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operating proft

taxDep and amort

WC

SBC

Change in WC

Capex

FCFF

NPV

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2005 2006 2007 2008 2009 200

29 29 228 !27 557 72!

5 5 !0 62 98 25!5 55 65 67 7 79

"#2$2 "68 "98 "! "6# "8# "22

! ## 50 52 55 58

25$8 !0 !! !! 20 28

8 6 8# 9# 5 !

!#$8 82 262 !2! #90 6!2

0 0 0 0 0 8588$78

%5&056$0!

955

%6&0$0!

ep' 0$92879!

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(m

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P)* *V)*B+,D- *V)Sa.e'

/oog.e 55$8 !0$8 #$

-.iaa 57$# 27$8 8$6Sina !$! 8$# 5$6

Soh1 22$9 2$# 6

Net*a'e 2#$6 20$6 2$9

Shanda 6$6 2$ 6$#

,enent 29$5 2# 8$7

a3erage !#$0#29 22$57#29 8$9

ep' $8885#5

P 6#$2!75

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+C (4+C

2006 96! $9

2007 !6 7$52008 #06 8$9

2009 75# 26$2

200 2!09 25$9

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W-CC *onomi proft D

!$75 "7$82 0$87920879 "5$6698 %!##$2

!$75 #2$60 0$77285!520 !2$92!56!$75 72$# 0$679#!666 #9$9697

!$75 28$!7 0$597!0256!5 !0$#!#8

!$75 280$5# 0$52505#8 #7$!!7

,V !8!7$

NPV %!##$2

op a.ane o +C 96!

Ca'h 08#

6228$!8