 ) 2,700 ( 11,259 ) 6,145 ( 24,329 ) ( 11,508 ) ( 27,986 ) ( 16,170 ) 1,079 ( 2,726 ) ( 937 ) 10 ( 11,225 ) ( 675 ) ( 16,980 ) 223 ( 534 ) - 16,471 ( 16,471 ) 3,581 1,834 ( 1,881 ) 1,756 5,342 6,522 7,717 7,747 9,257 ( 10,168 ) ( 1,253 ) - 11-89,518 87,020 82

( $ 31,542 ) ( $ 5,294 ) ( 5,186 ) ( 8,718 ) ( 357 ) 149 ( 14,554 ) ( 9,919 ) ( 3,045 ) ( 2,098 ) ( 54,684 ) ( 25,880 ) 24,000 - ( 20,000 ) - ( 140 ) - - 26,162 ( 3,518 ) ( 2,147 ) 15-357 24,015 35,191 85,155 102,420 17,265 $ 137,611 $ 102,420 $ 1,008 $ 584 $ 10,749 $ 22 $ 1,288 $ 536 $ 26,860 $ - $ 3,975 $ 2,147 83

$ 31,193 $ 5,381 349 262 - ( 349 ) $ 31,542 $ 5,294 84

85

0920123784 0920123784 86

1100 $ 260,423 48 $ 94,523 28 2120 $ 4,927 1 $ 998-1310 2140 1,088-1,766 1 $ 16,203 3 10,245 3 2160 5,743 1 7,182 2 1120 24,642 5 8,334 2 2170 25,938 5 17,322 5 1130 2240 35,779 7 20,140 6 - - 2,400 1 2270 1,828-3,975 1 1140 36,497 7 37,938 11 2298 2,803-7,890 2 1150 21XX 78,106 14 59,273 17 611-11,418 3 1200 5,079 1 2,589 1 1286 2420 19,886 4 43,474 13 11,243 2 675-1298 19,094 4 15,686 5 11XX 373,792 70 183,808 54 2810 114-1,841 1 2820 11-6 - 28XX 125-1,847 1 1421 34,106 6 22,506 7 2XXX 98,117 18 104,594 31 1501 49,616 9 41,678 12 3110 152,893 29 126,033 37 1521 29,558 6 23,399 7 3140 80,000 15 - - 1561 18,131 3 19,167 6 3150 39,579 7 26,860 8 15X1 97,305 18 84,244 25 15X9 ( 11,263 ) ( 2 ) ( 12,408 ) ( 4 ) 3211 18,234 3 18,234 5 15XX 86,042 16 71,836 21 3220 51-51 - 3310 26,883 5 14,861 4 1750 24,853 5 28,553 8 3351 120,864 23 51,153 15 1760 10,641 2 10,641 3 3420 1,202 - ( 368 ) - 1770 1,698-1,709 1 3XXX 439,706 82 236,824 69 17XX 37,192 7 40,903 12 1820 1,772-806 - 1830 3,122 1 3,348 1 1860 - - 15,830 4 1880 1,797-2,381 1 18XX 6,691 1 22,365 6 1XXX $ 537,823 100 $ 341,418 100 $ 537,823 100 $ 341,418 100 87

4000 $ 177,761 100 $ 130,124 100 5000 44,978 25 27,622 21 5910 132,783 75 102,502 79 6100 6,631 4 9,342 7 6200 27,522 15 26,339 20 6300 19,504 11 18,674 15 6000 53,657 30 54,355 42 6900 79,126 45 48,147 37 7110 1,642 1 469 1 7160 81 - - - 7250 211 - - - 7310 632 - - - 7480 1,327 1 259-7100 3,893 2 728 1 7510 311-480 1 7521 2,817 2 7,589 6 7530 395 - - - 7560 - - 66-7570 912 1 - - 88

7640 $ - - $ 435-7880 - - 2,781 2 7500 4,435 3 11,351 9 7900 78,584 44 37,524 29 8110 ( 12,200 ) ( 7 ) ( 8,000 ) ( 6 ) 8900 66,384 37 29,524 23 9300 - - ( 10 ) - 9600 $ 66,384 37 $ 29,514 23 9750 9710 $ 4.08 $ 3.45 $ 1.95 $ 1.53 9740 - - $ 3.45 $ 1.53 89

$ 152,893 $ - $ - $ 18,234 $ 51 $ 14,861 $ 141,860 $ 403 $ 328,302-80,000 - - - - - - 80,000 - - - - - 12,022 ( 12,022 ) - - - - 7,000 - - - ( 7,000 ) - - - - 32,579 - - - ( 32,579 ) - - - - - - - - ( 3,200 ) - ( 3,200 ) - - - - - - ( 32,579 ) - ( 32,579 ) - - - - - - 66,384-66,384 - - - - - - - 799 799 $ 152,893 $ 80,000 $ 39,579 $ 18,234 $ 51 $ 26,883 $ 120,864 $ 1,202 $ 439,706 $ 126,033 - $ - $ 18,234 $ 51 $ 7,234 $ 76,266 ( $ 885 ) $ 226,933 - - - - - 7,627 ( 7,627 ) - - - - 6,860 - - - ( 6,860 ) - - - - 20,000 - - - ( 20,000 ) - - - - - - - - ( 140 ) - ( 140 ) - - - - - - ( 20,000 ) - ( 20,000 ) - - - - - - 29,514-29,514 - - - - - - - 517 517 $ 126,033 $ - $ 26,860 $ 18,234 $ 51 $ 14,861 $ 51,153 ( $ 368 ) $ 236,824 90

$ 66,384 $ 29,514-10 13,140 7,756 ( 632 ) 435 2,817 7,589 ( 211 ) - 395-912 - - 2,709 ( 2,418 ) ( 9,882 ) 11,459 921 14,284 ( 20,697 ) 5,347 - ( 3,640 ) 617 ( 1,264 ) ( 14,836 ) 657 - ( 326 ) ( 2,381 ) - 641 ( 1,420 ) ( 1,769 ) 486 ( 717 ) ( 6,121 ) 660 76 ( 2,872 ) ( 1,701 ) - ( 6,960 ) 7,384 ( 342 ) 132 90,922 5,214 91

( $ 16,958 ) ( $ 29,936 ) ( 6,205 ) ( 2,561 ) ( 175 ) 434 - ( 1,734 ) ( 1,020 ) ( 1,789 ) ( 24,358 ) ( 35,586 ) 80,000 - ( 23,748 ) 22,469 ( 4 ) 6 56,248 22,475 122,812 ( 7,897 ) 137,611 102,420 $ 260,423 $ 94,523 $ 311 $ 480 $ 18,483 $ 6,699 $ 799 $ 517 $ 1,828 $ 3,975 $ 3,200 $ 140 $ 32,579 $ 20,000 92

93

0920123784 0920123784 94

1100 $ 142,369 33 $ 105,283 37 2120 $ 6,347 1 $ 2,766 1 1310 2140 602-2,483 1 $ 13,153 3 $ 808-2160 11,864 3 6,522 2 1120 35,984 8 11,538 4 2170 28,360 7 20,293 7 1140 50,687 12 25,758 9 2270 1150 3,975 1 2,147 1 5,958 1 3,018 1 2298 9,763 2 506-1200 2,351 1 5,940 2 21XX 60,911 14 34,717 12 1286 11,900 3 675-1298 18,789 4 1,395 1 2420 41,487 10 22,833 8 11XX 281,191 65 154,415 54 2810 456-1,709 1 1421 22,137 5 20,377 7 2820 15 - - - 28XX 471-1,709 1 1501 41,678 10 23,000 8 2XXX 102,869 24 59,259 21 1521 23,399 5 12,276 5 1561 19,310 5 17,678 6 15X1 84,387 20 52,954 19 31XX 152,893 36 126,033 44 15X9 ( 12,272 ) ( 3 ) ( 11,086 ) ( 4 ) 3211 18,234 4 18,234 6 3220 51-51 - 1670 - - 2,456 1 3310 14,861 3 7,234 2 15XX 72,115 17 44,324 16 3351 141,860 33 76,266 27 3420 403 - ( 885 ) - 328,302 76 226,933 79 1750 34,910 8 32,159 11 1760 12,646 3 12,646 4 3610 - - - - 1770 1,698-1,709 1 17XX 49,254 11 46,514 16 3XXX 328,302 76 226,933 79 1820 1,597 1 1,240-1830 3,406 1 2,851 1 1860 - - 16,471 6 1880 1,471 - - - 18XX 6,474 2 20,562 7 1XXX $ 431,171 100 $ 286,192 100 $ 431,171 100 $ 286,192 100 95

4110 $ 331,820 106 $ 243,679 106 4170 ( 17,774 ) ( 6 ) ( 14,302 ) ( 6 ) 4000 314,046 100 229,377 100 5000 57,656 18 42,555 18 5910 256,390 82 186,822 82 6100 13,715 4 5,841 3 6200 59,039 19 53,623 23 6300 42,593 14 43,284 19 6000 115,347 37 102,748 45 6900 141,043 45 84,074 37 7110 1,358 1 237-7121 658-6,070 3 7140 1,096 - - - 7260 1,500 1 - - 7310 236-1,000-7480 526-165 - 7100 5,374 2 7,472 3 96

7510 $ 1,008 - $ 589-7530 231-535 - 7540 - - 1,267 1 7560 290 - - - 7570 - - 2,700 1 7880 4,257 2 1,534 1 7500 5,786 2 6,625 3 7900 140,631 45 84,921 37 8110 ( 20,400 ) ( 7 ) 8,949 4 8900 120,231 38 93,870 41 9300 ( 10 ) - - - 9600 $ 120,221 38 $ 93,870 41 9601 $ 120,221 38 $ 95,753 42 9602 - - ( 1,883 ) ( 1 ) $ 120,221 38 $ 93,870 41 97

9750 9710 $ 9.20 $ 7.86 $ 5.92 $ 6.54 9740 - - $ 7.86 $ 6.54 9750 $ 7.86 $ 6.67 98

$ 118,105 $ - $ 51 $ 7,234 ( $ 19,487 ) ( $ 1,421 ) $ 2,245 $ 106,727 7,928 18,234 - - - - - 26,162 - - - - 95,753 - ( 1,883 ) 93,870 - - - - - 536-536 - - - - - - ( 362 ) ( 362 ) 126,033 18,234 51 7,234 76,266 ( 885 ) - 226,933 - - - 7,627 ( 7,627 ) - - - 6,860 - - - ( 6,860 ) - - - 20,000 - - - ( 20,000 ) - - - - - - - ( 140 ) - - ( 140 ) - - - - ( 20,000 ) - - ( 20,000 ) - - - - 120,221 - - 120,221 - - - - - 1,288-1,288 $ 152,893 $ 18,234 $ 51 $ 14,861 $ 141,860 $ 403 $ - $ 328,302 99

$ 120,221 $ 93,870 10-17,629 17,257-278 ( 1,096 ) 1,267 ( 658 ) ( 6,070 ) 3,985 1,469 ( 1,500 ) 2,700 231 535 ( 11,259 ) 6,145 ( 24,446 ) ( 11,508 ) ( 27,869 ) ( 16,170 ) 1,104 ( 2,743 ) ( 17,394 ) 2,303 ( 937 ) 10 ( 534 ) - ( 11,225 ) ( 675 ) 16,471 ( 16,471 ) 3,581 1,834 ( 1,881 ) 1,756 5,342 6,522 8,416 7,459 9,257 ( 10,168 ) ( 1,253 ) - 11 - - ( 362 ) 86,206 79,238 100

( $ 31,701 ) ( $ 5,640 ) ( 357 ) 149 ( 14,554 ) ( 9,919 ) ( 3,051 ) ( 2,163 ) - ( 2,005 ) ( 49,663 ) ( 19,578 ) 24,000 - - 26,162 ( 20,000 ) - ( 140 ) - 15 - ( 3,518 ) ( 2,147 ) 357 24,015 186 ( 142 ) 37,086 83,533 105,283 21,750 $ 142,369 $ 105,283 $ 1,008 $ 584 $ 10,749 $ 22 $ 3,975 $ 2,147 101

$ 31,352 $ 5,727 349 262 - ( 349 ) $ 31,701 $ 5,640 102

103

0920123784 0920123784 104

1100 $ 266,725 49 $ 96,345 28 2120 $ 4,927 1 $ 998-1310 2140 1,088-1,766 1 16,203 3 10,245 3 2160 5,743 1 7,182 2 1120 24,642 5 8,334 2 2170 26,188 5 17,330 5 1130 2240 35,779 7 20,140 6 - - 2,400 1 2270 1,828-3,975 1 1140 36,497 7 37,938 11 2298 2,805-7,890 2 1150 21XX 78,358 14 59,281 17 611-11,418 3 1200 5,079 1 2,589 1 1286 11,243 2 675-2420 19,886 4 43,474 13 1298 19,699 4 16,206 5 11XX 380,699 71 186,150 54 2810 114-1,841 1 2820 11-6 - 1421 23,262 4 16,878 5 28XX 125-1,847 1 2XXX 98,369 18 104,602 31 1501 49,616 9 41,678 12 1521 29,558 5 23,399 7 1561 19,825 4 20,403 6 3110 152,893 29 126,033 37 15X1 98,999 18 85,480 25 3140 80,000 15 - - 15X9 ( 11,821 ) ( 2 ) ( 12,701 ) ( 4 ) 3150 39,579 7 26,860 8 15XX 87,178 16 72,779 21 3211 18,234 3 18,234 5 3220 51-51 - 1750 24,853 5 28,553 8 1760 12,646 2 12,646 4 3310 26,883 5 14,861 4 1770 1,698-1,709 1 3351 120,864 23 51,153 15 17XX 39,197 7 42,908 13 3420 1,202 - ( 368 ) - 3XXX 439,706 82 236,824 69 1820 1,929 1 806-1830 4,013 1 3,694 1 1860 - - 15,830 5 1880 1,797-2,381 1 18XX 7,739 2 22,711 7 1XXX $ 538,075 100 $ 341,426 100 $ 538,075 100 $ 341,426 100 105

4000 $ 179,161 100 $ 130,142 100 5000 44,978 25 27,622 21 5910 134,183 75 102,520 79 6100 6,631 4 9,342 7 6200 29,620 17 29,963 23 6300 22,071 12 18,674 15 6000 58,322 33 57,979 45 6900 75,861 42 44,541 34 7110 1,657 1 478 1 7120 434 - - - 7160 81 - - - 7250 211 - - - 7310 632 1 - - 7480 1,328 1 259-7100 4,343 3 737 1 7510 311-480 1 7521 - - 3,991 3 7530 395 - - - 7560 - - 66-106

7570 $ 912 1 $ - - 7640 - - 435-7880 2-2,782 2 7500 1,620 1 7,754 6 7900 78,584 44 37,524 29 8110 ( 12,200 ) ( 7 ) ( 8,000 ) ( 6 ) 8900 66,384 37 29,524 23 9300 - - ( 10 ) - 9600 $ 66,384 37 $ 29,514 23 9750 9710 $ 4.08 $ 3.45 $ 1.95 $ 1.53 9740 - - $ 3.45 $ 1.53 107

$ 152,893 $ - $ - $ 18,234 $ 51 $ 14,861 $ 141,860 $ 403 $ 328,302 - - 80,000 - - - - - 80,000 - - - - - 12,022 ( 12,022 ) - - - 7,000 - - - - ( 7,000 ) - - - 32,579 - - - - ( 32,579 ) - - - - - - - - ( 3,200 ) - ( 3,200 ) - - - - - - ( 32,579 ) - ( 32,579 ) - - - - - - 66,384-66,384 - - - - - - - 799 799 $ 152,893 $ 39,579 $ 80,000 $ 18,234 $ 51 $ 26,883 $ 120,864 $ 1,202 $ 439,706 $ 126,033 $ - $ - $ 18,234 $ 51 $ 7,234 $ 76,266 ( $ 885 ) $ 226,933 - - - - - 7,627 ( 7,627 ) - - - 6,860 - - - - ( 6,860 ) - - - 20,000 - - - - ( 20,000 ) - - - - - - - - ( 140 ) - ( 140 ) - - - - - - ( 20,000 ) - ( 20,000 ) - - - - - - 29,514-29,514 - - - - - - - 517 517 $ 126,033 $ 26,860 $ - $ 18,234 $ 51 $ 14,861 $ 51,153 ( $ 368 ) $ 236,824 108

$ 66,384 $ 29,514-10 13,359 7,900 ( 632 ) 435 ( 434 ) 3,991 ( 211 ) - 395-912 - - 2,709 ( 2,418 ) ( 9,882 ) 11,459 921 14,284 ( 20,697 ) 5,347 - ( 3,640 ) 642 ( 1,213 ) ( 14,811 ) 657 - ( 326 ) ( 2,381 ) - 641 ( 1,420 ) ( 1,768 ) 486 ( 717 ) ( 6,121 ) 660 ( 2,172 ) ( 2,963 ) ( 6,958 ) 7,384 ( 342 ) 132 87,396 1,720 109

( $ 17,335 ) ( $ 30,062 ) ( 332 ) 434 - ( 1,734 ) ( 1,682 ) ( 1,789 ) ( 19,349 ) ( 33,151 ) 80,000 - ( 23,748 ) 22,469 ( 4 ) 6 56,248 22,475 61 18 124,356 ( 8,938 ) 142,369 105,283 $ 266,725 $ 96,345 $ 311 $ 480 $ 18,483 $ 6,699 $ 799 $ 517 $ 1,828 $ 3,975 $ 3,200 $ 140 $ 32,579 $ 20,000 110

38,952 2,323 111

0920123784 0920123784 112

1100 $ 196,970 39 $ 92,025 26 2120 $ 6,882 2 $ 5,522 2 1310 2140 492-2,702 1 17,596 3 19,110 5 2160 6,270 1 7,359 2 1120 18,700 4 30,094 8 2170 30,008 6 19,021 5 1140 40,086 8 35,526 10 2270 - - 3,975 1 1150 2298 4,984 1 4,932 1 2,560-33 - 21XX 48,636 10 43,511 12 1200 4,801 1 1,763 1 1286 13,289 3 675-1298 6,053 1 21,948 6 2420 - - 42,481 12 11XX 300,055 59 201,174 56 2810 17-1,841-1421 38,952 8 27,139 7 2820 1-6 - 1425 22,831 4 - - 28XX 18-1,847-1420 61,783 12 27,139 7 2XXX 48,654 10 87,839 24 1501 49,616 10 41,678 12 1521 29,558 6 23,399 6 3110 202,472 40 152,893 42 1561 20,751 4 19,390 5 15X1 99,925 20 84,467 23 3211 88,234 17 18,234 5 15X9 ( 12,394 ) ( 3 ) ( 13,201 ) ( 3 ) 3220 51-51 - 15XX 87,531 17 71,266 20 3310 26,883 5 14,861 4 3351 139,792 28 88,541 25 1750 21,739 4 25,893 7 3420 909 - ( 368 ) - 1760 10,641 2 9,962 3 3XXX 458,341 90 274,212 76 1770 1,698 1 1,709-17XX 34,078 7 37,564 10 1820 2,225 1 1,367 1 1830 3,980 1 3,660 1 1860 - - 15,830 4 1880 17,343 3 4,051 1 18XX 23,548 5 24,908 7 1XXX $ 506,995 100 $ 362,051 100 $ 506,995 100 $ 362,051 100 113

4000 $ 242,667 100 $ 200,917 100 5000 59,610 24 30,768 15 5910 183,057 76 170,149 85 6100 16,797 7 10,247 5 6200 40,054 17 39,159 20 6300 34,462 14 37,930 19 6000 91,313 38 87,336 44 6900 91,744 38 82,813 41 7110 2,874 1 819-7120 - 2,323 1 - - 7250 211 - - - 7310 817-1,383 1 7480 1,360 1 309-7100 7,585 3 2,511 1 114

7510 $ 339 - $ 744-7521 - - 5,580 3 7530 425 - - - 7540 - - 587-7560 339-84 - 7570 1,161 1 - - 7880 - - 3,417 2 7500 2,264 1 10,412 5 7900 97,065 40 74,912 37 8110 11,753 5 8,000 4 8900 85,312 35 66,912 33 9300 - - ( 10 ) - 9600 $ 85,312 35 $ 66,902 33 9710 $ 4.96 $ 4.36 $ 3.89 $ 3.48 9740 - - 9750 $ 4.36 $ 3.48 115

$ 152,893 $ 18,234 $ 51 $ 14,861 $ 141,860 $ 403 $ 328,302 10,000 70,000 - - - - 80,000 - - - 12,022 ( 12,022 ) - - 7,000 - - - ( 7,000 ) - - 32,579 - - - ( 32,579 ) - - - - - - ( 3,200 ) - ( 3,200 ) - - - - ( 32,579 ) - ( 32,579 ) - - - - 85,312-85,312 - - - - - 506 506 $ 202,472 $ 88,234 $ 51 $ 26,883 $ 139,792 $ 909 $ 458,341 $ 126,033 $ 18,234 $ 51 $ 7,234 $ 76,266 ( $ 885 ) $ 226,933 - - - 7,627 ( 7,627 ) - - 6,860 - - - ( 6,860 ) - - 20,000 - - - ( 20,000 ) - - - - - - ( 140 ) - ( 140 ) - - - - ( 20,000 ) - ( 20,000 ) - - - - 66,902-66,902 - - - - - 517 517 $ 152,893 $ 18,234 $ 51 $ 14,861 $ 88,541 ( $ 368 ) $ 274,212 116

$ 85,312 $ 66,901-10 18,194 7,201 ( 817 ) ( 1,383 ) ( 2,323 ) 5,581 ( 211 ) - 425-1,161 - - 587 ( 3,626 ) ( 17,516 ) 17,401 ( 18,556 ) 10,695 ( 6,783 ) 3,398 - ( 3,611 ) 4,152 11,777 ( 21,098 ) ( 1,389 ) - ( 15,872 ) ( 4,051 ) - 641 535 2,756 ( 110 ) 219 ( 5,594 ) 837 4,146 ( 825 ) ( 1,701 ) - ( 4,779 ) 4,427 ( 439 ) 132 112,572 23,232 117

( $ 22,831 ) $ - ( 19,711 ) ( 30,508 ) ( 6,204 ) ( 5,185 ) ( 628 ) ( 127 ) - 3,501 ( 2,584 ) ( 2,649 ) ( 51,958 ) ( 34,968 ) ( 32,579 ) ( 20,000 ) ( 3,200 ) ( 140 ) ( 45,462 ) 21,476 ( 14 ) 5 80,000 - ( 1,255 ) 1,341 59,359 ( 10,395 ) 137,611 102,420 $ 196,970 $ 92,025 $ 339 $ 744 $ 18,483 $ 10,749 $ 506 $ 517 $ - $ 2,147 118

( ) ( ) 96 94 95 96 % % % ( ) 229,377 100.00 309,246 100.00 242,667 100.00 42,555 18.55 57,656 18.64 59,610 24.56 186,822 81.45 251,590 81.36 183,057 75.44 93,264 40.66 106,212 34.35 91,313 37.63 93,558 40.79 145,378 47.01 91,744 37.81 1,333 0.58 4,608 1.49 7,585 3.12 8,087 3.53 9,355 3.03 2,264 0.93 86,804 37.84 140,631 45.47 97,065 40.00 ( ) 8,949 3.90 (20,400) (6.60) (11,753) (4.84) ( 3) - - (10) - - - 95,753 41.74 120,221 38.87 85,312 35.16 ( 4) 126,033 152,893 202,472 ( 1) 8.10 7.86 4.36 ( )( ) ( 2) 4.73 5.94 4.21 94 95 96 1 2 96 20,247 3 95 34 36 4 95 11 16 ( ) 1. ( ) (PC Game) (TV Game) (Mobile Game) (Arcade Game) (PC Game) (1) MIC 2005 119

73% 27% (2) (RPG) 94 5 2 95 6 絶 96 3 96 4 7 2. ( ) 94 95 96 94 95 96 % % % 128,234 55.91 235,802 76.25 189,055 77.91 76,410 33.31 55,388 17.91 40,156 16.55 24,733 10.78 18,056-5.84 13,456 5.54 229,377 100.00 309,246 100.00 242,667 100.00 3. 96 ( 96 ) (A) (B) (C) (B/C) (A/C) (28.16%) 177,761 66,384 193 921 344 (71.84%) (100.00%) 620,921 329,062 449 1,383 733 (89.62%) (3.50%) (3.29%)1,356,689 153,271 597 2,273 257 (1.79%) (1.80%) 120

96 ( 96 ) (A) (B) (C) (B/C) (A/C) (80.51%) 78,760 (12,427) 101 780 (123) (19.49%) ( ) (31%) (67%) 98,285 (107,306) 200 491 (537) ( ) 96 96 95 96 193 96 921 344 ( ) PCS 94 95 ( ) ( ) (%) ( ) ( ) (%) 128,234 101,396 79.07 235,802 194,140 82.33 76,410 65,680 458,377 166.70 23.41 85.96 55,388 44,052 303,445 182.53 37.36 79.53-24,733 19,746 79.83 18,056 13,398 74.20 229,377 186,822 81.45 309,246 251,590 81.36 PCS 96 ( ) ( ) (%) 189,055 148,942 78.78 40,156 31,108 329,891 121.73 27.43 77.47-13,456 3,007 22.35 242,667 183,057 75.44 1 2 1. ( ) 84 5 93 8 30 93 9 30 121

122 94 95 96 229,377 309,246 242,667 (1) A. 94 95 96 128,234 235,802 189,055 55.91% 76.25% 77.91% 穏 95 7 90 94 - Online 絶 Online 95 94 107,568 83.88% 76.25% 94 5 Online 94 5 穏 94 41,949 95 40,362 52,340 56,399 95 ( ) 132,749 94 67,261 65,488 97.36% 95 8 11 6,761 94 95 47,330 95 95,402 95 9 Online 95 10 Q ENTERRAINMENT 95 Online 26,324 43,102 Q ENTERRAINMENT 95 9,809 95 96 158,891 18.98% Online 126,349 Onlin35,838 91,189 23,690 35,160 12,148 96 59,003 11,861 Online 68,609 96 43,384 112,740 B. 94 95 96 76,410

123 55,388 40,156 33.31% 17.91% 16.55% 95 94 21,022 (27.51) % 94 2 94 7 94 9 2006 94 42,591 253,213 PCS 5 94 1 94 33,818 205,164 PCS 95 1,057 94 458,377 PCS 95 6 絶 6 95 1 95 29,646 191,500 PCS 絶 95 10 95 25,380 68,026 PCS 94 2 5 95 94 95 182.53 94 166.70 絶 94 95 96 95 96 1 3 96 2 3D 96 41,207 276,255 PCS 96 95 絶 40,156 96 121.73 95 182.53 96 3 C. - - 94 95 96 24,733 18,056 13,456 10.78% 5.84% 5.54% 1 2

(2) 94 95 96 % % % 1 106,186 46.29 190,048 61.46 164,456 67.77 2 67,122 29.26 47,735 15.44 18,997 7.83 3 23,935 10.43 23,233 7.51 4 16,002 6.98 Q ENTER- TAINMENT Q ENTER- TAINMENT 13,951 5.75 9,809 3.17 FunBox 11,060 4.56 5 6,164 2.69 9,522 3.08 9,770 4.03 6 HODO 1,484 0.65 5,657 1.83 4,567 1.88 7 868 0.38 FunBox 4,949 1.60 4,181 1.72 8 556 0.24 2,530 0.82 Asiasoft 3,721 1.53 9 490 0.22 Asiasoft 1,812 0.59 1,498 0.62 10 459 0.20 HODO 1,215 0.39 1,063 0.44 6,111 2.66 12,736 4.11 9,403 3.87 229,377 100.00 309,246 100.00 242,667 100.00 ( ) A. ( www.soft-world.com.tw 1,127,540 61 2 120,000 92 ) 1983 7 80% ( ) ( ) 94% 92 Online 絶 Online Online 94 ~96 106,186 190,048 164,456 46.29% 61.46% 67.77% 94 Online 2 絶 Online 5 95 Online 6 絶 絶 Online 96 3 124

94 B. ( :www.gameflier.com/company/index.asp; 411,700 99 10 2 30,000 93 ) 100% 2002 7 20%-30% 94 95 67,122 47,735 29.26% 15.44% 96 96 286 96 C. ( ) ( :www.fullerton.com.tw 1,097,237 6-3 5 12,000 93 ) 99% Online 93 92 94 95 96 23,935 23,233 9,770 10.43% 7.51% 4.03% 3 3 5 96 D. ( :www.unistar.net.cn ; : ; : 13,130 : 56 5 15,000 92 ~94 ) 400 45.32% JP SOFT L.L.C. JP SOFT JP SOFT 94 94 16,002 6.98% 4 95 ( ) 95 95 6 95 94 E. ( : game.icdist.com.hk 5,000 2 103 119 5 8 5,000 92 ) 125

5 6 2 3 96 Online 94 95 96 6,164 5,657 4,567 2.69% 1.83% 1.88% 5 6 6 F.HODO ( 3,000 2-11-9 302 2,000 93 ) NIHON FALCOM( :www.falcom.co.jp) HODO NIHON FALCOM 1 2 HODO NIHON FALCOM 94 95 HODO 1,484 1,215 0.65% 0.39% 6 10 96 710 G. ( ) ( www.ideadesign.com.tw 6,000 8 2 15 9 300 94 ~95 5 ) ( ) 6,000 94 94 868 0.38% 7 H. ( 107 B 6 A 6 94 1 ~95 7 ) 94 Online 94 556 0.24% 8 I. PC Home( ( ) ; : ; :250 ; : 144 12 1221B 800 94 ) ( ) PC Home PC Home 94 490 0.22% 9 95 96 135 269 126

J. ( :www.gamer.com.tw 10,000 420 15 2 800 92 ) 94 94 96 459 1,063 0.20% 0.44% 10 95 400 95 K.Q ENTERTAINMENT( :www.qentertainment.com Shuji Utsumi 380,000 2.14.14 SHIMOMEGURO MEGURO-KU TOKYO 7,000 95 ) Q ENTERTAINMENT Console 95 E3 95 Q Online 95 96 9,809 13,951 3.17% 5.75% 4 3 L. ( 2,000 52 8 801 6,000 95 ) ( ) 95 95 96 9,522 4,181 3.08% 1.72% 5 7 M.FunBox ( : www.funbox.co.th CHEN WEI CHOUNG 40,000 12(A) ndfloor, Lumpini Tower, 1168/15 Rama IV Road, Thungmahamek, Sathorn, Bangkok 10120 Thailand 3,000 95 ) FunBox 94 E3 95 FunBox Online 95 96 4,949 11,060 1.60% 4.56% 7 4 N. ( :www.hinet.net 106,346,296 21 1402 15,000 94 ) (HINet ADSL) 95 95 2,530 0.82% 8 96 506 O.AsiaSoft( :www.asiasoft.net Sherman Tan 300,000 127

9 U.M Tower 28th FL., Room 9/283-5 Ramkhamhaeng Rd, Suanluang, Bangkok 10250 Thailand 1,000 95 ) AsiaSoft 94 E3 95 AsiaSoft Online 95 96 1,812 3,721 0.59% 1.53% 9 8 P. ( : www.yinguan.com; 45 720 30,000 95 ) CD-ROM 综 综 96-3 ( ccnec.com) 3 96 96 18,997 7.83% Q. ( : www.telepay.com.tw 40,000 72 8 1,000 95 ) 2003 Danal Co. Ltd. ( www.danal.co.kr) Teledit Online 絶 Online U Online ( ) 95 95 982 96 1,498 0.62% 9 94 96 94 94 95 96 2. % 94 95 96 ( ) ( ) ( ) 26,838 101,396 79.07 41,662 194,140 82.33 40,113 148,942 78.78 10,730 23.41 65,680 85.96 11,336 37.36 44,052 79.53 9,048 27.43 31,108 77.47 128

94 95 96 ( ) ( ) ( ) - 4,987 19,746 79.83 4,658 13,398 74.20 10,449 3,007 22.35 42,555 186,822 81.45 57,656 251,590 81.36 59,610 183,057 75.44 1 2 94 95 96 42,555 57,656 59,610 186,822 251,590 183,057 81.45% 81.36% 75.44% (1) 94 95 96 26,838 41,662 40,113 101,396 194,140 148,942 79.07% 82.33% 78.78% 95 94 14,824 55.24% 94 Online 95 5,837 94 6,869 Online 95 9 95 6,820 絶 Online 95 1 95 3,733 94 Online 絶 Online 95 95 94 95 82.33% 94 79.07% 4.13% 95 Online Online 65,488 43,102 83.88% 87.06% 84.18% 95 82.33% 96 40,113 Online 96 7,067 3,968 13,200 Online96 13,933 677 14,730 絶 Online 3,032 2,765 6,889 96 40,113 96 Online 絶 Online Online 58.90% 絶 Online 25.98% Online 126,349 66.83% 89.55% 78.78% 129

(2) 94 95 96 10,730 11,336 9,048 65,680 44,052 31,108 85.96% 79.53% 77.47% 95 94 606 94 2 7,524 5 33,818 3,072 3,205 94 10,730 95 6 95 1 2,080 631 5,165 95 10 3,558 1,128 5,895 95 11,336 94 606 95 94 21,022 95 79.53% 94 5 2 458,377PCS 95 6 絶 303,445PCS 95 37.36 96 3 3D 2,025 3,071 3,475 8,571 79.20% 6 2,287 64.69% 77.47% 95 26,446PCS 3 276,255 PCS 27.43 (3) - 94 95 96 4,987 4,658 10,449 19,746 13,398 3,007 79.83% 74.20% 22.35% 96 絶 96 3,007 22.35% 3. (1) A. (Online Game) 130

94 95 96 95 % % % % 229,377 100.00 309,246 100.00 34.82 242,667 100.00 20.78 200,917 100.00 42,555 18.55 57,656 18.64 35.49 59,610 24.56 93.74 30,768 15.31 186,822 81.45 251,590 81.36 34.67 183,057 75.44 7.59 170,149 84.69 273,381 100.00 875,282 100.00 220.17 885,358 100.00 85.60 477,036 100.00 19,444 7.11 53,774 6.14 176.56 33,308 3.76 (9.72) 36,896 7.73 253,937 92.89 821,508 93.86 223.51 852,050 96.24 93.59 440,140 92.27 1,852,468 100.00 2,687,614 100.00 45.08 2,160,115 100.00 3.64 2,084,348 100.00 925,276 49.95 1,427,712 53.12 54.30 1,065,858 49.34 (2.55) 1,093,699 52.47 927,192 50.05 1,259,902 46.88 35.88 1,094,257 50.66 10.46 990,649 47.53 94 95 96 95 B. (A) 96 229,377 309,246 242,667 93 94 229,377 94 Online 95 Online 309,246 96 3 Online Online Online 242,667 96 95 34.82% 96 20.78% (B) 96 273,381 875,282 885,358 94 Online 273,381 95 3D Online 4 Online ( Online) 875,282 220.17% 96 131

132 Online 885,358 85.60% (C) 96 1,852,468 2,687,614 2,160,115 94 1,852,468 95 94 2,687,614 45.08% 96 2,160,115 3.64% 96 95 96 93 95 96 20% C. (A) 96 186,822 251,590 183,057 81.45% 81.36% 75.44% 95 94 34.67% 95 95 96 7.59% 95 9 96 Online 絶 3 75.44% (B) 96 253,937 821,508 852,050 92.89% 93.86% 96.24% 96 90% 95 96

95 96 223.51% 93.59% 90% (C) 96 927,192 1,259,902 1,094,257 50.05% 46.88% 50.66% 95 35.88% 96 10.46% 46% 50% 75% (2) A. 96 95 96 4,800 1,400 4,800 1,400 95 96 94 95 96 95 % % % % 229,377 100.00 314,046 100.00 36.91 179,161 100.00 37.67 130,142 100.00 42,555 18.55 57,656 18.36 35.49 44,978 25.10 62.83 27,622 21.22 186,822 81.45 256,390 81.64 37.24 134,183 74.90 30.88 102,520 78.78 329,063 100.00 976,479 100.00 196.75 642,333 100.00 134.80 273,567 100.00 27,553 8.37 64,177 6.57 132.92 30,102 4.69 16.11 25,925 9.48 301,510 91.63 912,302 93.43 202.58 612,231 95.31 147.22 247,642 90.52 2,981,832 100.00 3,679,935 100.00 23.41 1,645,510 100.00 (9.09) 1,810,013 100.00 1,667,350 55.92 2,078,095 56.47 24.63 829,618 50.42 (16.69) 995,828 55.02 1,314,482 44.08 1,601,840 43.53 21.86 815,892 49.58 0.21 814,185 44.98 B. (A) 133

96 229,377 314,046 179,161 ( ) 93 10 94 229,377 95 絶 95 96 4,800 1,400 95 96 314,046 179,161 96 95 (B) 96 329,063 976,479 642,333 TRANSASIAGMER(B.V.I)CO.,LTD. ( ) ( ) 91 91 94 96 TRANSASIAGMER(B.V.I)CO.,LTD. 94 95 41,871 23,430 94 95 ( ) 43,164 106,977 95 ( ) 12,831 96 21,412 (C) 96 2,981,832 3,679,935 1,645,510 Gamania Digital Entertainment(Japan)Co.,Ltd Gamania Digital Entertainment(H.K.)Co.,Ltd Gamania Korea Co.,Ltd. ( ) ( ) 51% 96 15% 96 Gamania Digital Entertainment(Japan)Co.,Ltd 94 95 489,885 623,195 94 95 Gamania Digital Entertainment(H.K.)Co.,Ltd Gamania Korea Co.,Ltd. 28,402 42,961 1,385,659 2,413 227,291 171,282 661,741 515,079 94 95 2,981,832 3,679,935 96 134

135 288,812 95 23.41% 96 9.09% 96 95 96 36% C. (A) 96 42,555 57,656 44,978 186,822 256,390 134,183 81.45% 81.64% 74.90% (B) 96 27,553 64,177 30,102 301,510 912,302 612,231 91.63% 93.43% 95.31% ( ) ( ) 96 90% 穏 (C) 96 1,667,350 2,078,095 829,618 1,314,482 1,601,840 815,892 44.08% 43.53% 49.58% 96 387,290 341,938 139,023 95 21.86% 96

0.21% 43% 50% 74% 4. % 94 95 96 5,841 2.55 13,715 4.43 16,797 6.92 44,139 19.24 54,015 17.47 40,054 16.51 43,284 18.87 38,482 12.44 34,462 14.20 93,264 40.66 106,212 34.34 91,313 37.63 93,558 40.79 145,378 47.01 91,744 37.81 94 95 96 (1) 94 95 96 93,264 106,212 91,313 40.66% 34.34% 37.63% 94 95 96 5,841 13,715 16,797 95 94 7,874 95 94 34.82% 95 94 96 16,797 6.92% 95 96 6 96 9 32 96 96 95 8,681 94 95 96 44,139 54,015 40,054 95 94 22.37% 96 40,054 20,653 96 95 149 96 200 96 96 96 95 610 94 95 96 43,284 38,482 34,462 95 94 4,802 96 34,462 96 96 95 7,467 96 1 136

4 3D 3D 3D Big World 2,763 96 95 (2) 94 95 96 93,558 145,378 91,744 40.79% 47.01% 37.81% 95 94 51,820 96 96 91,744 96 96 95 23,053 7 4 7 3D 94 95 96 5. 94 95 96 222 1,337 2,874 2,323 1,096 38 211 1,500 1,000 236 817 73 439 1,360 1,333 4,608 7,585 (%) 0.58% 1.49% 3.13% 584 1,008 339 1,470 3,572 1,267 535 231 425 290 339 2,700 1,161 1,531 4,254 8,087 9,355 2,264 (%) 3.53% 3.03% 0.93% 94 95 96 137

(1) 94 95 96 1,333 4,608 7,585 0.58% 1.49% 3.13% 95 94 3,275 1,337 95 1,096 95 94 1,500 95 3,985 95 96 7,585 2,874 2,323 1,360 (2) 94 95 96 8,087 9,355 2,264 3.53% 3.03% 0.93% 95 94 1,268 1,008 3,572 95 4,254 96 2,264 95 6. 94 95 96 86,804 140,631 97,065 8.1 7.86 4.36 94 95 94 95 37.84 45.47% 96 97,065 40.00% 96 6 96 1 138

( ) 1. MIC 2006 6 2007 54 2010 94 73% MIC MMORPG( Massive Multi-Player online Role Playing Game) MMORPG 2005 83% 2007 89% 91 2007 8.8% 2. 96 91 54 99 94 PC PC ( ) 84 5 ( ) 94 95 96 229,377 309,246 242,667 81.45% 81.36% 75.44% 95,753 120,221 85,312 139

140 96 1. 139 2. 2D 3D

3. 96 5 Online Online Online 4. A. (A) Online 11 Online 5 (B) Online 95 Online PS3 B. (A) 141

Online Online (B) 5. 3D A. 3D Big World(3D ) 1999 3D 8 3D B. 3D 4 2D 3D Online 2 3D C. Big World 3D 3D 3D 3D 3D 3D 6. ( ) 142

143 (Game Star) 7. A. (A) (B) RSLG RPG (C) B. (A) Online (B)

3D 144

( ) 202,472 10 20,247 95 12 180 2,460 22,707 ( ) 4 2 6 ( ) ( ) ( ) 15% ( ) 96 9 29 255 2,405,064 ( ) 2,460 15% 369 2,091 15% 145

( ) 1. 65~68 2. (1) (Market Approach) A. (A) (P/E Ratio) (P)= EPS EPS 96 (B) (P/B Ratio) (P)= B. C. ( ) 96 ( ) ( 1) 13.40 11.28 58.24( 2) 12.34 1 96 12 2 D. 96 85,312 ( ) 95 120,221 95 66,902 95 96 ( ) 138,631 146

97 22,707 ( ) 6.11 E. ( ) ( ) ( ) (1) (2) ( )(3)=(1)/(2) 93 53.29 16.49 3.23 94 19.62 14.15 1.39 95 44.93 18.84 2.38 2.33 93 20.64 15.05 1.37 94 15.43 13.40 1.15 95 19.62 15.74 1.25 1.26 93 13.03 10.17 1.28 94 10.95 10.43 1.05 95 15.03 12.04 1.25 1.19 1.59 F. 93 94 95 8.85 18.01 21.47 16.11 G. (A) 96 11.28~13.40 22,707 6.11 68.92 ~81.87 (B) P=16.11 1.59=25.61 (2) (Cost Approach) A. =( - ) B. 147

=(537,823 98,117 ) 20,247 =21.72 (3) (Discounted Cash Flow Method) A. n FCFt (P)= I=1 (1+WACC) t (A)FCFt = t (Free Cash flow, FCF) = t-1 (1+ ) (1- t ( = ) t = t NWC FA OA = Sales Sales Sales NWC FA OA ( ) Sales Sales Sales (B)WACC( )=E/A Ke+D/A Kd(1- ) E/A= D/A= Ke( )=Rf+ (Rm-Rf) Rf Rm Kd B. (WACC) (A) PC (Online) 148

(97~99 ) 94 Model ( ) 3 (97~99 ) 5 (100~104 ) (B) (WACC) (100~104 ) ( ) 77% E/A 0.8000 0.7700 0.7500 80% 75% D/A 0.2000 0.2300 0.2500 20% 23% 25% 0.1500 0.1500 0.1700 Kd 0.0233 0.0233 0.0220 Ke 0.105646 0.105161 0.112709 2 WACC 0.088478 0.085529 0.089097 1 1 WACC=E/A Ke+D/A Kd(1- ) 2 Ke( )=Rf+ (Rm-Rf) β β (97~99 ) (100~104 ) ( ) β= 0.919 0.914 1 (6180) (3083) (6180) β (6169) (94 12 25 ~96 (3083) (6169) (3292) (3086) 12 15 ) β β β b.rf 96 12 21 =2.5149% c. Rm=11.2709% ( 85 95 OTC ) (C) DCF (97~99 ) (100~104 ) ( ) 149

(97~99 ) (100~104 ) ( ) 22.00% 20.00% 18.00% 20.00% 17.00% 15.00% ( / ) 15.00% 15.00% 17.00% 12.00% 10.00% 9.00% C. 2,151,581 94.75 =(2,151,581 +196,970 +17,596 +61,783-48,654 ) 22,707 =94.75 3. 25.61 21.72 94.75 68.92 ~81.87 62.03~73.68 21.72 94.75 65~68 ( ) 150

1. 93 94 95 33.15 20.68 23.72 10.92 9.69 14.27 25.16 32.92 26.51 39.19 21.48 15.67 311.75 575.33 518.94 (%) 3,429.08 3,912.31 2,780.27 395.76 369.29 453.27 2,135.31 2,326.20 3,891.66 (23.28) 57.78 43.30 3.42 (12.32) 31.38 (6.84) (11.95) 20.00 3.79 1.54 10.24 (16.24) 74.23 95.08 3.34 (9.11) 50.00 24.43 14.98 31.74 3.33 18.52 8.10 (18.67) 68.87 91.98 6.33 (18.76) 52.30 (%) (16.74) (13.56) 22.93 5.89 6.20 15.61 (104.83) 41.74 38.88 11.00 (52.44) 44.42 (8.64) (14.04) 16.17 6.48 2.32 13.40 (2.33) 6.67 7.86 0.63 (1.92) 5.58 ( ) (1.10) (1.77) 3.11 0.40 0.17 1.19 (1) A. 93 94 95 33.15% 20.68% 23.72% 94 93 38% 26,162 93 95 94 94 151

72% 95 23.72 95 23.72 B. 93 94 95 311.75% 575.33% 518.94% 93 95 94 575.33 95 518.94 100% (2) 93 94 95 (23.28%) 57.78% 43.30% 93 94 95 (16.24%) 74.23% 95.08% (18.67%) 68.87% 91.98% 94 Online 95 75% 95 95 93 94 95 93 94 95 (104.83%) 41.74% 38.88% (2.33) 6.67 7.86 95 2. 96 12 ( )( 1) 19.87 13.40 11.28 58.24( 2) 1 96 12 EPS 96 2 152

( ) ( ) 97 2 ( ) 79.88 ( ) 13,000 95 12 25 (97 2 ) 79.88 ( ) 153

154

155

156

157