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                                                                   EXHIBIT 10.17

                                                         Contract No: YOJCHO7136

                          SOFTWARE LICENSING AGREEMENT

The parties to this agreement are:

         A.       Actoz Soft Co., Ltd. ("Licensor"), whose principal place of
                  business is Unsuk B/D 4th Floor. 132-3 Sung Buk-Dong Sung
                  Buk-Gu, Seoul, Korea 136-020.

         B.       Shanghai Shanda Internet Development Co., Ltd. [Chinese name]
                  ("Licensee"), whose principal place of business is A-31,
                  Guoshoujin Rd., Zhangjiang Hi-tech Park, Shanghai, China
                  200122, P.R.C.

         C.       Shanghai Pudong New Area Imp. & Exp. Corp. [Chinese name]
                  ("Import Agent"), whose principle place of
                  business is No. 843 Wen Deng Road, Shanghai, china 200120,
                  P.R.C.

                                   I. SOFTWARE

         1.01. The computer software, which is the subject of this Agreement,
consists of the following:

                  (1)      A single computer program whose name or title is as
                           follows: Legend of Mir II.

                  (2)      The program will be provided in the following medium:
                           CD-ROM Title & INTERNET (complete with client and
                           server). The detailed list of program is in Appendix
                           II.

                  (3)      The program is designed to perform the following
                           functions: ON-LINE GAME SERVICE.

                  (4)      The program is provided as follows:
                                Subject code language only (application program)

         1.02. The license created by this Agreement also includes related
printed documentation, image files and films, including manuals covering the
installation, application and use of the computer program and published
specifications and trademark, logo and any artwork related to Legend of Mir.

         1.03. The license also includes subsequent improvements to either the
computer program or the related printed documentation made by the Licensor.

         1.04. All of the materials described in the preceding paragraphs of
this article are hereafter referred to as "Software."

                        II. LICENSE GRANT AND APPLICATION

         2.01. Licensor hereby grants and Licensee accepts the sole and
exclusive license to use, promote, distribute, market adapt or modify, and
convert the Chinese language version of the Software subject to the conditions
and the period specified herein. The server will be located in Mainland China
and Hongkong only.

                  (1)      The translation of the Software shall be done by the
                           Licensor.

                  (2)      The translation of game manual shall be done by the
                           Licensee.

                  (3)      Building a home page for the game shall be done by
                           the Licensee.

       2.02. The license granted herein applies only to the territory of
Mainland China, the People's

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Republic of China and Hong Kong (hereinafter referred to as "China"). Licensee
has the right to appoint a general agent in Hongkong with the permission to
utilize, promote, market and distribute this software within the region.

         2.03. The license granted herein shall remain in force for the minimum
term of TWO YEARS starting from the beta service in China. Unless either party
sends a written notice to the other party stating that it does not want to renew
this Agreement within sixty (60) days prior to the expiration of this Agreement,
this Agreement will be automatically extended for a further term of one year.

         2.04. Licensee has the unrestricted right to copy and distribute the
client side of the Software.

         2.05. Licensor shall notify Licensee when an updated version of the
computer program portion of the Software has been designed and is available for
distribution and shall provide Licensee with the originals of the client and
server side of the updated Software as soon as they are available. No expenses
should be charged for any updated versions. All the rights related to the
updated, modified, or upgraded materials which will be performed during the term
of this contract belong to the executant.

         2.06. If Licensor stops providing the service of the Software in the
Korean Market, the Licensor shall give to Licensee at least those updates
requested by Licensee to continue the service.

         2.07. During the term of this Agreement, in the event that the Licensor
intends to develop a Sequel and /or a pure subsequent versions the Licensor
shall give Licensee a right of first negotiation for the exclusive promoting,
user marketing and distribution rights for China in respect of such a Sequel.

         2.08. Licensee should provide the Licensor with the price scheme
including the price for CD and the price for service of the legend of mir II in
China all the time.

         2.09. Licensor shall not provide service of the sequels of the Legend
of Mir II in mainland China and Hongkong within one year after this contract.

                                  III. PROPERTY RIGHTS

         3.01. Title to the Software is reserved to the Licensor. Licensee
acknowledges that Licensor is and shall remain the owner of the Software.

         3.02. Licensee acknowledges that the Software is confidential in nature
and constitutes a trade secret belonging to Licensor. Licensee agrees not to
distribute or transfer the Software either during the term of this agreement and
two years thereafter, but Licensee may freely copy and distribute the client
side of the Software. Transfer and distribution to the Licensee's Hongkong
General Agent is permitted by this Agreement.

         3.03. During the term of this Agreement, Licensee agrees to keep the
Software at a secure place under access and use restrictions designed to prevent
disclosure of the Software to unauthorized persons and not less strict than
those applicable to Licensee's own trade secrets.

         3.04. Licensee further agrees to instruct its personnel to keep the
Software confidential by using the same degree of care and discretion that they
use with other data designated by Licensee as confidential.

                                   IV. PAYMENT

         4.01. In payment for the license granted under this Agreement, Licensee
shall assign the "Import Agent" to perform payment to Licensor an installation
fee of US$ 300,000 and a monthly royalty fee

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payable on the fifteenth day of each month whose method of payment is set forth
in Exhibit "1."

         4.02. All the costs related to assigning "Import Agent" and the fees
"Import Agent" charges for the money transfer shall be the responsibility of the
Licensee.

         4.03. Where tax is levied by tax authorities of China in respect of the
payment to be made by Licensee to Licensor, Licensee shall deduct such taxes
from payment made to Licensor and shall send to the Licensor tax certificates or
other official documents within one (1) month after the respective payment which
certify the payment by Licensee of such tax on behalf of Licensor.

         4.04. Except for force majeure. Licensee takes the full responsibility
to make sure that "Import Agent" performs the payment as required.

                     V. DELIVERY, INSTALLATION AND TRAINING

         5.01. Licensor shall deliver the original of the client and server side
of the Software (the Chinese Version) to Licensee no later than Sept 1, 2001.
The parties may mutually agree to change this date. At Licensee's request,
Licensor shall also provide the Software by computer transmission.

         5.02. Licensee shall do all the translations related to the software
including game manuals, home pages, advertising materials, game command lists
etc except the translation of the software itself.

         5.03. Licensor shall deliver all the documents in English or Korean
which are necessary for the service to Licensee no later than the 15th of July,
2001. Licensee shall deliver all the translated materials to the Licensor no
later than the 4th of Aug, 2001. If the installation of the Software is deferred
due to the late delivery of the translated materials, the Licensor takes no
responsibility on that respect.

         5.04. Licensor shall be responsible for the installation of the
Software as needed. Licensor will provide technical services in connection with
the installation and maintenance of the Software at Licensee's site at no
additional charge throughout the term of this Agreement. Licensor is responsible
for eliminating all viruses or other deficiencies including deficiencies of the
system security in the Software throughout the term of this Agreement. If it is
necessary for Licensor to travel to Licensee's office in China, traveling cost
to the Licensee's office is the responsibility of the Licensor. The specific
installation time, place and standards are set forth in Appendix V.

         5.05. Licensor shall provide Licensee with reasonable technical
orientation and training. The training schedule, place and contents are set
forth in Appendix VI. Traveling cost to Licensor's office is the responsibility
of the Licensee.

                                 VI. WARRANTIES

         6.01. Licensor warrants that it has good title to the Software and the
right to license its use to Licensee free of any proprietary right of any other
party or any other encumbrance whatsoever. Copyright Certificates for this
Software is attached in Appendix I.

         6.02. Licensor shall indemnify and hold Licensee free and harmless
against any and all loss, liability, penalty, damage or expense (including
reasonable attorney's fees) resulting from any claim or suit by any third party
against Licensee alleging infringement of trade secrets, copyrights, patents,
trademark, trade name or other proprietary rights in each case, so long as such
claim or suit is based upon Licensee's use of the Software and its related
documents provided by Licensor.

         6.03. Licensor warrants that the Software shall conform to the
Licensor's published functional specifications when delivered to Licensee.
Licensor shall provide programming services to correct Software

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defects that cause the Software to fail to conform to Licensor's published
functional specifications. The technical parameters and functions of the
Software are set forth in Appendix III and IV.

         6.04 Licensor undertakes that no logical bombshell exists in this
Software and an effective system has been established inside to prevent illegal
intrusion. Without the permission of the licencee, the Licensor shall not make
any actions of a nature which causes amendments on the Software installed in the
sever which is provided by the Licensee.

                                VII. TERMINATION

         7.01. The license granted herein shall be terminated upon the
occurrence of any of the followings:

                  (A)      Expiration of the term specified herein, or any
                           optional renewal term;

                  (B)      Unauthorized disclosure of the Software to a third
                           party other than Licensee's Hongkong Agent.

                  (C)      Failure to pay the monthly licensee fee for two
                           consecutive months;

                  (D)      Cessation of business by the Licensee.

                  (E)      Licensee suffers bankruptcy, whether voluntarily or
                           involuntarily.

         7.02. Licensee agrees that upon termination of the license, it shall
return the original versions of the Software to Licensor and all the Software
related databases.

         7.03. Licensee shall have the right to terminate this Agreement in the
event that (i) the game server stops due to Licensor's material breach and fails
to restart the server within ten (10) days of the Licensee's written notice to
cure; or (ii) the Licensor ceases or terminates its business, or its marketing
of the Software and fails to cure within ten (10) days after receipt of notice,
or suffers bankruptcy, whether voluntarily or involuntarily, or any other
reorganization, or an arrangement is made on behalf of Licensor's creditors or
fails to cure its deficiencies which can cause shut-down of the game server
within ten (10) days after receipt of notice or (iii) the Licensor infringes or
violates any terms, guarantee clauses or obligations made in this agreement.

                         VIII. GENERAL TERMS AND CONDITIONS

         8.01 Any notice required or permitted to be given to either party under
this Agreement shall be delivered in written (including Facsimile) via express
mail service or fax to the address below. The notice will take effect 72 hours
after the mail is received by the express mail service company or 24 hours after
the send-out of the fax.

         Actoz Soft Co., Ltd. ("Licensor")
         Unsuk B/D 4th Floor, 132-3 Sung Buk-Dong Sung Buk-Gu, Seoul,
         Korea 136-020.
         tel : +82-2-743-8260
         fax : +82-2-743-8261

         Shanghai Shanda Internet Development Co., Ltd. ("Licensee")
         14/F, POS Plaza, 1600 Century Avenue, Shanghai, 200122, P.R.C.
         tel : +86-21-58312822
         fax : +86-21-58312822

         SHANGHAI PUDONG NEW AREA IMP. & EXP. CORP. ("Import Agent")

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         2/2FL, Yanlord Plaza, No.92 Mao Xing Road, Shanghai, 200127, P.R.C.
         tel:+86-21-5870-1181
         fax:+86-21-5839-6111

         8.02. Licensee shall not assign or otherwise transfer its rights under
this agreement, nor transfer or assign the Software without the prior written
consent of the Licensor with the Hongkong Agent as an exception.

         8.03. This Agreement may be modified only by a written agreement duly
executed by persons authorized to execute agreements on their behalf.

         8.04. This Agreement shall be governed and construed by in accordance
with the laws of Singapore. All disputes arising under this Agreement shall be
submitted to final and binding arbitration. The arbitration shall be held in
Singapore in accordance with the Rules of Arbitration of the International
Chamber of Commerce.

         8.05. This Agreement constitutes the entire agreement between the
parties and is a complete and exclusive statement of the mutual understanding of
the parties. It supersedes and cancels all previous written and oral agreements
and communications relating to the subject matter of this agreement.

         8.06. The term of this Agreement are confidential. Neither party shall
disclose to any third party except Hongkong General Agent, its terms during the
term of this Agreement and two years thereafter.

         8.07. In the case either party infringes or violates any terms,
guarantee clauses or obligations, is liable for and will indemnify the aggrieved
party from and against all loss. The agreement-abiding party has the right to
require the delinquent party to make proper remedies to continue Agreement
Before the completion of indemnities or remedies by the delinquent party, the
agreement-abiding party has no obligations to fulfill the actions required by
the Agreement but is still entitled to the rights under the Agreement.

         8.08. This Agreement and its Appendices bear the same legal effect.

         Executed on 29th of June 2001 at the licensor's office in Shanghai,
China.

LICENSOR                                        LICENSEE

By: /s/ JongHyun Lee                            By: /s/ Tim Chan
   ----------------------------                     ----------------------------
        JongHyun Lee                                    Tim Chan
        CEO & President                                 CEO & President

                                                              [SEAL]

IMPORT AGENT

By: /s/ Shao Jan Nan
   ----------------------------
        Shao Jan Nan
        General Manager

             [SEAL]

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EXHIBIT ONE

         Payments will be made by Import Agent on behalf of Licensee to Licensor
as follows:

         1. For the right to distribute the Software in China, Licensee shall
pay a non-refundable fee of 300,000 US dollars (Cases stated in Clause 7.03
shall be considered as exception) to Licensor as an installation fee at the
signing of this contract. But with mutual consent, the payment schedule of the
fee can be adjusted

         2. Licensee will pay royalties to Licensor as follows:

                  A.       The royalty will be paid only when the commercial
                           service is being provided.

                  B.       The commercial service should start no later than
                           3 months after installation of the software to the
                           Licensee's servers.

                  C.       The royalty rate is 27% of total sales of the
                           Software.

                  D.       The total sales include the sales of CDs, prepaid
                           cards and any other forms of sales of the Software
                           which shall not include sales expenses for
                           distributors.

                  E.       True and correct accounts shall be kept by the
                           Licensee and maintained at the head office of the
                           Licensee. And all the money due under this Agreement
                           shall be paid to Licensor within 2 weeks after the
                           end date of each month.

                  F.       All the payment is paid in U.S Dollars: the exchange
                           rate is based on the rate published by the HSBC,
                           shanghai on the end date of each month.

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APPENDIX

Appendix I: Copyright Certificates for this Software

Appendix II: Language for the Software program
             client program : Boland Delphi4
             Server program (including installation program and installation
             documents) : Boland Delphi4
             Database : Boland Delphi4
             Management program : Boland Delphi4

Appendix III : Technical parameters for Legend of Mir II

- MPOG (RPG):oriental back ground mixed with fantasy

- Client Requirements

  - Minimum Requirements: Pentium 233MHZ,Ram 64M,SVGA, Necessary HDD 400M

  - Recommended: Celeron 400Mhz,Ram 128M,SVGA, HDD 600M

- Developing Tools, Programming Language & Protocol

  - Server & Gateway: Borland Delphi4, Windows NT 4.0

  - Client: Borland Delphi4, Windows NT 4.0

  - Protocol: TCP/IP

- Server Specifications (Complete Configuration)

  - Login Serve : P-III 600Mhz, 10G, 128M

  - Game Server 1 : P-III 1Ghz Dual, 105G, 512M 1 Server per 2,000 Concurrent
                    Users

  - Game Server 2 : P-III 1Ghz Dual, 105G, 512M

  - Game Server 3 : P-III 1Ghz Dual, 105G, 512M

  - DB Server : P-III 8000MHz, 20G, 256M

  - Gateway Server 1 : P-III 800Mhz Dual, 10G, 128M 1 Server per 1,400
                       Concurrent Users

  - Gateway Server 2 : P-III 800Mhz Dual, 10G, 128M

  - Gateway Server 3 : P-III 800Mhz Dual, 10G, 128M

  - Gateway Server 4 : P-III 800MHz Dual, 10G, 128M

- Sever Specifications (Basic Configuration for Beta Test)

  - Game Server : Login + Game + DB

  - Gateway Server

- Server OS: Windows 2000 Pro

- Required Bandwidth

  - T1 covers 350 concurrent users

  - E1 covers 400 concurrent users

  - T3 covers 10,000 concurrent users

Appendix IV: list of the functions of the software

         The manual provided by Atoz Soft Co., Ltd. is only a guidance for
         newcomers and does not give a complete description on the functions
         that will be used by clients of above grade 11. We are looking forward
         to a detailed and complete list of all the functions, including
         description on the Guild, for the purpose to make convincing
         advertising.

         Meanwhile, during waiting for the complete version, we have to take
         larger business risks and input new capital investments. Therefore, we
         hope the a complete version of new functions, such as music,

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         can be provided so as to enable us to make decision instead of keep
         waiting.

APPENDIX V: INSTALLATION STANDARDS, TIME AND PLACE

         Installation Place: Shanghai or Hongkong

         Installation time: The licensor promises that the installation shall be
         no later than September 1st; in the case that the licensee provides
         server and bandwidth, the installation shall not last more than 10
         days. Installation standards: including but not limited to: clients can
         successfully gain the identity to enter the Software

         Clients can utilize the Software with no considerable difficulty or
         obstacles, and the content of the Software is in accordance with the
         what stated in Appendix II and the client manual.

         Server load is accordance with the technical standards.

         The security of statistics is guaranteed.

APPENDIX VI: TRAINING SCHEDULE, PURPOSE AND PLACE:

         Training place: Shanghai

         Training time: Finishing no later than 10 days after the completion of
         the installation

         Training purpose: Including but not limited to: Tasks able to be
         handled by licensee engineer and GM: Independent Installation, testing
         of the server program,

         Ensure the stability of daily operation, able to handle common
         technical emergency or accidents. Give technical support to the payment
         system of the Software and the logging of all types of data. GM can
         face clients directly and manage the daily operation of the whole
         Software independently and use the management program with proficiency.

APPENDIX VII: RELATED ADVERTING MATERIALS AND TIME

         The licensor shall give active support to the licensee to conduct
advertising in mainland China and provide licensee with materials including but
not limited to: market advertising materials, current outer packaging material,
market promotion materials, website design material, advertising pictures,
Software introduction books and etc. The licensee has the right to utilize these
materials for commercial purposes.

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EXHIBIT TWO

         Payments will be made by Import Agent on behalf of Licensee to Licensor
as follows:

         1. For the right to distribute the Software in China, Licensee shall
pay a non-refundable fee of 300,000 US dollars to Licensor as an installation
fee.

                  A.       $100,000 shall be paid by the Licensee at the signing
                           of this contract.

                  B.       $100,000 shall be paid by the Licensee at the start
                           of Beta Test in China.

                  C.       The rest of the installation fee ($100,000) shall be
                           paid by the Licensee within 2 months after the start
                           of Commercial service in China.

         2. Licensee will pay royalties to Licensor as follows:

                  G.       The royalty will be paid only when the commercial
                           service is being provided.

                  H.       The commercial service should start no later than 3
                           months after installation of the software to the
                           Licensee's servers.

                  I.       The royalty rate is 27% of total sales of the
                           Software.

                  J.       The total sales include the sales of CDs, prepaid
                           cards and any other forms of sales of the Software.

                  K.       True and correct accounts shall be kept by the
                           Licensee and maintained at the head office of the
                           Licensee. And all the money due under this Agreement
                           shall be paid to Licensor within 2 weeks after the
                           end date of each month.

                  L.       All the payment is paid in U.S Dollars; the exchange
                           rate is based on the rate published by the HSBC,
                           shanghai on the end date of each month.

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                                                                   EXHIBIT 10.22

                              SETTLEMENT AGREEMENT

This Settlement Agreement (hereafter "Agreement") is made on August 19th, 2003
between Actoz Soft Co., Ltd ("Actoz"), a company incorporated in Korea, whose
principal place of business is Unsuk B/D 4th Floor, 132-3 Sung Buk-Dong Sung
Buk-Gu, Seoul, Korea 136-020, Shanghai Shanda Internet Development Co., Ltd.
[Chinese Name] ("SHANDA"), a company incorporated in the People's Republic of
China, whose principal place of business is 21F Huarong Plaza, No 1289 South
Pudong Road Shanghai, P.R.China 200122

WHEREAS, Actoz and Shanda are in the business of development and distribution of
online games;

WHEREAS, Shanda and Actoz (together with Shanghai Pudong New Area Import &
Export Corp) concluded a Software Licensing Agreement on June 29th, 2001
("Software Licensing Agreement"), by which Actoz granted to Shanda the sole and
exclusive licence to use, promote, distribute etc the Chinese version of the
"Software", as defined in the said Software Licensing Agreement;

WHEREAS Actoz and Shanda entered into a Supplementary Agreement On 14 July 2002
("Supplementary Agreement");

WHEREAS, since July 2002, various disputes ("Disputes") have arisen between
Shanda and Actoz, including but not limited to the allegations and
counter-allegations contained in the notice and letters sent by each party to
the other party, including without limitation Shanda's letter dated July 12,
2002 (as sent by Allbright), Shanda's letter dated December 12, 2002 (as sent by
AllBright), Actoz's notice of termination dated January 24,2003 (as sent by Kim
& Chang), Shanda's response letter dated February 10, 2003 (as sent by Allen &
Gledhill) and Actoz's response letter dated March 14, 2003 (as sent by Kim &
Chang), all of such notice and letters are attached hereto as ADDENDUM I.

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WHEREAS, both Actoz and Shanda are desirous of resolving any and all existing
disputes, whether known or unknown, between the parties, whether directly or
indirectly connected to, or arising under, the Legend of Mir II in accordance
with terms and conditions hereunder.

NOW, THEREFORE, IT IS AGREED AS FOLLOWS:

1. Payable Royalty

1.1 Without Shanda's admission of any liability, the parties agree that the
    total amount of royalty payable by Shanda to Actoz as of the end of April,
    2003 is tentatively US$ 14,394.369.11 ("Tentative Payable Royalty") and that
    definitive amount of such payable royalty ("Definitive Payable Royalty")
    shall be determined in accordance with Article 2.2 below.

1.2 Both parties acknowledge that the payable royalties for May and June of 2003
    shall be paid in 15 business days after receiving Actoz's relevant invoices.
    Shanda shall provide the royalty reports for the months of May and June of
    2003 in 7 business days after the signing of this agreement.

1.3 On the same date of the payment of the Tentative Payable Royalty, Shanda
    shall pay Actoz US $1 million dollars as recovery of the interest plus the
    differences in exchange rate calculations for the payable royalties before
    the signing of this agreement. Actoz shall share the expenses to fight the
    pirated servers of Mir II in proportion to the Actoz's royalty percentage of
    the Mir II but, for the convenience of calculation, both parties agree that
    Actoz shall provide US $1 million to Shanda to cover all of Actoz's part of
    the said expenses with no future obligations to share the said expenses. On
    the same date of the payment of the Tentative Payable Royalty, Actoz shall
    pay Shanda the above mentioned $1 million dollars to fight the pirated
    servers of the Mir II. Such mutual payment of US $1 million dollars between
    the two parties shall cancel each other.

1.4 On the same date of the payment of the Tentative Payable Royalty, Shanda
    shall pay US$ 3 million to Actoz and Actoz shall pay US$ 3 million to
    Shanda. Such mutual payment of US$ 3 million between the two parties shall
    cancel each other and shall be the complete and full Settlement Amount to
    recover damages of reputation resulting from the Disputes and to resolve any
    and all existing disputes, whether

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    known or unknown, whether directly or indirectly connected to or arising
    under the Legend of Mir II.

2. Payment

2.1 Shanda shall complete all necessary preparation to complete the wire
transfer of the funds in accordance with Section 1 ("the Wired Amount") on the
date of executing this Agreement. The execution of this Agreement and Shanda's
instructions to its bankers to make the wire transfer of the Wired Amount to
Actoz shall occur at the same day. Shanda shall execute the wire transfer by
August 29th. This Agreement shall be effective from the date of the signing,
unless Shanda fails to present to Actoz Pudong Import and Export Co., Ltd's
bank's confirmation of the wiring of the Wired Amount out of the latter's bank
account within twenty five business days from the date of the signing. In case
Shanda fails to present to Actoz the said confirmation above, within twenty-five
business days after the signing of this Agreement, then all agreements and
commitments signed by Actoz after January 24, 2003 shall be deemed null and
void and shall lose their effect forthwith automatically. In case Shanda fails
to present to Actoz the said confirmation above, within twenty-five business
days after the signing of this Agreement, then Actoz shall have the option of
accepting fines amounting to $1 million per day after the said twenty-five
business day period in addition to the Wired Amount, in exchange for resuming
all agreements and commitments signed by Actoz after January 24,2003.

2.2 The receipt of the Wired Amount by Actoz upon signing this Agreement shall
not be deemed as full payment of the Definitive Payable Royalty by Shanda.
Within 30 days after the signing of the Agreement, Actoz may appoint China
operations of one of the big four accounting firms (PriceWaterhouseCooper,
KPMG, Ernst & Young, and Deloitte & Touche Tomatsu) at its total discretion for
the purpose of verifying the conclusive accounting of Definitive Payable
Royalty. Shanda shall extend its full cooperation to such accounting firm,
including keeping all related materials during the term of the Software
Licensing Agreement, and giving access to any related material and personnel of
Shanda and of WOFE if necessary. If there is a difference between Tentative
Payable Royalty and the result of Actoz's accounting firms' verification, Shanda
shall have the right to appoint its own accounting firm (one of the big four
accounting firms) to re-verify the said difference. The Definitive Payable
Royalty and interest accrued thereon shall be determined by the average of the
calculations of the

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two accounting firms and shall be finally effective and binding on Shanda and
Actoz. If the Definitive Payable Royalty is more than the Tentative Payable
Royalty, Shanda shall make full payment of all the difference between the
Tentative Payable Royalty and the Definitive Payable Royalty, and the said
accrued interest calculated by the accounting firms, to Actoz via wire transfer
to the banking account designated by Actoz, within 15 business days from the
date when two accounting firms send their respective reports to Shanda and
Actoz. If the Definitive Payable Royalty is less than the Tentative Payable
Royalty, then Shanda shall be entitled to set-off any excess payment from
future payable royalty.

3.       Settlement and Release

3.1      This Agreement shall fully and finally resolve the Disputes. By signing
this Agreement, Actoz and Shanda agree, without any admission as to liability
whatsoever, to a full and final settlement in relation to all the past
allegations and claims, and/or any allegations and claims, whether known and
unknown, of either party against the other party directly or indirectly in
connection with and/or arising under The Legend of Mir II.

3.2      Subject to terms and conditions of this Agreement, Actoz and Shanda
hereby for themselves their successors and assigns irrevocably fully and forever
release and discharge each other (and their respective officers employees
servants and agents), of and from any and all actions, proceedings, claims,
demands, debts, obligations, liabilities, costs or expenses, of whatsoever kind
or nature, in law, equity or otherwise, whether known or unknown, whether or not
concealed or hidden, which Shanda and Actoz has against the other, had, may have
had, or now have for or by reason of any matter, cause, or thing whatsoever
arising out of or in connection with the Disputes.

3.3      At the time of signing of this Agreement or Actoz's receipt of the
transfering bank's confirmation of Shanda's wire transfer of the Wired Amount,
whichever comes later, the Parties shall announce in both China and Korea that
the Disputes have been resolved.

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4.       Amendment of Software Licensing Agreement

At the same time as execution of this Agreement, the Software Licensing
Agreement shall be amended as set forth in Amendment Agreement attached hereto
as EXHIBIT 1.

5.       Legend of Mir III

The parties agree that Legend of Mir III(a.k.a. "Evil's Illusion") shall not be
a subject of License granted by this Agreement and all the previous agreements
to which both Shanda and Actoz are parties. The parties further agree that
Actoz/Wemade shall not take any responsibility in relation to the formation of
contract of Legend of Mir III with a third party by Actoz and/or Wemade.
Licensee shall not hold Actoz/Wemade responsible for entering into the
license/distribution contract of Mir III with a third party.

6.       Others

6.1      Supplementary Agreement

Both Shanda and Actoz acknowledge that by the Supplementary Agreement, Wemade
has granted all the rights and representations to Actoz in connection with the
Legend of Mir II in China during the effective period. Upon the signing of this
Agreement, both Actoz and Shanda agree that the following terms in the
Supplementary Agreement shall become null and void automatically between Shanda
and Actoz, both of whom shall waive any and all allegations and claims, whether
known and unknown, against anyone under the following terms of the Supplementary
Agreement.

         (1)      Section 1

         (2)      Section 2

         (3)      Section 3

         (4)      Section 4

         (5)      Section 5

         (6)      Section 6

6.2      Priority

Should the terms and conditions of the original Software Licensing Agreement and
this Agreement conflict with each other, terms and conditions of this Agreement
shall prevail over those of the original Software Licensing Agreement.

                                       5
<PAGE>
6.3      Entire Agreement

The terms and conditions contained in this Agreement (including its Exhibit)
constitute the entire agreement between Actoz and Shanda relating to its subject
matter and supersede all prior oral and written agreements,
understandings or arrangements relating to the subject matter of this Agreement,
and may not be modified except by an instrument in writing signed by the duly
authorized representatives of the said parties.

6.4      Waiver

No delay or omission by either Actoz or Shanda in exercising any of its rights
or remedies under this Agreement or otherwise available to it shall impair such
right or remedy or constitute a waiver thereof, nor shall any single or partial
exercise of such right or remedy preclude any other or further exercise thereof
or the exercise of any other right or remedy. The said parties' respective
rights and remedies under this Agreement are cumulative and not exclusive of any
rights or remedies which any party would otherwise have available to it.

6.5      Severability

In the event that any clause or provision or part thereof in this Agreement
(including its Exhibit) shall for any reason be determined by any court or
tribunal to be illegal, invalid or unenforceable, then the remaining clause or
provision or part thereof shall not be affected, impaired or invalidated and
shall remain in full force and effect and shall continue to be binding upon
Actoz and Shanda. In such case, the parties shall make their best efforts to
amend this Agreement or its Exhibit (as the case may be) so that the parties'
original intention is provided in this Agreement or its Exhibit (as the case may
be) to such extent as possible.

6.6      Disclosure

Unless otherwise allowed herein, all of the parties hereto agree that they and
their attorneys will maintain the confidentiality of this settlement and the
specific and general terms thereof as set forth in this Agreement (including its
Addendum and Exhibit). No information concerning this settlement will be
disclosed to any party, including, but not limited to, any representative of the
news media, unless otherwise provided herein.

                                       6
<PAGE>

Either party or their attorney may disclose the terms of this settlement to any
government agency to which such information must be disclosed according to
applicable rules, regulations or statutes.

6.7      Governing Law and Dispute Resolution

The governing law of the Software Licensing Agreement and provisions in the
Software Licensing Agreement relating to dispute resolution shall apply to this
Agreement.

6.8      Representation and Warranties

In addition to the Warranties contained in the SLA, each Party represents and
    warrants on the date hereof as follows:

(a) Each Party is a corporation duly organized, validly existing and
    in good standing under all applicable laws and is duly registered and
    qualified to do business. Each Party has all requisite corporate power
    and authority to execute and deliver, and perform its obligations under
    this Agreement, and to consummate the transactions contemplated hereby;
    and

(b) The execution, delivery and performance of this Agreement by each
    Party has been duly authorized by all necessary corporate actions on
    the part of such Party. This Agreement has been duly executed and
    delivered by each Party, and is the valid and legally binding
    obligation of each Party, enforceable in accordance with its terms.

6.9      Approvals

Shanda shall be responsible for obtaining (if any) all licenses, permits,
registrations and other approvals and for filing reports necessary for the
performance of its obligations and acts under this Agreement from governmental
and other authorities in China in time, and thereafter for maintaining them in
force. Such licenses, permits, registrations, approval and reports include,
without limitation, (if any) the approvals of this Agreement by the government
of China and reports to the foreign exchange authority of China. Actoz shall be
responsible for obtaining (if any) all licenses, permits, registrations and
other approvals and filing reports necessary for the performance of its
obligations and acts under this Agreement from Korean government in time, and
thereafter for maintaining them in force.

                                       7
<PAGE>
6.10     Language

The English language version of this Agreement shall control in all respects and
for purposes of any and all disputes and litigation.

6.11     Counterparts

This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the
other party, it being understood that all parties need not sign the same
counterpart. Signatures may be evidenced by facsimile.

In witness whereof this Agreement has been entered into on the date stated at
the beginning.

Actoz Soft Co., Ltd.         Shanghai Shanda Internet Development Co., Ltd.

By: /s/ Jong Hyun Lee        By: /s/ Timothy Chan
    ------------------           -------------------
Name: Jong Hyun Lee          Name: Timothy Chan

Title: CEO & President       Title: Chairman of BOD

                                       8

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