Execution
Copy
 INVESTMENT AGREEMENT
 Company Investor party parties
 RECITALS:
 Ordinary
Shares Section 1.1(a)
   ARTICLE I
ISSUANCE, SALE AND PURCHASE OF ORDINARY SHARES
 Closing Date Transactions
 Issuance, Sale and Purchase of Ordinary Shares Purchased Shares Purchase
Price




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Closing; Closing Date and Place Closing Closing Date
 ARTICLE II
CONDITIONS
 Conditions of the Investor
 Definitive Transaction Documents
 License Agreement Exhibit
A
 Exhibit B Shareholders Agreement
 Exhibit C Registration Rights Agreement
  New WoW Framework
Agreement Exhibit D
  2




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Proceedings Not Restrained
 Representations and Warranties of the Company; No Default
 Consents Schedule
2.1(d) Exhibit E Section 3.4(b)
 No Material Adverse Effect
 Legal Opinion Exhibit F Exhibit G
 Certain Documents Section
2.1(c)
 3




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Conditions of the Company
 Definitive Transaction Documents
     Proceedings Not Restrained
 Representations and Warranties
 Consents Schedule
2.2(d) Exhibit E
 4




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Waiver of Closing Conditions provided however
 ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
  Organization and Authority
 Enforceability Exceptions
  5




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Section 3.1(b)
 Section 3.1(c)
 Structuring Structuring Documents
 6




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Capitalization
  Section 3.2(b)
 Section 3.2(c)
 Due Issuance of the Purchased Shares
 7




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Non-contravention; Consents
   Compliance with Laws; Regulatory Approvals
    8




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Financial Statements Section 3.6
 SEC Filings; Controls and Procedures
 Company Reports
 9




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Events Subsequent to Most Recent Fiscal Period
 Undisclosed Liabilities
 Due Diligence
 Tax Matters
  10




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11




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Intellectual Property
 Related Party Transactions Section 3.13
 Litigation
 Choice of Law. Section
9.6
 12




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ARTICLE IV
 ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE INVESTOR
  Organization and Authority; Financial Position
    Non-contravention; Consents
  13




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Status and Investment Intent
 Experience
 Accredited Investor
 Purchase Entirely for Own Account
 Restricted Securities
 Legends
  Access to Data
 14




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ARTICLE VI
COVENANTS
 Conduct of Business
  Section
3.2(b)
   Section 6.1
 15




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Commercially Reasonable Efforts
 Access; Delivery of Financial Statements and Company Reports
 NDA provided
  Confidentiality; Publicity
 Section 6.4(c) provided provided further
 16




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Exclusivity
 Exclusivity Period
 Notifications
 17




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provided however Section
6.6
 ARTICLE VII
INDEMNIFICATION
 Survival of Representations, Warranties and Covenants
 provided further Section 7.2(a) Article VII Section 6.4
  Indemnification
 Indemnified
Parties Section
1.1(b)
 Section 7.2(a)
 18




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Section
7.2(a)
 Section 9.9 Section 7.2(a)
 Section
7.2(a) Section
7.2(a) Basket Amount Section
7.2(a) Section 7.2(a)
 Certain Notice Procedures.
 Section
7.2(a) Section 3.1(e) Section 7.2(a) Notice Subject Stock
 19




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Transfer Notice
 Section 7.3 Section 7.3.
 Third Party Claims
 Third Party Claim Article VII Claim Notice provided however Section
7.2
 Section 7.4(d)
  20




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Section 7.4(b); provided however
 Section 7.4(b) Section 7.4(b) Section 7.4(d)
 Indemnity Notice Section 7.4(e) Dispute Notice
 21




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Section 9.6
 ARTICLE VIII
TERMINATION
 Termination of Agreement Section 8.2
 Termination Date provided however Section 8.1(a)
 provided
  provided however Section 8.1
 Effect of Termination Section 8.1 Section 8.2 Section 6.4 Article IX
 ARTICLE IX
MISCELLANEOUS
 22




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No Third Party Beneficiaries
 Entire Agreement
 Succession and Assignment provided however
 Counterparts
 Notices
  
  st
 23




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24




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Governing Law; Consent to Jurisdiction
  ICC Rules
 Section 9.6(c)
 Amendments and Waivers
 25




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Severability
 Specific Performance
 Tax Matters.
 Certain Definitions; General Interpretive Principles
 Annex A
  The remainder of this page intentionally left blank
 26




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Execution Copy
  THE9 LIMITEDBy:
    /s/ J. ZhuName:
    J. ZhuTitle:
    Chairman & CEO EA INTERNATIONAL (STUDIO AND PUBLISHING) LTD.By:
    /s/ Varinder ShiniName:
    Varinder ShiniTitle:
    Manager, International Publishing [SIGNATURE PAGE TO THE INVESTMENT AGREEMENT]




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ANNEX A
 DEFINITIONS
  Affiliate
 Agreement
 Basket Amount Section 7.2(f)
 Business Day
 Charter Documents
 Claim Notice Section 7.4(a).
 Closing Section 1.1(b).
 Closing Date Section 1.1(b).
 Code
 Company
 Company Board of Directors
 Company Material Adverse Effect
 A-1




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Company Party Company Parties
 Company Party Transaction
 Company Reports Section 3.7(a).
 Confidential Information
 Contract
 Control
 A-2




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Cure Period Section 7.2(a) Section 3.1(e)
 Disclosure Schedule Exhibit H
 Dispute Notice Section 7.4(e).
 EARTH
 Enforceability Exceptions Section 3.1(a).
 Entity
 Existing Registration Rights Agreement
 Exchange Act
 Exclusivity Period Section 6.5(b).
 Financial Statements
 Framework Agreements
 Fully-Diluted Basis
 GAAP
 A-3




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Governmental Authority
 Group
 ICC Rules Section 9.6(b).
 Indebtedness
 Indemnified Parties Section 7.2(a).
 Indemnity Notice Section 7.4(e).
 Intellectual Property
 A-4




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Investment
 Judgment
 Knowledge
 Law
 Liabilities
 License Agreement Section 2.1(a).
 Lien
 Losses Section 3.1(e) Section 7.2(a) Section 7.2(a)
 Material Adverse Effect
 A-5




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MII
 MII Notice
 NDA Section 6.3.
 New WoW Framework Agreement Section 2.1(a)(v).
 Old WoW Framework Agreement
 Ordinary Shares
 Original Price
 party parties
 Person
 PRC
 Purchase Price Section 1.1(a).
 Purchased Shares Section 1.1(a).
 Quarterly Reports
 Registration Rights Agreement Section
2.1(a)(iii).
 Regulatory Approvals
 Related Person 10% Stockholder
 A-6




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Representatives
 Required Regulatory Approvals
 Rights
 SAFE Registration
 SEC
 Section 7.2(a) Notice Section 7.3(a).
 Securities Act
 Shanghai Advertisement
 Shanghai IT
 Shareholders Agreement Section 2.1(b).
 Structuring Section 3.1(d).
 Structuring Documents Section 3.1(d).
 Subject Stock Section 7.3(a)
 A-7




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Subsidiary
 Survival Date provided Section 3.1(e) Section 3.11
 Tax
 Tax Return
 Termination Date Section 8.1(a).
 Third Party Claim Section 7.4(a).
 Transaction Documents
 Transfer Notice Section 7.3(a)
 Transactions
 A-8




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EXHIBIT A
 License Agreement




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EXHIBIT B
 Form of Shareholders Agreement




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EXHIBIT C
 Form of Registration Rights Agreement




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EXHIBIT D
 Form of New WoW Framework Agreement




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EXHIBIT E
 Required Regulatory Approvals for Closing
 Schedule 2.1(d):
 Section 2.2(d)




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EXHIBIT F
 Opinion of PRC Counsel




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EXHIBIT G
 Opinion of Cayman Islands Counsel




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EXHIBIT H
 Disclosure Schedule