GamaniaGamania DigitalDigital EntertainmentEntertainment

Chief Finance Officer Hank Su Disclaimer

This presentation material contains forward-looking statements and information. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this presentation material that states our beliefs, expectations, predictions or intentions is a forward- looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Gamania Digital Entertainment Co., Ltd. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events, or otherwise. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.

2 Table of Contents

Company Overview

Industry Introduction

Operating Performance

Earnings Review

Investment Highlights

3 Company Overview Leading Online Game Service Provider

Snapshot  Online game operator and developer  Headquarters in Taipei  Branches in Taiwan, Tokyo, HK, Beijing, Shanghai, & Seoul  Listed in 2002 (6180.TT) Beijing Seoul  Capital about US$47m Shanghai Tokyo  Employees around 1,200 HK Taipei Main Game Titles  Operates 20 MMOGs, “Lineage” & “Maple Story” are flagship titles  Operates 15 Casuals, “CSO”, “Kart Rider”, “BnB”, & “Getamped” are popular  Launched 14 new titles in 2008 and plans to launch more new titles in 2009 Game Operating & Developing Business Game Operating Business * The conversion rate is based on USD$1.00 =NTD$33.917 as published by Central Bank of the ROC (Taiwan) on Mar 31, 2009 5 Major Operating Sites’ Profile

Entity Name

1. Setup Time 1995 2000 2001 2004 (Invested)

2. Location Taipei Hong Kong Tokyo Taipei

Game Operator 3. Business Game Operator Game Operator Game Operator & Developer

4. Capital USD$47m USD$5m USD$3m USD$3m

5. Employees 750 61 77 93

6. MMOG titles 12 16 7 5

7. Casual titles 10 12 0 4

Source: Company Data

* The conversion rate is based on USD$1.00 =NTD$33.917/HKD$7.7501/JPY$98.330 as published by Central Bank of the ROC (Taiwan) on Mar 31, 2009 6 Annual Revenue by Operating Sites

USD $m Other TIC GHK GJP GTW FY2008 GJP GHK 120 111 10% 7% TIC 6% 103 Other 1% 100 YoY 7.7%

GTW GTW 80 76% GJP GHK TIC Other 60

GJP GHK FY2007 6% 5% TIC 40 5% Other 2% 20 GTW GTW 82% GJP 0 GHK TIC 2007 2008 Other Source: Company Data Source: Company Data *The conversion rate is based on USD$1.00 = NTD$33.917 on Mar 31, 2009 Quarterly Revenue by Operating Sites

USD$m Other TIC GHK GJP GTW GJP GHK 12% 1Q09 9% TIC 45 9% QoQ 48.0 % 40 Other 40 0% YoY 38.4 % GTW 35 GTW 70% GJP 30 GHK TIC Other 25

GJP 20 GHK 7% 1Q08 6% TIC 5% 15 Other 0% 10 GTW 5 82% GTW GJP 0 GHK TIC 1Q08 2Q08 3Q08 4Q08 1Q09 Other Source: Company Data Source: Company Data 8 Milestones

 Headquartered in Taipei in 1995 19951995 ~ 2000  Launched first self-developed PC game “Convenience Store”  Established Gamania corporate logo  “Convenience Store” was granted “The Best Game” by Taipei Computer Association  Launched first Massively Multi-player online game (MMOG) “Lineage” in 2000

 “Lineage” was granted the “The Best Online Game” by Taipei Computer Association 20011995 ~ 2005  Gamania logo was granted “The Golden Award” in Taiwan  Gamania logo was granted “The Golden Award” and posted in China CIS Year Book  “Hero 108” was granted “Digital Content Prototype Design Award: Animation”  Launched “Maple Story” in 2005 and successfully attract the young users

 “Zodiac” was granted the “Digital Content Prototype Design Award: Online Game” 20061995 ~ Now  Launched casual game “Kart Rider”  Launched first self-developed MMOG “Bright Shadow”  Launched self-developed MMOG “Zodiac” & “SianMoDao”  “gamania.com” ranked Top 4 in online entertainment and Top 35 in Taiwan Web100, granted by Business Next  Gamania was granted “Taiwan Superior Brands” by Bureau of Foreign Trade, Ministry of Economic Affairs. Industry Introduction Global Market

Global Online Game Market Scale 25,000 50% Japan Europe North America Asia YoY Growth 43.3% 20,000 40% 34.8% 9-yr CAGR: 23.3% 35.6%

15,000 30%

USD$m 20.1% 21.1% 10,000 17.7% 20% 16.3% 15.2% 9.9% 5,000 10% 48% 39%

0 0% 2004 2005 2006 2007 2008(E) 2009(E) 2010(E) 2011(E) 2012(E) 2013(E) Source: DFC Intelligence (2008) 11 Overview of 2008 Global Market

08 Market Scale CAGR Region Composition (USD $m) (2008-2012) North America 2,318 23.9% 22.2%

Europe 2,194 22.6% 20.2%

China 1,914 19.7% 15.8%

Korea 1,088 11.2% 5.4%

Japan 450 4.6% 27.2%

Taiwan 322 3.3% 4.7%

South East Asia 175 1.8% 16.5%

Other 1,256 12.9% 14.1%

Total 9,717 100.0% 17.6%

Source: DFC Intelligence (2008) & IDC (2008) 12 Taiwan Market

Taiwan Online Game Market Internet Users vs. Online Gamers

USD $m Online Game Revenue YoY Growth Rate m persons Internet Users On-line Gamers Penetration of Gamers Payout Ratio 500 20% 25 100%

400 20 80% 15%

300 15 60% 11.2% 10%

200 8.0% 10 40%

5.4% 3.5% 5% 100 5 20% 1.9%

0 0% 0 0% 2007 2008(E)2009(E)2010(E)2011(E)2012(E) 2007 2008(E)2009(E)2010(E)2011(E)2012(E)

Source: IDC (2008) Source: IDC (2008)

13 Korea Market

Korea Online Game Market Scale 1,500 15% Online Game Revenue Scale YoY Growth

1,000 10.0% 5-yr CAGR: 6.3% 10%

8.7% USD$m

500 5% 5.0% 4.2% 3.8%

0 0% 2007 2008(E) 2009(E) 2010(E) 2011(E) 2012(E)

Source: IDC (2008) 14 Japan Market

Japan Online Game Market Scale 2,000 80% Total Online Game Revenue YoY Growth

1,500 60% 56% 9-yr CAGR: 31.5%

45% 43% 41%

1,000 40% USD$m

25% 25% 22% 500 21% 20% 12%

0 0% 2004 2005 2006 2007 2008(E) 2009(E) 2010(E) 2011(E) 2012(E) 2013(E) Source: DFC Intelligence (2008)

* The survey excluded the game revenues created by communication devices such as mobile 15 China Market

China Online Game Market Scale Revenue by Payment Model US $m US $m

4,000 80% 4,000 China Online Game Market Pay to Play Free to Play (Item mall) 3,500 YoY Growth 3,500

61.50% 3,000 60% 3,000

2,500 2,500 5-yr CAGR: 19.9% 2,000 37.97% 40% 2,000

1,500 24.37% 1,500

1,000 20% 1,000 15.58% 12.68%11.11% 500 500

0 0% 0 2007 2008(E)2009(E)2010(E)2011(E)2012(E) 2007 2008(E)2009(E)2010(E)2011(E)2012(E)

Source: IDC (2008) Source: IDC (2008)

16 Operating Performance Business Model

Source Operation Platform Distribution

Developer : Operator : Content: Game Portal

or Package Networking System: End Users Other Game IT Service Developers License Product Mgt. Team Gash: Product : Fees  CVS Customer Service  MMOG 3C Retailers

Casual Games Gash Payment System Internet Café Cash

 Monthly / Hourly fees Virtual  Virtual Item fees

18 Game Titles and Genres Breakdown

Fantasy Cute Orient Lineage (NCsoft) Holy Beast (Easy Fun) SianMoDao (Alibangbang) Strategy Other

Gersang (Joyon) FantasyEarthZero(SquareEnix) Chi bi (Perfect World) 15% 10% 5% Laghaim (Nako) R2 (NHN) THOS (Aramaru) 25% N-age (Cedar) Bright Shadow (Gamania) Pandora Saga (Gonzo Rosso)

Mabinogi (Nexon) TianJi (Ferry Game) Xin Sian (Pixel Soft) MMOG Maple Story (Nexon) Zodiac (Playcoo) Atlantica (Ndoors) Dream of Mirror (Softstar) Millennium Promise(Youxiland) Total:20 titles 45%

Action Sports Music FPS Heat Project (Doobic) Art of War (GNI & Gamania) Kuso Party (WizQ) Gaming Card Puzzle Other

Getamped (CyberStep) Groove Party (Hanbit Soft) 7% 7% 13% 7% Grand Chase (KOG) Counter Strike (Valve/Nexon)

Crazy Arcade BnB (Nexon) Slugger (Neowiz) 7%

Dancing (9you) Alteil (Gamepot) 13% Casual Kart Rider (Nexon) Atrix (NCsoft)

Glanding–Gaming Platform Tales of Heroes (Winking) Total:15 titles 13% 33%

Titles with monthly revenue over USD$1.5m (~ NTD$50m) Titles with monthly revenue from USD$0.3m to $1.5m (~ NTD$10m to NTD$50m ) Name Titles developed or co-developed by Gamania Group Major Game Titles’ Solid Performance

Lineage Maple Story Counter Strike

Popular MMOG with long lifespan Best RPG for pupils & parents Exciting FPS with Creative Mode

 3D FPS (First Person Shooter)  Fantasy style 2D MMORPG  Cute style 2D MMORPG  Licensed from Nexon/Valve  Licensed from NCsoft  Licensed from Nexon  Under 1 year life-span  Over 8 years life-span  Over 3 years life-span  Free to play (Item mall)  Subscription based  Free to play (Item mall) (USD$11/month;USD$0.6 for 12hrs)  Members > 9m  Members > 3m  Members > 6m  Current PCU: 90,000  Current PCU: 60,000  Current PCU: 150,000

20 Annual Online Revenue by Major Titles

Online Revenue

Others Chi Bi Zodiac CSO FY08 USD$m Getamped Kart Rider BnB Mabinogi Maple Story Lineage 120 Lineage Maple Story 104 28% Mabinogi BnB 100 93 Kart Rider 29% Getamped YoY 11.4% CSO 80 Zodiac Chi Bi FY07 Others 60

Lineage 40 Maple Story 34% Mabinogi BnB Kart Rider 20 30% Getamped CSO Zodiac 0 Chi Bi 2007 2008 Others Source: Company Data Source: Company Data 21 Diversification Sustains Future Growth

Online Revenue 1Q09

USD$m Others Xin Sian Chi Bi Zodiac Lineage CSO Getamped Kart Rider BnB 16% Maple Story Mabinogi Maple Story Lineage 45 Mabinogi BnB 21% Kart Rider 40  Three titles Chi bi, Zodiac, and CSO created Getamped CSO more than online revenue in 1Q09 25% 35 30% Zodiac Chi Bi 30 Xin Sian Others 25 4Q08 20 Lineage Maple Story 15 Mabinogi BnB 10 27% Kart Rider Getamped 5 21% CSO Zodiac 0 Chi Bi 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Xin Sian Others Source: Company Data Source: Company Data In-house Titles Rise to Prominence

Online Revenue BS 11% XMD 1% USD$m In-house Titles Licensed Titles AOW 45 2%

40  In-house titles have been accounting for Zodiac 35 10% online revenue since 4Q08 86% Zodiac BS 30 XMD AOW 25

20

15

10

5

0 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Source: Company Data Source: Company Data

23 Earnings Review Consolidated Results of Gamania Group

Annual Financials Quarterly Financials USD$ m Revenue(GAAP) Revenue(Non-GAAP) Net Income USD$ m Revenue Net Income 120 50

100 QoQ 48.0 % 40 40 YoY 38.4 % 80 30 60 20 40

20 10 8 5

0 0 2005 2006 2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09 -20

Source: Company Data Source: Company Data

*Non-GAAP basis reconciles NC Taiwan’s contribution in revenue from FY05 to FY 07 **The conversion rate is based on USD$1.00 =NTD$33.917 on Mar 31, 2009 25 Operating Results of Gamania Taiwan

Annual Financials Quarterly Financials USD$ m Revenue Profit(Non-GAAP) USD$ m Revenue Profit(Non-GAAP) 90 85 35 80 QoQ 59.4 % 30 28 YoY 18.7 % 70 25 60

50 20

40 15 30 10 20 13 5 5 10

0 0 2005 2006 2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09 Source: Company Data Source: Company Data

*Non-GAAP basis reconciles tax and equity investment Gain/Loss **The conversion rate is based on USD$1.00 =NTD$33.917 on Mar 31, 2009 26 Operating Results of Gamania Japan

Annual Financials Quarterly Financials

JPY$ m Revenue Net Income JPY$ m Revenue Net Income 1,400 500

1,200 400 YoY 105.2 % 1,000

800 300

600 200 400 100 200

0 0 2005 2006 2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09 -200 Source: Company Data Source: Company Data

27 Operating Results of Gamania HK

Annual Financials Quarterly Financials HKD$ m Revenue Net Income HKD$ m Revenue Net Income 80 30

70 QoQ 34.7 % 25 YoY 78.3 % 60 20 50

40 15

30 10 20 5 10

0 0 2005 2006 2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09 Source: Company Data 28 Investment Highlights Corporate Strategy

Penetration Diversify game titles to attract more users

1995Vertical Enhance R&D to design quality titles

Horizontal Superior results in Japan & HK, target China & Westerns next

Diversifica- 1995 Create new application of digital entertainment tion

30 Pipeline Sustains Growth Momentum

USD$m 300 Fantasy Fantasy • Fantasy Earth Zero • Pandora Saga

• Millennium Promise • Atlantica …. • Zodiac 250 Orient Orient • Sian Mo Dao • Xin Sian • Chi bi Sports Cute • THEOS 200 • Slugger Music & Dance Music & Dance • Groove Party FPS 150 FPS • Counter Strike Online Action • DOA Action • Getamped 2 • Art Of War … 100 • Atrix • Tales of Heroes Gaming…. Gaming • Glending 50 Card Plan to launch • Alteil more new titles Party • Kuso Party 0 2005 2006 2007 2008 2009 Note: Non-GAAP Revenues for FY05~07 31 2009 Pipeline of Game Titles

1Q09 2Q09 3Q09 4Q09

2 3 2 GTW (Dead or Alive + 2 (Theos+Pandora) (Atlantica) Getamped 2 )

TIC 1 0 1 2 (Xin Sian) 3 3 1 GHK (Theos+Pandora+ Xin 2 (Atlantica) (Getamped 2) Sian )

GJP 0 1 1 1 (SianMoDao)

GCN 0 0 1 1

GKR 0 1 0 1 (Zodiac) (SianMoDao) 1 GUS 0 0 0 (Hero108)

32 Appealing New Game Titles/Episode(1)

Lineage : Crack of Time Xin Sian

2D Fantasy MMORPG 3D Cute MMORPG Developed by NCsoft Developed by Pixel Soft The opening of season III Kuso design for characters and items Released new classes(Dragon Knight & Illusionist) Experience the process of immortality PCU up to 150,000 Target 15~20 male Daily log-in users up 15% PCU around 40,000

33 Appealing New Game Titles/Episode(2)

Atlantica Dead or Alive

3D fantasy MMORPG 3D fighting casual game Developed by Ndoors Developed by TECMO Highly-valued with awards in Korea Adaptation of the popular video game “DOA” Fantasy style with exciting battles Reputed as the most splendid fighting game Users may simultaneously control 3~8 soldiers Contains several attractive characters Item mall opened in May 09 Plans to launch in 3Q09

34 Enhance R&D Capability

 Enhance the quality of self-developed titles Objective  Plan to develop 2~3 new MMOG & Casual titles per year  Launch self-developed titles to overseas market

Lucent Heart (A.k.a. Zodiac)

3D cute style MMORPG Launched on Aug 27, 2008 in Japan Top 1 game chosen by users via 4gamer Major revenue generator for Gamania JP PCU around 10,000 Registered Members >280,000

35 Engage in China Market

 Strategic Objective Expand Gamania’s operation scope  Tactics 1. Expand from Shanghai base 2. Seek strategic alliance opportunity Shanghai with potential partners 3. Target the market of 2nd or 3rd tier cities and build client base

36 Potential Animation Business

Huge business opportunity on broadcast royalty and licensed merchandise (Toy, DVD, Book, etc. ) Escalate Gamania’s global awareness Lower production cost for developing online game “Hero 108 Online” Leverage the success of the animation to promote “Hero 108 Online”

Global Leading Global Top 3 Professional Game & Animation Producer Animation Developer Cartoon Broadcaster & Distributor

Originate the new business model for Taiwan Animation sector!

37 2009 Guidance

 Existing titles such as Lineage and Maple Story would maintain revenue contribution

 New titles are expected to enrich the pipeline and provide incremental revenue to sustain growth momentum

 In-house titles have accounted for 10% online revenue and the revenue is expected to increase

 The benefit of equity investment is improving and promising

 Gamania China may achieve breakeven through new strategy

 Prepare to set up new branch in US to capture the great opportunity of the Western market

38 Q & A Time

39 2009© Gamania Digital Entertainment Co.,Ltd. All Rights Reserved.