Document:

EX-4.67

Exhibit 4.67

Amendment to the

Exclusive Ragnarok Online Software License Agreement

     This Amendment to the Exclusive Ragnarok Online Software License Agreement (the
“Amendment”) is made and entered into this 1st day of September, 2008 by and
among:

	 	 	Gravity Co., Ltd, a corporation duly incorporated and validly existing under the laws of the
Republic of Korea (“Korea”) and having its principal place of business at 15F, Nuritkum
Square Business Tower, 1605, Sangam-Dong, Mapo-Gu, Seoul, Korea (“Gravity”); and
	 
	 	 	Shengqu Information Technology (Shanghai) Co., Ltd., a corporation duly incorporated and
validly existing under the laws of the People’s Republic of China (the “PRC”) and
having its principal place of business at No.1 Office Building, No. 690 Bibo Road, Pudong New
Area, Shanghai 201203,the PRC (“Shanda”); and
	 
	 	 	Shanghai Pudong Imp&Exp Co., Ltd., a corporation duly incorporated and validly existing under
the laws of the PRC and having its principal place of business at 86 Maoxing Road, Pudong New
Area, Shanghai 200127, the PRC (the “Import Agent”).
	 
	 	 	Gravity and Shanda shall be referred to individually as a “Party” and collective as the
“Parties”.

RECITALS

     WHEREAS, Gravity, Shanda and the Import Agent entered into an online software license
agreement with respect to the online game Ragnarok Online or “R.O.” on July 5, 2005 (the
“Original Game License Agreement”);

     WHEREAS, the Parties wish to amend the terms and conditions of the Original Game License
Agreement as set forth below:

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NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for
other good and valuable consideration, the Parties hereto agree as follows (capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Original Game License
Agreement):

	1.	 	Definitions. Article 1 “Gross Revenue” shall be deleted in its entirety and
replaced with the clause set forth below

	 	 	“Gross Revenue” shall mean all recognized revenues based upon the face value of
prepaid card and any other revenues recognized by Shanda in accordance with generally
accepted accounting principals in the United States of America that is generated from the
sale and distribution of the Shanda Version in the Territory, including but not limited
to the sale of prepaid cards with access codes that are used to transfer game points to
an End User’s Shanda game account from which such game points are deducted as the End
User accesses the Shanda Version and/or from which such game points are deducted when the
End User purchases value-added items that can be used when accessing the Shanda Version,
provided, however, that Gross Revenue shall not include (i) revenue generated from online
advertisements placed on Shanda’s websites or on the websites that host the Shanda
Version, nor (ii) revenue retained by distributors in the form of a discount from the
face value of prepaid cards, which is fixed to 14% of the face value of the prepaid
cards, or any fees paid by Shanda to third parties for distribution and payment
collection services relating to the Shanda Version.

	2.	 	Shanda Version Software Support. Article 4.2 (b) (iii) (A) shall be deleted in its
entirety and replaced with the clause set forth below

	 	 	(A) Gravity shall provide to Shanda software updates, enhancements, patches,
improvements or upgrades to the Game or Translation Assets (excluding Sequels) (“Game
Updates”), and Shanda shall have the rights conferred under Article 2 and obligations
under this Agreement, including those set forth in Article 4, as to such Game Updates
without any further action on the part of the Parties hereto. Gravity shall provide to
Shanda any Game Updates provided to other operators (including Gravity itself) of the
Game outside of the Territory. Shanda shall be responsible for translating all the Game
Updates into simplified Chinese at its sole costs and expenses. In addition, Gravity
shall provide Game Updates upon reasonable request of Shanda and in any event at least
once during every six (6) month period following the Initial Launch. Shanda shall not,
however, be obligated to implement any Game Updates of which Shanda does not approve. All
Game Updates shall be deemed to be part of the Shanda Version.

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	3.	 	Article 5.1 shall be deleted in its entirety and replaced with the clause set forth below

	 	5.1	 	Marketing. Shanda shall market, promote and encourage interest in the
Shanda Version and the Online Services within the Territory. Shanda shall spend a
minimum of One Hundred Thousand United States Dollars(US$ 100,000) for each year in
out-of-pocket cash expenditures in support of, and to promote in good faith, the
Shanda Version and the Online Services for each twelve-month period during the Term.
Shanda has the right to manufacture, copy and distribute the Gravity Marketing
Collateral. In furtherance of the foregoing, Shanda has the right to develop
collateral materials and assets to be used in connection with the commercial release
and distribution of the Shanda Version and the Online Services in the Territory (the
“Shanda Marketing Collateral”). The Shanda Marketing Collateral shall be
deemed to Shanda Properties.

	4.	 	Term. Article 10.1 shall be deleted in its entirety and replaced with the clause
set forth below

	 	 	This Agreement shall commence on the Effective Date of this Agreement and shall remain in
effect to 1st day of September, 2010 unless sooner terminated in accordance
herewith. No later than three (3) months prior to the expiration of this Agreement,
Gravity shall give Shanda the right of negotiation for a period of thirty (30) days for
re-execution of this Agreement for an additional term of one (1) year for the Shanda
Version. If no agreement in writing is made between the Parties for renewal or
re-execution of this Agreement during such period, this Agreement shall expire without
any further extension or renewal.

	5.	 	Phase-Out Period. Article 10.2 shall be deleted in its entirety and replaced with
the clause set forth below

	 	 	Provided that this Agreement is not earlier terminated pursuant to Article 10.3, there
shall be a phase out period of three (3) months following the expiration of the Term (the
“Phase-Out Period”), during which time Shanda shall wind-down the distribution
and operation of the Shanda Version. If this Agreement is terminated pursuant to Article
10.3, the terminating Party shall determine whether there shall be a Phase-Out Period and
the length of such Phase-Out Period, provided that such period shall not exceed three (3)
months. During the Phase-Out Period, Shanda shall (i) continue to make the Shanda Version
available to End Users, (ii) continue to pay Royalty Fees pursuant to Article 6.2, and
(iii) terminate its marketing and sales activities relating to the Shanda Version
(excluding permit end users to transfer game points to their Shanda account to access the
Shanda Version or to purchase

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	 	 	virtual items for use in connection with accessing the Shanda Version). In addition,
Shanda shall transfer the Gravity Game Database, the Shanda Game Database to a third
party designated by Gravity during the Phase-Out Period.

	6.	 	Billing Server Audit. A new Article 6.8, the text of which is set forth below,
shall be inserted immediately following Article 6.7 of the Original Software Licensing
Agreement:

	 	 	 	Commencing on the Effective Date, Shanda shall let Gravity check once per every six (6)
month the Shanda’s billing server informations , which includes the date and time of each
transaction, the game identification number, multi-server number, prop identification
number, amount/point actually used by user (collectively, the “Revenue-related
Information”), and any other information necessary to verify the Gross Revenue in the
Monthly Statements. Such check shall be conducted under the control of Shanda. In all
respects, Gravity and Gravity’s representatives who are bound to retain the
confidentiality shall maintain the confidentiality of the Revenue-related Information
obtained from Shanda and shall not use any such Revenue-related Information for any
purposes other than to ascertain and verify the account and billing information. Gravity
acknowledges that such Revenue-related Information shall not contain any private and
personal information of the End Users or business information related to the distributors
or telecommunication companies.

	7.	 	Participation in the RWC. Shanda shall participate in the Ragnarok Online Game
Champion of the World (the “RWC”) and Global Marketing Forum whenever RWC and Global
Marketing Forum are held by Gravity and the third parties designated by Gravity.

	8.	 	Other Terms in Effect. Except as amended by this Amendment, all provisions of the
Original Game License Agreement shall remain in full force and effect.

	9.	 	Disputes and Governing Law. This Amendment shall be governed and construed by in
accordance with the laws of Singapore. All disputes arising under this Amendment shall be
submitted to final and binding arbitration. The arbitration shall be held in Singapore in
accordance with the Rules of Arbitration of the Singapore Mediation Centre.

	10.	 	Counterparts. This Amendment shall be executed in three (3) counterparts, all of
which shall be considered one and the same agreement and shall become effective when each and
all counterparts have been signed by each of the Parties and one counterpart has been
delivered to respective Parties.

	11.	 	Headings. Captions and Article headings used herein are for convenience

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	 	 	only, are not part of this Amendment and shall not be used when construing the meaning of this
Amendment.

[Remainder of page intentionally left bank]

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IN WITNESS WHEREOF, the Parties have executed this Amendment Agreement through their duly
authorized representatives on the date first set forth above.

	 	 	 	 	 
	GRAVITY CO., LTD.

 	 	 
	By:  	 	 	 
	Name:  	Yoon Seok, Kang 	 	 
	Title:  	Chairman & CEO 	 	 
	 
	SHENGQU INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

 	 	 
	By:  	 	 	 
	Name:  	Chen Tianqiao 	 	 
	Title:  	C.E.O. 	 	 
	 
	SHANGHAI PUDONG IMP. & EXP. CO., LTD.

 	 	 
	By:  	 	 	 
	Name:  	Gu Xiao Ming 	 	 
	Title:  	General Manager 	 	 
	 

6EX-4.68

Exhibit 4.68

EXCLUSIVE RAGNAROK

LICENSE AND DISTRIBUTION AGREEMENT

This License Agreement (hereinafter referred to as “Agreement”) is made and entered into on this
1st day of September, 2008 (hereinafter referred to as “Effective Date”), by and between Gravity
Co., Ltd., a corporation duly organized and existing under the laws of the Republic of Korea
(hereinafter referred to as “Korea”) and having its principle office at 15F, Nuritkum Square
Business Tower, 1605, Sangam-Dong, Mapo-Gu, Seoul, Korea (hereinafter referred to as “Licensor”),
and Level Up! Inc., a corporation duly organized and existing under the laws of the Philippines and
having its principal office at 11th/F Pacific Star Building, Makati Avenue, cor. Sen.
Gil J. Puyat Avenue, Makati City, Philippines 1200. (hereinafter referred to as “Licensee”)

RECITALS

WHEREAS, Licensor has developed, and owns all rights in, computer programs of online game
“Ragnarok” (“Game”);

WHEREAS, Licensee desires to enter into an exclusive license agreement with Licensor under the
mutual terms and conditions specified herein pursuant to which Licensee will make the Game
available to End Users in the Territory specified below; and

WHEREAS, Licensor desires to grant such license to Licensee under the mutual terms and conditions
herein, specified below.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for
other good and valuable consideration, the Parties hereto agree as follows:

ARTICLE 1: DEFINITIONS

The terms defined in this Article shall have the meaning ascribed to them herein whenever
they are used in this Agreement, unless otherwise clearly indicated by the context.

	1.1	 	“Agreement” shall have the meanings set forth in the introductory section of this agreement,
and all annexes, amendments and supplements hereto.
	 
	1.2	 	“Confidential Information” shall mean all materials, know-how, software or other similar
types of information including, but not limited to, proprietary information and materials
regarding a Party’s technology, products, business information or objectives, including the
software for the Game and Technical Information as defined in this Agreement, as well as all
information which is designated as confidential in writing by the providing Party or which is
the type that is customarily considered to be confidential information by persons engaged in
similar activities.

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	1.3	 	“End Users” shall mean the users of the Game through a network game service system
established and operated by Licensee with individually assigned ID Numbers for each End User.
	 
	1.4	 	“Game” shall have the meaning stipulated in the recitals above, and shall further be defined
as including any modified or advanced version of the Game distributed by Licensor for error
correcting, updating or debugging purpose, under the same title. Any subtitled version, series
or sequel to the Game which may be developed or distributed by Licensor shall be clearly
excluded from the scope of this Agreement.
	 
	1.5	 	“ID Number” shall mean an identification number assigned to each End User, with which such
End User can access and use the network game service system established and operated by
Licensee.
	 
	1.6	 	“Intellectual Property” shall mean all patents, designs, utility models, copyrights,
know-how, trade secrets, trademarks, service mark, trade dress and any other intellectual
property rights, whether registered or not, in or related to the Game or Technical
Information.
	 
	1.7	 	“Local Language” shall mean English as used in the Territory.
	 
	1.8	 	“Local Version” shall mean the Game provided in the Local Language.
	 
	1.9	 	“Parties” and “Party” shall mean Licensor and Licensee, collectively and Individually,
respectively.
	 
	1.10	 	“Servers” shall mean the servers established, installed and operated by Licensee within the
Territory only for the service of Game to End Users in the Territory.
	 
	1.11	 	“Prepaid Cards” shall mean the tangible or intangible card containing a unique code or other
unique identifying information purchased by End Users to access the Game, as generated by
Licensee in its sole and exclusive discretion.
	 
	1.12	 	“Game Points” shall mean cyber points upon Prepaid Cards or accounts of End Users.
	 
	1.13	 	“Gross Sales Amount” shall mean the total value of Licensee including Prepaid Cards that are
purchased and registered by End Users, as calculated by use of the Billing System of the Game.
“Gross Sales Amount” does not include 10% of value added tax (VAT) or any sales tax.
	 
	1.14	 	“Billing System” shall mean the software and hardware necessary to calculate the Gross Sales
Amount.
	 
	1.15	 	“Technical Information” shall mean the software, know-how, data, test result, layouts,
artwork, processes, scripts, concepts and other technical information on or in relation to the
Game and the installation, operation, maintenance, service and use thereof.
	 
	1.16	 	“Territory” shall mean Philippines.
	 
	1.17	 	“Closed Beta Test” shall mean the the secured and non-public testing of the beta version of
the localized Game by a select group of the End Users prior to the Open Beta test, which is to
be performed by Licensee in the Territory.

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	1.18	 	“Open Beta Test” shall mean the secured testing of the beta version of the localized Game by
offering the Game to the general public for free trial for a limited period of time prior to
the Commercial Launch Date of the Online Game, which is to be performed by Licensee in the
Territory.
	 
	1.19	 	“Commercial Launch Date” shall mean when Licensee commercially launch the Game and start
charging from the End Users directly or indirectly.
	 
	1.20	 	“Business Days” shall mean any days other than Saturday, Sunday and any other day designated
as a legal holiday by Philippines government.
	 
	1.21	 	“Game Database” shall mean all the data collected and used to operate the Game, including,
but not limited to the personal identification information of End Users and game-play
information such as character appearances(e.g., face/body), character attributes(e.g., level/
experience, point/skill), item inventories and statistics in relation to End Users’ playing
Game
	 
	1.22	 	“Sublicensing” shall mean a license granting a
portion or all of the rights, to a third party by Licensee, which has
been granted to Licensee under this Agreement. When used as a verb, “Sublicense” means to engage in Sublicensing.

ARTICLE 2: GRANT OF LICENSE

	2.1	 	Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor, under the
terms and conditions set forth in this Agreement, a non-transferable, royalty-bearing and
exclusive license within the Territory which shall be irrevocable during the period of this
Agreement so long as Licensee maintains in substantial compliance with the material terms
hereof, to do any or all of the following;

	 	(a)	 	To maintain and operate the Game within the Territory, and to grant subscriptions to
subscribers to access the Game within the Territory;
	 
	 	(b)	 	To reproduce, in object code form only, and to market, distribute and sell to
subscribers or potential subscribers, the client software in CD-Rom medium format or
through the Internet; and
	 
	 	(c)	 	To generate, market, promote, sell and distribute Prepaid Cards in accordance with
market demands.

	2.2	 	Licensee acknowledges and agrees that it has no rights or claims of any type to the Game
except such rights as created by this Agreement, and the Licensee irrevocably waives and
releases any claim to title and ownership rights (including trade secret and copyright
ownership) in the Game.
	 
	2.3	 	Unless explicitly approved in writing by Licensor, Licensee shall have no right to sublicense
the rights granted under Article 2.
	 
	2.4	 	Licensee is permitted to appoint sub-distributors to market, promote, sell and distribute the
client software in CD-Rom medium and the Prepaid Cards for the local service, provided that
Licensee agrees to be responsible for each sub-distributor’s compliance with all of the terms
and conditions contained herein applicable to Licensee. Licensee will not knowingly appoint
the sub-distributors who intend or are likely to resell them outside the Territory.

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	2.5	 	Any service, use, promotion, distribution and marketing of the Game outside the Territory and
any use of the Technical Information for any purpose other than performance under this
Agreement are strictly prohibited.
	 
	2.6	 	Licensee shall provide Game services only by way of the PC on-line method (excluding mobile
access) using the Servers. However, in consideration of the current level of development of
information technology in the Territory, which primarily operates on a narrow-band basis,
Licensee shall be allowed to make Game services available by use of its own available
equipment. Licensor shall provide Licensee detailed technical specifications for the hardware,
software, and network connections required for the Game. Both Parties shall use commercially
reasonable efforts to modify and upgrade the foregoing technical specifications so as to
optimize the performance of the Game within the Territory.
	 
	2.7	 	The Game shall be serviced, promoted, distributed and marketed under the titles, trademark,
character names and other names of the Game (hereinafter referred to as “Title”) as originally
created and used by Licensor, and/or as modified herein pursuant to the terms of Article 2.7.
Notwithstanding the foregoing, if a change to any of the foregoing Titles is required as a
result of any special lingual or social circumstance of the Territory, the Parties shall
decide and use a new Title (hereinafter referred to as “New Title”) for the Game. All of the
rights in or to the Title and New Title shall be exclusively owned by Licensor and Licensee
shall not use any such Title or New Title in a manner that falls outside the scope of this
Agreement without the prior written approval of Licensor.
	 
	2.8	 	All of the rights in or to the Game, except as granted under this Agreement, including but
not limited to the rights to the character business of the Game, shall remain exclusively with
Licensor.
	 
	 	 	However, Licensor will grant to Licensee the right of first negotiation for a period of sixty
(60) days from Licensor’s decision to do so, for the right to produce and/or sell and
distribute in the Territory merchandise relating to the Game, including but not limited to,
character dolls, reproductions of the characters in collaterals, and other similar types of
toys, gifts, collectibles, and other types of durable merchandise, as well as such other
accessories, under a separate merchandising agreement. Such right of first negotiation within
the foregoing 60 days period shall include the right of Licensee to match any reasonable and
bona fide offer received by Licensor from any third party. Licensee shall also have the right
of first negotiation for thirty (30) days to service all new game titles of Licensor from the
date when such new game is available in the Territory. Also included is the right of Licensee
to match any offer received by Licensor from any party. Licensor shall notify licensee within
seven (7) days in writing upon receipt of an offer from any party. The Licensee shall have
thirty (30) days to match an offer from another party upon written notice from Licensor.

ARTICLE 3: LOCALIZATION

	3.1	 	Licensor shall deliver to Licensee all localization materials, including game texts, scripts,
manual texts, documentation, marketing materials and in-game-voice-recordings (the
“Localization Materials”) for the Game in Korean language as are necessary for Licensee to
localize the Game into Local Language for the exploitation of the Game within the
Territory.
	 
	3.2	 	Upon receipt of the Localization Materials, Licensee shall, at its own expense, perform
translation or recordings of the Localization Materials into Local Language to

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	 	 	the reasonable satisfaction of Licensor (“Translation”). The Translation shall be made
faithfully and accurately, shall be of good quality and shall consist of the whole of the
textual, graphical and audio material provided in the Localization Materials, without
alteration, abridgment, or supplement, unless Licensee has received the express written consent
of Licensor approving such modification.
	 
	3.3	 	In case the Translation or Contents of the Game requires modification because it may contain
false, misleading, fraudulent, libelous or obscene or other matter which is unlawful or which
may give rise to a criminal or civil cause of action, or will otherwise be considered obscene,
inappropriate, or offensive to the sensibilities of the End Users located in the Territory due
to cultural morals and norms, Licensee shall inform Licensor of such required modifications
and the reasons thereof and Licensor shall consent to such modifications so long as such
modifications do not materially change the original work.
	 
	3.4	 	Licensor reserves the right to disapprove the Translation before integration pursuant to
Article 3.6 below. Licensee will submit the Translation to Licensor for review. Licensor
shall then provide, within a reasonable amount of time, its acceptance or comments detailing
modifications to the Translation, and Licensee shall effect any modifications directed by
Licensor and, as soon as reasonably practicable, shall re-submit the new Translation for
approval by the Licensor and the above approval procedure shall be repeated until such items
are approved by the Licensor.
	 
	3.5	 	All costs and expenses arising from the performance of Licensee’s obligations in this Article
3 shall be borne by Licensee, including the costs of compensating all translators. Licensee
agrees to obtain from all translators proper written grants of all rights to their works.
	 
	3.6	 	The Game shall be serviced in the Territory only in the manner permitted by Licensor under
this Agreement. Licensee shall be strictly prohibited from any modification, amendment or
revision to any part of the Game including the title of the Game and the name of the
characters in the Game, without the prior written approval of Licensor.
	 
	3.7	 	Licensee’s Billing System must be tested, analyzed and
approved by Licensor prior to being used in the Game. If the Licensee’s Billing System is considered suitable for the Game
by Licensor, such Billing System shall be applied to the Game. If Licensee’s Billing System has
unavoidable or other serious technical conflicts against the Game and may cause serious problem
for the Game service, Licensee shall agree to use a Billing System recommended by Licensor for
the purpose to mutually manage the local billing transparently. Upon Licensee’s request,
Licensor shall dispatch its billing account manager to synchronize Billing System with the Game
and incurring expense for this procedure shall be borne by Licensor. Licensee shall approve the
real-time access of Licensor to the Billing System under this Agreement.

ARTICLE 4: INSTALLATION AND MAINTNANCE ASSISTANCE

	4.1	 	During the term of this Agreement, Licensor shall provide Licensee with installation and
maintenance assistance and support as determined by the Licensor sufficient to enable Licensee
to provide and maintain high-quality service for the Game. This assistance shall include, but
not limited to, software installation and set-up, maintenance support, patches and updates
used by the Game software, reasonable and appropriate support and assistance for the
localization of the Game into Local Version, training Licensee’s personnel in respect of the
maintenance and operation of

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	 	 	the software for the Game provided that, any and all expenses actually incurred by any
engineers dispatched by Licensor to perform the above installation and maintenance assistance
in this Article 4.1, including, without limitation, traveling cost including all round-trip
airfare from Licensor to Licensee office, lodging, and other general living expenses incurred
during their stay at Licensee’s premises, shall be borne by Licensee.
	 
	4.2	 	During the term of this Agreement, Licensor shall receive Licensee’s personnel in its office
in Korea for training with respect to the service of the software for the Game and the
maintenance and operation of the Servers upon Licensee’s reasonable request. The number of the
trainees from Licensee shall not exceed three (3) persons at one time and the total period of
training shall not exceed seven (7) man-days (based on eight (8) hours of training per trainee
per day) per person sent, unless otherwise agreed in writing by Licensor. All of the expenses
for travel, lodging, food and other general living expenses incurred by such sent personnel of
Licensee shall be borne by Licensee. Engineers sent by Licensor to Licensee shall provide
training to any local staff if necessary.
	 
	4.3	 	Licensor agrees to send two (2) technical support personnel to perform maintenance service in
Licensee’s office prior to the commencement of the close beta test of the Game in the
Territory. Licensee agrees to reimburse Licensor in the actual amount incurred for the
followings:

	 	(1)	 	Daily allowance of USD 54.79 for each dispatched Technical Support Personnel. The payment
shall be made upon Licensor’s written quarterly invoice.
	 
	 	(2)	 	Accommodation for the dispatched Technical Support Personnel.
	 
	 	(3)	 	Traveling Cost including all Round-Trip Airfare from Licensee
to Licensor office for the dispatched Technical Support Personnel.
	 
	 	(4)	 	Mobile Phone communication charge within the boundary set by the Licensee.
	 
	 	(5)	 	Duration of stay for the dispatched Technical Support Personnel shall be based on mutual
written agreement of the Parties

	4.4	 	Any further assistance may be rendered by Licensor upon mutual agreement of the Parties.

ARTICLE 5: ROYALTY PAYMENT AND TAXES

	5.1	 	License Fee
	 
	 	 	Licensee paid to Licensor a non-recoupable and non-refundable License fee (hereinafter referred
to as “License Fee”) in the amount of One Hundred Thousand US Dollars (US$ 100,000) within 60
calendar days after the Effective Date.
	 
	5.2	 	Royalty Payment and Report
	 
	 	 	Licensee shall pay to Licensor as Royalty Payments twenty five percent (25%) of the Gross Sales
Amount paid by End Users during the commercial period of this Agreement. Subject to Article 5.2
below, the Royalty Payment shall be paid by Licensee on a monthly basis within Twenty (20) days
after the end of the applicable month. The Royalty Payment shall be deemed made upon
presentation by Licensee

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	 	 	of remittance confirmation or notice to Licensor of payment. Unless Licensor actually receives
the remitted amount, the Royalty Payment shall not be deemed to have been paid. Licensee may
not set-off the Royalty Payment against any claims Licensee may have against the Licensor.
Licensee shall also provide Licensor with a report (“Royalty Report”) on a monthly basis within
Fifteen (15) days after the end of the applicable month. Each Royalty Report shall contain
detailed information concerning the calculation of Gross-Sales Amount for the applicable month.
	 
	5.3	 	Any and all payments under this Agreement by Licensee to Licensor shall be made in US Dollars
(USD) and by wire transfer to any bank account designated by Licensor.
	 
	5.4	 	In the event any payment is not made by Licensee within the due date described in this
Agreement, a default interest at the rate of twelve percent (12%) per annum of the actual
amount of delayed payment shall be applied. For the avoidance of doubt, Licensor’s entitlement
to such default Interest pursuant to this Article 5.4 shall not affect any of the other rights
of Licensor under this Agreement.
	 
	5.5	 	Except as may be otherwise provided for herein, unless explicitly approved in writing
by Licensor, Any and all taxes including the sales tax, value added tax, income tax,
duties, fees and other government charges of any kind on any payment to Licensor
under this Agreement shall be borne by Licensee, provided, however, if any government in the
Territory requires Licensee to withhold the withholding tax on the payment to Licensor,
Licensee is allowed to withhold such tax no more than fifteen percent (15%) from such payments
only if Licensor is entitled to receive such payments as a tax credit under the relevant laws
of Korea or any existing tax treaty between the respective countries of operation of Licensor
and Licensee. In the event that any amount is withheld for the tax payment under this Article
5.5, Licensee shall promptly inform Licensor of such payment and provide Licensor with a
certification issued by the relevant tax authorities with respect to the relevant payment. Any
withholding tax in excess of the aforesaid limit shall be borne by Licensee, and shall not be
deducted from the actual payment amount.
	 
	5.6	 	Licensee shall hold Licensor harmless from all claims and liability arising from Licensee’s
failure to report or pay such taxes, duties, fees and other governmental charges of any kind.
	 
	5.7	 	If Licensee shall be prevented by order or regulation of the government of the Territory from
transmitting any payment due hereunder then Licensor shall nominate in writing an alternative
method of collecting such payment which shall not be restricted by such order or regulation
and such alternative method shall be binding on Licensee until such order or regulation shall
be withdrawn.

ARTICLE 6: REPORT & AUDIT

	6.1	 	Licensee shall provide Licensor with all relevant and non-privileged information pertaining
to the development of its business in relation to the Game. Without limiting the generality of
the foregoing, Licensee shall inform Licensor promptly in the event of its launch of the beta
tests or the commercial service of the Game.
	 
	6.2	 	Licensee shall provide Licensor with a monthly report (the “Monthly Report”) within fifteen
(15) days after the end of the applicable month. Such report shall be in writing and discuss
Licensee’s business activities in relation to the Game, including, but not limited to, the
number of End-Users including the maximum and average number of concurrent End-Users, the fees
charged by Licensee, the total service amounts for

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	 	 	the pertinent month, the amounts spent on advertising activities, complaints received from End
Users and market trends in the Territory.
	 
	6.3	 	Licensee shall keep all of their records, contractual and accounting documents and company
documents in relation to its business and other activities related to this Agreement in its
principal offices during the term of this Agreement and for not less than five (5) years after
the expiration or termination of this Agreement.
	 
	6.4	 	During the term of this Agreement and for five (5) years after the expiration or termination
hereof, Licensor may by itself or through an accountant designated by Licensor investigate and
audit the accounting documents of Licensee with respect to its Game business upon seven (7)
days prior written notice to Licensee. For this purpose, Licensor may request Licensee to
produce relevant documents, and may visit Licensee’s office and make copies of Licensee’s
documents. Licensee shall provide all assistance and co-operation required by Licensor for
such investigation and audit.
	 
	6.5	 	All expenses incurred for such investigation and audit shall be borne by Licensor.
	 
	6.6	 	If such investigation and audit reveals underpayment by greater than five percent (5%) of the
annual Royalty Payment amount, Licensee shall bear all expenses for such investigation and
audit and shall immediately pay to Licensor the unpaid amount together with a per annum
default interest thereon equivalent to twelve (12%) percent thereof. In the event of
Licensee’s understatement of the Royalty Payment amount without any justifiable reasons,
Licensor shall be entitled to terminate this Agreement pursuant to Article 13.3(b) below.

ARTICLE 7: ADVERTISING & PROMOTION

	7.1	 	Licensee shall exert reasonable efforts to advertise, promote and perform marketing
activities for the Game in the Territory.
	 
	7.2	 	For the advertising and promotion of the Game in the Territory, Licensee agrees to spend a
minimum of One Hundred and Fifty United States Dollars (USD150,000) for each twelve-month
period after Effective Date. Such amount shall include funds spent directly by Licensee or by
third parties with which Licensee has marketing or distribution agreements. Licensee shall
provide Licensor with detailed information on Licensee’s advertising activities every month in
Monthly Report in accordance with the requirement of Article 6.2. In addition, Licensee shall
provide Licensor with a separate advertisement report on June 30 and December 31 of each year
covering the preceding six (6) months’ period.
	 
	7.3	 	Licensor will provide Licensee with samples of the marketing and promotional materials for
the Game that have been or will be produced on behalf of Licensor during the term of this
Agreement. Licensee shall pattern all its advertising, marketing and promotional materials for
the Game in the Territory after the samples furnished to Licensee by Licensor, and Licensee
shall provide Licensor with samples of the advertising, marketing and promotional materials
for the Game produced by Licensee no later than seven (7) days before launching of each
campaign. Within seven (7) days after receiving the samples of Licensee’s advertising,
marketing and promotional materials, Licensor shall notify Licensee in writing of Licensor’s
approval or disapproval thereof, or of any changes that Licensor may require Licensee to make
thereto.

8

 

	7.4	 	Except as otherwise provided herein, the ownership of and the copyright in the marketing and
advertising materials produced or used by Licensee on the Game (“Advertising Materials”) shall
remain exclusively with Licensor, and Licensee shall not use the Advertising Materials for any
purpose other than promotion, distribution, marketing and advertising of the Game pursuant to
the terms and conditions of this Agreement.
	 
	7.5	 	Licensee may provide End Users with such number of free Game Points and free accounts as may
be reasonably necessary, in Licensee’s sole discretion, for the purposes of the promotion,
operation and advertisement of the Game only with prior written approval from Licensor.
Detailed information regarding free Game Points and accounts provided by Licensee to End Users
shall be supplied to Licensor on a monthly basis in Monthly Report required by Article 6.2,
hereof.

ARTICLE 8: OTHER OBLIGATIONS OF LICENSEE

	8.1	 	Licensee shall exert its reasonable efforts to supply, distribute and promote the Game in the
Territory.
	 
	8.2	 	Except as provided herein Licensee shall be solely responsible for service, use, promotion,
distribution and marketing of the Game in the Territory, and Licensor shall not be responsible
for or obligated to provide any of the foregoing above and beyond the obligations stated in
this Agreement.
	 
	8.3	 	Licensee shall provide full and comprehensive installation and maintenance support to End
Users to assist them in their use of the Game as approved by Licensor, including but not
limited to Licensee’s maintaining 24-hour installation and maintenance contact window, on-line
customer services, sufficient outbound bandwidth and circuits for operating business under
this Agreement, and game servers required for on-line game operation.
	 
	8.4	 	Licensee shall provide its efforts to protect the Intellectual Property rights of Licensor
and shall assist Licensor to procure appropriate legal and administrative measures against any
and all activities by third parties infringing the Game or any of the Intellectual Property
rights of Licensor on or in relation to the Game, including without limitation to, manufacture
or sales of counterfeiting CDs, manuals, workbooks or other products.
	 
	8.5	 	Licensee shall abide by all laws and regulations of the Territory in its service, use,
promotion, distribution and marketing of the Game in the Territory.
	 
	8.6	 	Licensee shall provide a prior written notice to Licensor in the event Licensee intends to
change its marketing strategies, including advertising, marketing, promotional materials,
product packaging and price policies relating to the Game, and other important policies.
	 
	8.7	 	Licensee shall indemnify and hold harmless for Licensor and as well as their respective
officers and employees from any kind of losses, costs, expenses or liabilities, including
reasonable attorneys’ fees resulting from any claim, whether in tort, contract, product
liability or otherwise by a third party on or in relation to Licensee’s service, use,
promotion, distribution and marketing of the Game.
	 
	8.8	 	Upon Licensor’s request, Licensee shall provide Licensor with a reasonable amount of suitable
office space and office supplies in Licensee’s office for the auditing

9

 

	 	 	activities of Licensor. Access to such office space shall be limited only to persons designated
by Licensor. All expenses incurred by Licensor’s employees and auditor sent to Licensee’s
offices for transportation, postage, telecommunications, lodging, food and other general living
expenses, and the salaries for such employees during their stay at such offices shall be borne
and paid by Licensor.
	 
	8.9	 	Licensee shall not (a) copy, modify, display or distribute to any person all or any part of
the Game, except as provided for herein; (b) disassemble, decompile or reverse engineer the
Game, or any part thereof; (c) use, distribute or provide the Game to any third parties,
except as authorized in this Agreement; (d) distribute or make the Game, or any executables
derived or produced therefrom; (e) knowingly distribute, make available or disclose the Game
to any third party except as authorized herein; (f) license, sublicense, distribute or make
available the Game to any third party, except as provided in this Agreement; or (g) assist any
other person or entity in doing any of the foregoing. Licensee shall use commercially
reasonable efforts to prevent any third party from doing all or any of the foregoing without
the permission of Licensor. Licensee shall be responsible for all matters arising out of any
payment relating to sub-distributor.

ARTICLE 9: TECHNICAL INFORMATION AND INTELLECTUAL PROPERTY

	9.1	 	Technical Information and Intellectual Property shall be exclusively owned by Licensor
whether or not specifically recognized or registered under applicable law, and this Agreement
shall not grant Licensee or permit Licensee to exercise any right or license in or to the
Technical Information and Intellectual Property except for the License granted under this
Agreement. Licensee shall not obtain or try to obtain any registered industrial property or
copyright in or over any of the Technical Information and Intellectual Property of Licensor
regardless of the territory and exploitation area.
	 
	9.2	 	Licensor hereby represents and warrants that Licensor is the legal owner of the Technical
Information and Intellectual Property; that it has a legal and valid right to grant the rights
and License under this Agreement to Licensee, and that the Game and Technical Information do
not violate or infringe any patent, copyright and trademark of any third party in Korea.
	 
	9.3	 	Licensor further guarantees and warrants to Licensee that the Game and the corresponding
Technical Information and accompanying Intellectual Property, to its knowledge at the time of
singing of this Agreement;

	 	(a)	 	does not violate any Intellectual Property rights of any third party or any rights of
publicity or privacy in Korea or elsewhere;
	 
	 	(b)	 	does not violate any law, statute, ordinance or regulation (including without
limitation the laws and regulations governing export control, unfair competition,
anti-discrimination or false advertising) of Korea or elsewhere; and
	 
	 	(c)	 	shall not contain any obscene, child pornographic or indecent content.

	9.4	 	Licensor agrees to indemnify and hold harmless for Licensee from any kind of losses, costs,
expenses or liabilities, including actual attorneys’ fees and costs of settlement, resulting
from the breach by Licensor of its express warranties given in this Agreement, including,
without limitation that provided in Article 9.3, provided that Licensee (a) shall promptly
notify Licensor of such claim; (b) Licensee shall cooperate in the defence of such claim
and/or any related settlement negotiations;

10

 

	 	 	and (c) provides any reasonable assistance requested by Licensor in connection with such claim.
	 
	9.5	 	Licensee shall take all reasonable action to procure appropriate legal and administrative
measures against any and all activities by third parties infringing any of the Intellectual
Property rights of Licensor, or to address and answer any third party claims or demands in
respect of the Intellectual Property rights at Licensee’s own cost.

ARTICLE 10: LIMITATION OF LIABILITY

	10.1	 	Except as may be otherwise provided for herein, Licensor makes no warranties, express or
implied, concerning the Game including but not limited to its merchantability or salability in
the Territory.
	 
	10.2	 	In no event will either party be liable to the other for any indirect, consequential,
incidental, punitive or special damages, whether based on breach of contract, tort (including
negligence) or otherwise, and whether or not such party has been advised of the possibility of
such damage.
	 
	10.3	 	The aggregate liability under or relating to this Agreement whether in contract, tort
(including without limitation negligence) or otherwise, shall be limited to an amount equal to
the total amount of the payments made by Licensee during the period of six (6) months
preceding the first date in which Licensee demands damages in writing against Licensor.
	 
	10.4	 	Licensee shall solely be responsible for any and all obligations to End Users imposed by the
government of the Territory and Licensee shall indemnify and protect Licensor against any and
all claims by End Users due to faults attributable to Licensee in the event that Licensee
terminates the service of Game to End Users for any reason whatsoever and/or this Agreement
for any reason whatsoever.

ARTICLE 11: CONFIDENTIALITY

	11.1	 	All Confidential Information disclosed by either Party under this Agreement shall be
maintained in confidence by the receiving Party and shall not be used for any purpose other
than explicitly granted under this Agreement. Each Party agrees that it shall provide
Confidential Information received from the other Party only to its employees, consultants and
advisors who need to know for the performance of this Agreement. The receiving Party shall be
responsible for any breach of this Article by its employees, consultants and advisors.
	 
	11.2	 	In the event that any Confidential Information, including but not limited to the source codes
of the Game, Technical Information and financial information, is disclosed or divulged to any
third party who is not authorized to have access to or obtain such Confidential Information
under this Agreement, the Parties shall cooperate with each other and exert their best efforts
to protect or restore such Confidential Information from such unauthorized disclosure or
divulgement. If such disclosure or divulgement of the Confidential Information was made due to
the receiving Party’s gross negligence or bad faith, the receiving Party shall be responsible
for all of the damages incurred by the disclosing Party, including but not limited to any
attorneys’ fees incurred by the disclosing Party in order to protect its rights under this
Article 11.

11

 

	11.3	 	The confidential obligation shall not apply, in the event that it can be shown by competent
documents that the Confidential Information;

	 	(a)	 	becomes published or generally known to the public before or after the execution of
this Agreement without any breach of this Agreement by any Party;
	 
	 	(b)	 	was known by the receiving Party prior to the date of disclosure to the receiving
Party;
	 
	 	(c)	 	either before or after the date of disclosure is lawfully disclosed to the receiving
Party by a third party who is not under any confidentiality obligation to the disclosing
Party for such information;
	 
	 	(d)	 	is independently developed by or for the receiving Party without reference to or
reliance upon the Confidential Information; or
	 
	 	(e)	 	is required to be disclosed by the receiving Party in accordance with the applicable
laws and orders from the government or court; provided that, in this case, the receiving
Party shall provide prior written notice of such disclosure to the providing Party and
takes reasonable and lawful actions to avoid and/or minimize the degree of such
disclosure.

ARTICLE 12: TERM

	12.1	 	This Agreement shall become effective on the execution date of this Agreement and shall
remain in effect for a period of two (2) years counted from the Effective date unless sooner
terminated in accordance herewith.
	 
	12.2	 	No later than three (3) months prior to the expiration of the Term, Licensor shall give
Licensee a right of first negotiation for a period of thirty (30) days for re-executing of a
license agreement for an additional term of one (1) year for the game. If no agreement in
writing is made between the parties for the renewal or re-execution of a license agreement
during such period, this Agreement shall expire without any further extension or renewal.

ARTICLE 13: TERMINATION

	13.1	 	This Agreement may be terminated upon a mutual written agreement of the Parties.
	 
	13.2	 	Each Party shall have the right to immediately terminate this Agreement;

	 	(a)	 	upon written notice to the other Party in the event of the other Party’s
material breach of this Agreement and such breach shall continue for a period of
thirty (30) days after the breaching Party’s receipt of written notice setting forth
the nature of the breach or its failure to perform and the manner in which it may be
remedied;
	 
	 	(b)	 	if the other Party or its creditors or any other eligible party files for its
liquidation, bankruptcy, reorganization, composition or dissolution, or if the other
Party is unable to pay any kind of debts as they become due, or the creditors of the
other Party have taken over its management; or

12

 

	 	(c)	 	in accordance with Article 13.3 below.

	13.3	 	Notwithstanding Article 13.2 above, Licensor may immediately terminate this
Agreement upon a written notice to Licensee;

	 	(a)	 	if any payment due Licensor including, but not limited to License Fee, and
Royalty Payment, is not paid by Licensee within twenty (20) days after receiving
written notice from Licensor for late payment;
	 
	 	(b)	 	in the event of a willful, gross understatement by Licensee of the payment
due Licensor without any justifiable reasons as defined in Article 6.6;
	 
	 	(c)	 	if the beta tests of the Game is not launched in the Territory within the period set
forth in Article 3.6, unless such failure has been caused by Licensor or is due to force
majeure event as set forth in Article 14;
	 
	 	(d)	 	if the commercial service of the Game is not launched in the Territory within the
period set forth in Article 3.6, unless such failure has been caused by Licensor or is due
to force majeure event as set forth in Article 14;
	 
	 	(e)	 	if the service of Game in the Territory is stopped, suspended, discontinued
or disrupted for more than fifteen (15) consecutive days during the term of this
Agreement due to causes attributable to Licensee; or
	 
	 	(f)	 	if the Game in the Territory is provided upon free or unreasonably low
price, compared to fair market value, by Licensee without prior written approval from
Licensor except as otherwise specified in by Article 7.5.

	13.4	 	Upon termination, all rights granted to Licensee hereunder shall immediately cease
and shall revert to Licensor, and Licensee shall immediately cease servicing of the
Game and return to Licensor any and all software, technical documents and other
materials or information provided by Licensor to Licensee under this Agreement, and
shall destroy any and all copies of such software, technical documents, materials or
information. Furthermore, Licensee shall provide and deliver to Licensor any and all
such information and documents related to the Game, including but not limited to
database related to the Game and information and/or data source about the Game
users, as may be requested by Licensor.
	 
	13.5	 	No termination of this Agreement shall affect the Parties’ rights or obligations that
were incurred prior to the termination. The expiration or termination of this
Agreement shall not affect the effectiveness of Articles 6, 9, 10, 11, and 13.4, which
shall survive the expiration or termination of this Agreement.
	 
	13.6	 	Licensor shall have no liability to Licensee for damages of any kind, including
indirect, incidental or consequential damages, on account of the termination or
expiration of this Agreement in accordance with its terms.
	 
	13.7	 	Upon termination or expiration of this Agreement, Licensee shall shut down and
terminate the service of Game provided by Licensee. Licensor shall have the right to
assume the service of the Game one (1) month prior to such termination. Licensor
may elect to purchase any equipment purchased by Licensee for the service of the
Game at the fair market value of such equipment on the date Licensor elects to
assume the service of the Game as determined by an independent third party expert

13

 

	 	 	appointed by mutual consent of the Parties.

ARTICLE 14: FORCE MAJEURE

	14.1	 	Notwithstanding anything in this Agreement to the contrary, no default, delay or failure to
perform on the part of either Party shall be considered a breach of this Agreement if such
default, delay or failure to perform is shown to be due entirely to causes occurring without
the fault of or beyond the reasonable control of the Party charged with such default, delay or
failure, including, without limitation, causes such as strikes, lockouts or other labour
disputes, riots, civil disturbances, actions or inactions of governmental authorities or
suppliers, electrical power supply outage, a failure or breakdown in the services of internet
service providers, epidemics, war, embargoes, severe weather, fire, earthquake and other
natural calamities or, acts of God or the public enemy. Force majeure shall include actions
taken by the government of Territory or agencies thereof, which restrict the ability of
Licensee to remit payments to Licensor under this agreement, or failure of the government of
Territory or agencies thereof to approve such payments.
	 
	14.2	 	If the default, delay or failure to perform as set forth above in Article 14.1 exceeds one
hundred eighty (180) days from the initial occurrence, a Party who is not affected by such
force majeure event shall have the right to terminate this Agreement with a written notice to
the other Party.

ARTICLE 15: GENERAL PROVISIONS

	15.1	 	Licensee may not assign, delegate or otherwise transfer in any manner any of its rights,
obligations and responsibilities under this Agreement, without prior written consent of
Licensor. Licensor may, with prior written notice to Licensee, assign, delegate or otherwise
transfer all or part of its rights, obligations and responsibilities under this Agreement to a
third party designated by Licensor.
	 
	15.2	 	It is understood and agreed by the Parties that this Agreement does not create a fiduciary
relationship between them, that Licensee shall be an independent contractor, and that nothing
in this Agreement is intended to constitute either Party an agent, legal representative,
subsidiary, joint venture, employee or servant of the other for any purpose whatsoever.
	 
	15.3	 	If any kind of notices, consents, approvals, or waivers are to be given hereunder, such
notices, consents, approvals or waivers shall be in writing, shall be properly addressed to
the Party to whom such notice, consent, approval or waiver is directed, and shall be either
hand delivered to such Party or sent by certified mail, return receipt requested, or sent by
FedEx, DHL or comparable international courier service, or by telephone, facsimile or
electronic mail (in either case with written confirmation in any of the other accepted forms
of notice) to the following addresses or such addresses as may be furnished by the respective
Parties from time to time:

If to Licensor

Attention: Changki Kim

15F, Nuritkum Square Business Tower, 1605, Sangam-Dong, Mapo-Gu, Seoul, Korea

Fax: +82-2-2132-7000

14

 

If to Licensee

Attention: Rick Laig

11th
Floor, Pacific Star Building, Makati Avenue, Makati City, Manila,
Philippines 1200

Fax: +632-813-8966

	15.4	 	No course of dealing or delay by a Party in exercising any right, power, or remedy under this
Agreement shall operate as a waiver of any such right, power or remedy except as expressly
manifested in writing by the Party waiving such right, power or remedy, nor shall the waiver
by a Party of any breach by the other Party of any covenant, agreement or provision contained
in this Agreement be construed as a waiver of the covenant, agreement or provision itself or
any subsequent breach by the other Party of that or any other covenant, agreement or provision
contained in this Agreement.
	 
	15.5	 	This Agreement, including all exhibits, addenda and schedules referenced herein and attached
hereto, constitutes the entire agreement between the Parties hereto pertaining to the subject
matter hereof, and supersedes all negotiations, preliminary agreements, and all prior and
contemporaneous discussions and understandings of the Parties in connection with the subject
matter hereof.
	 
	15.6	 	This Agreement shall be written in English and all disputes on the meaning of this Agreement
shall be resolved in accordance with English version of this Agreement.
	 
	15.7	 	This Agreement may be amended only upon the execution of a written agreement between Licensor
and Licensee that makes specific reference to this Agreement.
	 
	15.8	 	This Agreement shall be governed by and construed in accordance with the laws of the
Philippines.
	 
	15.9	 	All disputes, controversies, or differences which may arise between the Parties, out of or in
relation to or in connection with this Agreement, or for the breach thereof, shall be finally
settled by arbitration in Seoul, Korea, in accordance with Arbitration Rules of the Korean
Commercial Arbitration Board and under the laws of Korea. The award rendered by the arbitrator
shall be final and binding upon both Parties concerned.
	 
	15.10	 	If any article, sub-article or other provision of this Agreement or the application of such
article, sub-article or provision, is held invalid, then the remainder of the Agreement and
the application of such article, sub-article or provision to persons or circumstances other
than with respect to which it held in valid shall not be affected thereby.
	 
	15.11	 	Headings in this Agreement have been inserted for purpose of convenience only and are not to
be used in construing or interpreting this Agreement.

15

 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above-written.

	 	 	 	 	 	 	 	 
	Gravity Co., Ltd
 	 	Level Up! Inc.
 	 
	By:  	 	 	By:  	 	 
	Name: Yoon Seok, Kang	 	Name: Jane Walker	 
	Title: Chairman & CEO	 	Title: President and CEO	 

16

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