GRAVITY Co Ltd

NASDAQ: GRVY

Price Performance
Price on 3/9/12 52-Week High/Low Volume on 3/9/12 10-Day Avg. Volume Price 1 Month Ago 1 Month Price Performance Price 3 Months Ago 3 Month Price Performance Price 6 Months Ago 6 Month Price Performance Price 12 Months Ago 12 Month Price Performance Market Capitalization Beta $2.72 $3.15 / 1.13 162,052 284,264 $2.10 29.5% $1.44 88.9% $1.40 94.3% $2.12 28.3% $75.6 Million 1.23

Key Statistics (Latest 4 Quarters)*
EPS Growth EPS Growth 3 Year, annualized EPS Growth 5 Year, annualized Sales Growth Asset Turnover Inventory Turnover Receivables Turnover Effective Tax Rate Total Debt to Equity Interest Coverage Quick Ratio Current Ratio Payout Ratio Debt to Capital 283.3% -48.7% 1.8% NA NA NA NA NA NA NA NA NA NA NA

Business Description
Gravity Co., Ltd. engages in the development and publishing of online games in Japan, Taiwan, Brazil, the Philippines, Indonesia, Singapore, Malaysia, Thailand, and the Russian Federation.

GRAVITY Co Ltd 15th Floor Nuritkum Square Business Tower, 1605 Sangam-dong Seoul121-795 82 2 2132 7000 www.gravity.co.kr

Company to Industry Comparisons (Using S&P GICS Groupings)
Sector: Information Technology
GRVY

Benchmark Price Performance
Duration 1 Month 3 Month 6 Month 12 Month Industry Group 4.0% 9.7% 22.7% 13.7% SubIndustry 2.2% -1.2% -10.0% -18.9%

Industry Group: Software & Services
GRVY

Market Cap.

$68.4 Th GRVY

1095 companies

$508.3 B

Market Cap.
$68.4 Th GRVY

505 companies

$268.4 B

Revenue

Revenue

Table of Contents
Overview Historical Trend Data Peer Analysis Fundamental Ratios Industry Overview Earnings & Dividends Annual Income Statement Annual Balance Sheet Annual Cash Flow Quarterly Income Statement Quarterly Balance Sheet Quarterly Cash Flow Glossary 1 2 3 4 5 6 7 9 11 12 13 14 15

$1.0 Th

1072 companies

$127.2 B

$1.0 Th

491 companies

$106.9 B

Industry: Software
GRVY

Sub-Industry: Home Entertainment Software
GRVY

Market Cap.

$107.6 Th

217 companies GRVY

$268.4 B

Market Cap.
$444.9 Th

28 companies GRVY

$18.3 B

Revenue

$1.0 Th

211 companies

$69.9 B

Revenue
$32.0 Th

27 companies

$12.3 B

This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither Standard & Poor's nor another party guarantees its accuracy or makes warranties regarding results from its use. Redistribution is prohibited without written permission. Copyright © 2006. *Preliminary data

Compustat Company Research

GRAVITY Co Ltd
Price & Earnings History
Price ($US) Calendar Year EPS Change in Earnings vs. Previous Year 14 $0.83 EPS NA $0.71 EPS $-0.35 EPS NA

NASDAQ: GRVY

Mar. 13, 2012

$-1.62 EPS

$-0.27 EPS

$0.16 EPS NA

$0.10 EPS

$0.24 EPS

– 14.5%

– 362.9%

+ 83.3%

– 37.5%

+ 140.0%

12

10 10 Week Moving Average 8

6

40 Week Moving Average

4

2

Volume by Price

2004

2005

2006

2007

2008

2009

2010

2011

2012

MACD ( 12-26 EMA) (EMA 9 )
The MACD is presently offering a bullish signal because it is above the signal line, a 9 Month moving average, and higher than 0, which means that the underlying moving averages are trending higher. 0 -1

Moving Average Difference
The 10 and 40 Week moving averages indicate that GRVY may be in a bullish trend. This is because the 10 Week moving average is above the 40 Week moving average. 0 -1

On Balance Volume (Millions)
The On Balance Volume indicator (OBV) presently offers a bullish signal. This is because the slope of the indicator is positive and shows that there is considerable buying interest. 5 0

Revenue History (Millions of $)
20.6 14.4 15.6 24.5 14.0 14.2 13.3 13.0 13.0 12.7 12.8 12.6 14.0

12.2

11.6

12.0

11.4

11.5

12.0

10.4

10.5

11.0

10.1

11.3

9.8

9.8

9.1

Fundamentals Price/Earnings Price/Sales Price/Book Value Price/Cash Flow Gross Margin Profit Margin Sales/Employee Income/Employee Return on Equity Return on Assets PEG (Historical Growth) Beta Annual Dividend Dividend Yield

2003

2004

2005

2006

2007

9.0

2008

9.5

2009

2010

9.9

2012

---------------

----89.3% 43.6% $156.0 Th $67.9 Th 55.6% 40.9% --$0.00 --

-65.5x 3.8x 1.7x 86.4x 80.0% -5.7% $104.3 Th -$5.9 Th -2.5% -2.1% --$0.00 0.0%

-6.6x 3.7x 1.5x -9.7x 74.9% -56.4% $82.2 Th -$46.4 Th -23.6% -18.9% --$0.00 0.0%

-3.5x 2.0x 1.1x -5.1x 70.2% -57.7% $84.1 Th -$48.5 Th -30.7% -23.9% 0.4x -0.3 $0.00 0.0%

-6.2x 0.3x 0.2x 3.1x 63.8% -5.2% $80.8 Th -$4.2 Th -3.6% -2.9% 0.6x 1.3 $0.00 0.0%

7.8x 0.9x 0.6x 4.2x 72.9% 12.0% $135.5 Th $16.3 Th 8.3% 6.8% -0.2x 1.3 $0.00 0.0%

14.3x 1.0x 0.6x 7.0x 67.7% 7.1% $128.3 Th $9.1 Th 4.3% 3.0% -0.3x 1.2 $0.00 0.0%

--------------2

All values in the Fundamentals table are calculated using fiscal year data unless otherwise noted
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data

Compustat Company Research

GRAVITY Co Ltd
Peer Comparison Ratios
Company Name (Ticker Symbol) GRAVITY Co Ltd (GRVY) MakeMusic Inc (MMUS) Interplay Entertainment Corp (IPLY) Entertainment Games Inc (EGAM) Las Vegas From Home.com Entertainment Inc (LVFHF) Rosetta Stone Inc (RST) P/E (3/9/12) *5.9 NA -4.4 -1.4 NA -10.3

NASDAQ: GRVY

Mar. 13, 2012

All values are for the last fiscal year unless otherwise noted. High P/E *6.8 NA -9.8 -4.9 NA -16.6 Low P/E *2.5 NA -0.7 -0.8 NA -6.8 PEG Ratio *-0.3 NA 0.2 NA NA -0.7
Price to Earnings
70.0 Price to Earnings Current Peer Values

-30.0

EGAM -5.9 IPLY -7.0 RST -7.9 MMUS -2006 2007 2008 2009 2010

GRVY 14.3

High and Low P/E are for trailing twelve months using diluted EPS excluding extraordinary items. PEG ratio is historical.

Valuation
The deciles below show the current fiscal year distribution for GRVY in several GICS groupings. Price to Sales in Sector In Industry In Sub-Industry Price to Cash Flow in Sector In Industry In Sub-Industry
Lowest Highest -0.5 -20.0 EGAM IPLY 0.0

Line charts below give a 5 year history for GRVY and up to 5 peers.
Price to Sales
35.0

Price to Book
20.0 EGAM 15.0

Price to Cash Flow
40.0 MMUS 19.1 MMUS 1.3 RST 0.9

GRVY

IPLY 6.2 EGAM 2.7 MMUS 1.3

GRVY 0.6
IPLY -20.0

-3.0 -40.0

EGAM -7.1 IPLY -8.4 RST -14.4

7.0

GRVY 1.0
RST

0.6

Beta
3.5 2.2 1.7

Price to Tangible Book
30.0

Price to Free Cash Flow
30.0 MMUS 23.6

GRVY
MMUS 2.8 RST 1.3

7.7

GRVY 1.2

RST 1.0 MMUS 0.9

GRVY 1.2

IPLY -3.0 EGAM -4.9 -60.0

EGAM -11.9 IPLY -12.6 RST -24.7

Management Effectiveness
Return on Assets in Sector In Industry In Sub-Industry
Lowest Highest -800.0

Return on Assets (%)
600.0

Return on Equity (%)
200.0 IPLY 36.4

Return on Investments (%)
800.0 IPLY 36.4

GRVY

MMUS 0.0 RST -7.2 EGAM -35.1 IPLY -355.3 -300.0

3.0

GRVY

MMUS 0.0 RST -11.7 EGAM -211.9 -600.0

4.3

GRVY

MMUS 0.0 RST -11.7 EGAM -76.6

3.8

Profitability
Gross Margin in Sector In Industry In Sub-Industry Net Margin in Sector In Industry In Sub-Industry
Lowest Highest MMUS 98.4

Gross Margin (%)
100.0 MMUS 90.5 IPLY 87.0 RST 84.9

Operating Margin (%)
100.0

EBITDA Margin (%)
100.0

GRVY 12.3

GRVY 19.9

GRVY 67.7

MMUS 2.1 RST -10.6 EGAM -37.3 IPLY -68.2

MMUS 8.8 RST -7.3 EGAM -37.1 IPLY -67.0

40.0

EGAM

44.7

-600.0

-600.0

Net Margin (%)
2,500.0

Effective Tax Rate (%)
600.0

Pretax Margin (%)
2,500.0

GRVY 53.1 GRVY
MMUS 0.0 RST -7.4 EGAM -37.5 IPLY -74.9 -500.0 -300.0

7.1

RST EGAM IPLY

28.5 0.0 0.0 -500.0

GRVY 15.1

MMUS 1.5 RST -10.4 EGAM -37.5 IPLY -74.9

Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data

3

Compustat Company Research

GRAVITY Co Ltd
Peer Comparison
This peer comparison scatter shows a relative comparison of valuation, management effectiveness and risk for GRVY and several peers. Higher risk Marker size = lower risk
-250.0% 0.0% 250.0% 20.0x

NASDAQ: GRVY

Mar. 13, 2012

Growth Rates
Annual Sales Growth (%)
350.0 Sales Growth Current Peer Values

Annual EPS Growth (%)
700.0

RST 3.7 IPLY 1.5 MMUS -0.9

IPLY

GRVY -6.1
2006 2007 2008 2009 2010

GRVY
-200.0

EGAM -14.4 -100.0

Entertainment Games Inc (EGAM)

MMUS -100.0 EGAM -166.7 RST --

-42.9

0.0

Financial Strength
Receivable Turnover Price to Book
14.0

Current Ratio
EGAM 13.6 MMUS 12.2 IPLY RST 12.0

Las Vegas GRAVITY Co Ltd (GRVY)From Home.com Entertainment Inc (LVFHF) MakeMusic Inc (MMUS) Interplay Entertainment Corp (IPLY)

0.0x

GRVY

7.5

8.6

GRVY 5.4
MMUS RST EGAM IPLY 2.2 1.9 0.6 0.1

4.9

0.0

0.0

Total Debt to Equity
140.0

Interest Coverage
1,000.0

GRVY 203.4

IPLY -20.9 EGAM -164.3

-20.0x

Return on Equity

0.0

EGAM MMUS IPLY RST

GRVY

47.6 0.0 0.0 0.0

--

-6,000.0

RST -5,681.4 MMUS --

Peer Group Relative Strength
Relative Price Performance for the following companies: 1,200% GRAVITY Co Ltd MakeMusic Inc Interplay Entertainment Corp 1,000% Entertainment Games Inc Las Vegas From Home.com Entertainment Inc 800% Rosetta Stone Inc

600%

400%

200%

0%

2004

2005

2006

2007

2008

2009

2010

2011

2012

Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data

4

Compustat Company Research

GRAVITY Co Ltd
Industry Comparison

NASDAQ: GRVY

Mar. 13, 2012

All values are for the last fiscal year unless otherwise noted. Current Market Cap. Revenue (Millions of $) (Millions of $) 271.8 212.9 266.5 104.6 257.2 83.8 255.8 85.6 254.8 66.2 249.3 113.3 247.8 862.9 225.2 216.7 224.8 36.3 212.5 268.4 208.4 15.6 199.5 36.0 199.2 160.0 198.4 0.0 185.1 55.5 168.8 317.8 160.3 52.2 156.4 425.4 155.1 26.1 142.5 82.8 125.8 122.7 124.8 103.1 116.2 125.3 99.8 11.0 97.9 48.4 97.6 30.3 89.0 57.8 75.6 46.3 72.3 17.9 69.6 24.4 69.1 0.0 67.6 13.7 67.2 5.8 64.0 79.9 58.9 0.5 58.8 37.3 56.1 23.1 51.8 121.7 50.9 9.2 49.9 17.6 49.7 12.0 46.0 19.9 42.5 247.3 41.1 47.2 37.8 4.6 36.3 41.1 36.1 40.7 35.8 665.3 35.7 96.8 35.0 89.2 33.7 10.8 31.8 4.0 30.1 16.3 29.1 25.2 27.9 21.8 1 Year % Revenue Growth 4.4 13.8 18.2 13.7 2.9 27.9 26.8 7.5 413.0 3.7 -86.0 15.7 7.0 -28.4 -0.7 14.3 9.4 37.9 -7.4 92.7 29.3 65.6 37.7 2.5 21.5 -55.7 -6.1 1.2 ---1.9 -10.7 -17.4 -2.3 7.7 -8.8 -34.6 0.8 -13.0 13.2 12.4 17.9 477.6 -5.3 12.9 -26.0 0.1 --1.1 6.3 3.2 23.2 -7.5 1 Year Modified % EPS Total Debt % Return Growth to Capital on Capital -70.1 0.1 -30.6 65.0 0.0 11.2 -17.5 0.8 86.4 27.3 0.0 -443.3 2.6 0.0 405.0 41.4 0.0 190.2 88.0 0.1 -2,200.0 0.0 19.0 1,350.0 0.0 -69.4 -0.0 -1,383.7 -28.6 0.0 279.5 38.2 0.0 246.6 -0.0 94.4 -0.2 -833.3 325.0 0.0 -1,329.0 -0.2 25.8 47.4 0.0 -66.1 -57.1 0.4 19.8 0.0 0.1 950.7 -1,014.3 0.0 -388.6 8.6 0.1 38.9 -0.0 -98.7 -0.0 100.7 35.3 0.1 1,462.2 -21.7 0.0 -317.9 35.7 0.0 502.4 -0.0 -223.0 -42.9 0.0 193.4 -66.7 0.0 -26.3 -0.0 38.7 -33.3 9.1 -882.6 -83.3 0.0 65.9 --0.1 71.6 16.5 1.0 2.1 -50.0 0.0 -452.0 2.1 0.0 305.1 -0.0 165.4 -2,080.0 0.3 -124.8 65.8 0.6 138.1 -58.3 0.0 559.6 25.0 0.0 -37.9 -75.0 0.0 -390.4 282.4 0.2 -86.9 -140.0 0.0 15.6 57.1 0.0 7,691.6 34.6 0.0 83.3 61.1 0.0 -98.0 -1,438.5 0.3 -48.5 -0.0 -38.7 -0.1 130.5 -800.0 0.5 -92.8 -66.7 0.0 92.1 -52.1 0.0 228.0 -100.0 0.1 424.2 90.9 0.6 101.9

This peer comparison table shows a list of the companies in the "Software" industry sorted by market capitalization. % Profit Margin 3.0 -1.6 -18.4 8.6 -31.9 13.3 2.7 13.6 59.5 -7.4 -485.8 15.7 -4.8 -6.5 -12.8 11.8 1.6 -15.8 -42.7 12.6 20.2 5.5 -32.1 6.0 9.9 -276.3 7.1 0.7 55.5 --21.8 -86.9 -33.1 -2,455.2 14.3 -14.0 -160.6 -156.8 6.7 16.1 24.4 4.4 -4.8 -174.3 -15.5 6.6 -20.5 -0.5 2.1 -1.9 15.9 4.3 -1.0 -2.1
5

Company Name (Ticker Symbol) CDC Software Corp (CDCSY) Guidance Software Inc (GUID) Callidus Software Inc (CALD) American Software Inc (AMSWA) Glu Mobile Inc (GLUU) Magic Software Enterprises Ltd (MGIC) ePlus Inc (PLUS) SeaChange International Inc (SEAC) Taomee Holdings Ltd (TAON) Rosetta Stone Inc (RST) The9 Ltd (NCTY) Digimarc Corp (DMRC) KongZhong Corp (KONG) Surna Inc (SRNA) Ellie Mae Inc (ELLI) CDC Corp (CDCAQ) Sapiens International Corp NV (SPNS) TeleCommunication Systems Inc (TSYS) Wave Systems Corp. (WAVX) FalconStor Software Inc (FALC) China TransInfo Technology Corp (CTFO) Sky-mobi Ltd (MOBI) Majesco Entertainment Co (COOL) Counterpath Corp (CPAH) Pervasive Software Inc (PVSW) SRS Labs Inc (SRSL) Smith Micro Software Inc (SMSI) GRAVITY Co Ltd (GRVY) Datawatch Corp (DWCH) Trunkbow International Holdings Ltd (TBOW) Santaro Interactive Entertainment Co (STIE) TigerLogic Corp (TIGR) ImageWare Systems Inc. (IWSY) Cinedigm Digital Cinema Corp (CIDM) Patriot Scientific Corp (PTSC) Evolving Systems Inc (EVOL) Bitstream Inc (BITS) Motricity Inc (MOTR) Mandalay Digital Group Inc (MNDLE) Cover-All Technologies Inc (COVR) Ninetowns Internet Technology Group Co Ltd (NINE) Mind Cti Ltd (MNDO) QAD Inc (QADB) GSE Systems Inc (GVP) Single Touch Systems Inc (SITO) Scientific Learning Corp (SCIL) Cimatron Ltd (CIMT) THQ Inc (THQI) BSQUARE Corp (BSQR) Rand Worldwide Inc (RWWI) Park City Group Inc (PCYG) Destiny Media Technologies Inc (DSNY) Versant Corp (VSNT) Sonic Foundry Inc (SOFO) Top Image Systems Ltd (TISA)
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data

Compustat Company Research

GRAVITY Co Ltd
Earnings History

NASDAQ: GRVY

Mar. 13, 2012

Standard & Poor's Core Earnings is a uniform methodology for calculating operating earnings, and focuses on a company's after-tax earnings generated from its principal businesses. S&P Core EPS ($) Not enough data to draw this chart.

0.33

0.39

0.21

0.17

0.15

0.08

0.07

-0.42

-0.02

-0.08

-0.96

-0.04

-0.13

-0.49

-0.24

-0.05

-0.01

-0.05

-0.01

0.06

0.08

0.03

0.01

0.02

0.33

0.39

0.21

0.15

0.08

0.07

-0.42

-0.02

-0.08

-0.91

-0.04

-0.13

-0.49

-0.05

-0.01

-0.05

0.06

0.08

0.03

0.05

0.02

0.00

0.00

Annual Earnings S&P Core EPS ($) Reported EPS ($) S&P Operating EPS ($) Ratio of Core / Reported

2003

2004

2005

2006

2007

2008

0.00

0.01

2009

0.02

0.06

2010

0.09

0.23*

0.29

0.25

S&P Operating EPS ($)

0.00

0.01

0.06

0.09

0.23*

0.29

0.25

Reported EPS ($)

2012

-----

1.22 1.22 1.22 1.00

-0.11 -0.11 -0.11 1.00

-0.92 -0.89 -1.01 1.03

-0.67 -0.89 -0.65 0.75

-0.08 -0.08 -0.08 1.00

0.24 0.21 0.26 1.14

0.12 0.12 0.13 1.00

-----

Dividend Analysis
The data is not available to complete the SmartText analysis. Five of the 30 companies in the Home Entertainment Software sub-industry currently pay a dividend. The list below shows which of those 5 companies have historically had the largest annual dividend payments. (The per share value shown is the indicated annual dividend. All other data in this table is from the last fiscal year). Annual Dividend ($ per share) 0.69 0.52 0.30 0.18 0.06 Payout Ratio (%) 1.3 0.4 --0.0 Shares Outstanding (Millions) 1,023.0 136.1 235.2 1,142.8 17.4 Annual Cash Dividends (Millions of $) 1,236.3 69.9 -194.0 0.0

Company Name (Ticker Symbol) Nintendo Co Ltd (NTDOY) Konami Corp (KNM) Giant Interactive Group Inc (GA) Activision Blizzard Inc (ATVI) Entertainment Games Inc (EGAM)

Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data

6

Compustat Company Research

GRAVITY Co Ltd
Annual Income Statement

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

Summary: GRVY trades at a price that is below book value. Although its three-year revenue growth was in-line with the Home Entertainment Software group norm, its Price to Book value was among the lowest in the industry. Chart of Gross Profit (Loss) NA – 23.9% – 22.0% – 8.5% – 12.0% + 35.5% – 12.9%
60,000

40,000

Thousands of $US

2003 Sales/Turnover (Net) Cost of Goods Sold Gross Profit (Loss) Selling, General and Administrative Expenses Operating Income Before Depreciation Amortization of Intangibles Depreciation and Amortization - Total Operating Income After Depreciation Interest and Related Expense Interest Income - Total Other Non-Operating Income Nonoperating Income (Expense) - Total Special Items Pretax Income Income Taxes - Foreign Deferred Taxes-Foreign Income Taxes - Deferred Income Taxes - Total Minority Interest - Income Account Income Before Extraordinary Items Extraordinary Items Extraordinary Items and Discontinued Operations Net Income (Loss) ------------------------

2004 $62,241 6,665 BD 55,576 15,156 40,420 -3,108 37,312 4,572 463 (891) (428) 0 32,312 298 68 1,116 5,222 (16) 27,106 0 0 27,106 1.22 BJ 1.22 BJ 1.22 1.22 1.22 1.22 22,196 22,196

2005 $52,855 AA 10,562 BD 42,293 39,618 2,675 -5,317 (2,642) 2,137 2,822 (1,854) 968 0 (3,811) 312 12 5,095 (809) (2) (3,000) 0 0 (3,000) (0.11)BJ (0.11)BJ (0.11) (0.11) (0.11) (0.11) 27,213 27,213

2006 $44,046 11,064 BD 32,982 44,561 (11,579) 489 8,018 (19,597) 102 3,197 (1,849) 1,348 6,482 (11,869) 224 18 (8,914) 12,977 8 (24,854) 913 913 (23,941) (0.89)BJ (0.86)BJ (0.89) (0.86) (1.01)NR (1.01)NR 27,796 27,796

2007 $42,989 12,821 BD 30,168 37,178 (7,010) 3,456 7,994 (15,004) 98 3,250 (572) 2,678 (9,210) (21,634) 263 (17) 598 3,116 43 (24,793) 0 0 (24,793) (0.89)BJ (0.89)BJ (0.89) (0.89) (0.65)NR (0.65)NR 27,796 27,796

2008 $41,637 15,091 BD 26,546 20,073 6,473 3,619 6,657 (184) 24 2,237 (1,500) 737 CF 529 (149) (38) (552) 2,646 54 (2,171) 0 0 (2,171) (0.08)BJ (0.08)BJ (0.08) (0.08) (0.08)NR (0.08)NR 27,796 27,796

2009 $49,330 13,357 BD 35,973 20,152 15,821 2,323 4,836 10,985 35 2,058 (1,435) 623 (1,658) 9,915 (16) 0 74 3,905 66 5,944 0 0 5,944 0.21 BJ 0.21 BJ 0.21 0.21 0.26 NR 0.26 NR 27,796 27,796

2010 $46,313 14,963 BD 31,350 22,156 9,194 1,857 3,499 5,695 28 1,721 57 1,778 (442) 7,003 11 0 (233) 3,722 (18) 3,299 0 0 3,299 0.12 BJ 0.12 BJ 0.12 0.12 0.13 NR 0.13 NR 27,796 27,796

EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands) EPS - Basic Excluding Extraordinary Items -EPS - Basic Including Extraordinary Items -EPS - Diluted Excluding Extraordinary Items -EPS - Diluted Including Extraordinary Items -EPS from Operations - Basic -EPS from Operations - Diluted -Common Shares Used to Calculate EPS Basic Common Shares Used to Calculate EPS Diluted SUPPLEMENTAL ITEMS Interest Income - Total
AA BD BJ

---

--

463

2,822
NR

3,197

3,250

2,237

2,058

1,721

Restated for/Reflects merger/acquisition Reduced by an amount of depreciation which should be allocated to SGA Includes equity in unconsolidated subsidiaries

Statutory rate used in calculation CF Combined Figure

Copyright ©2006 The McGraw•Hill Companies, Inc.

7

Compustat Company Research

GRAVITY Co Ltd
Annual Income Statement, continued

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

Summary: While annual earnings at GRVY were negative at the beginning of the period, they trended upward over the last five years and are now positive. Additionally, their earnings volatility is in line with the Home Entertainment Software industry average. Chart of Acquisition/Merger Pretax NA NA NA NA NA NA NA
-20

-22

Thousands of $US

2003 SPECIAL ITEMS - BREAKOUT Acquisition/Merger Pretax Gain/Loss on Sale of Assets Pretax Impairment of Goodwill Pretax Settlement (Litigation/Insurance) Pretax Writedowns Pretax Special Items - Other Pretax Price Chart with Quarterly EPS (
$15

2004 -------

2005 -------

2006 -1,162 --(2,032) 5,319

2007 ----(9,210) --

2008 ----(9) --

2009 --(207) (1,417) (34) --

2010 ($22) -(420) ----

-------

) Overlay

Earnings data is shown on calendar quarters for this chart. $0.50

10

0.00

5

-0.50

-1.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2004 2005 2006 2007 2008 2009 2010 2011 Additional Summary Items: Over the last year, GRVY's revenue decreased at a rate that was in-line with the Home Entertainment Software group norm. During fiscal year 2011, its annual revenue decreased by 6.1% to $46.3M.

Copyright ©2006 The McGraw•Hill Companies, Inc.

8

Compustat Company Research

GRAVITY Co Ltd
Annual Balance Sheet
Summary: GRVY's capital structure consists of little or no debt. Chart of Current Assets - Total
100,000 75,000 50,000 NA

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

+ 139.3%

– 12.5%

– 18.1%

– 26.8%

+ 25.4%

– 5.2%

Thousands of $US

2003 CURRENT ASSETS Cash Short-Term Investments Cash and Short-Term Investments Receivables - Trade Receivables - Current - Other Receivables - Total Current Assets - Other (Sundry) Current Assets - Other - Total Current Assets - Total NON-CURRENT ASSETS Property Plant and Equipment - Total (Gross) Depreciation, Depletion, and Amortization (Accumulated) Property Plant and Equipment - Total (Net) Investment and Advances - Equity Investment and Advances - Other Goodwill Intangibles - Other Intangible Assets - Total Assets - Other (Sundry) Assets - Other - Total Assets - Total CURRENT LIABILITIES Long-Term Debt Due In One Year Debt in Current Liabilities Account Payable/Creditors - Trade Income Taxes Payable Accrued Expenses Current Liabilities - Other (Sundry) Current Liabilities - Other Current Liabilities - Total LONG-TERM LIABILITIES Long-Term Debt - Total Deferred Taxes - Balance Sheet Deferred Taxes and Investment Tax Credit Liabilities - Other - Total Liabilities - Total Minority Interest - Balance Sheet
AC TS

2004 15,849 8,598 24,447 7,127 7,228 14,355 6,477 6,477 45,279

2005 25,618 59,307 84,925 4,737 0 4,737 18,683 18,683 108,345

2006 37,972 49,285 87,257 2,326 0 2,326 5,259 5,259 94,842

2007 57,264 9,313 66,577 5,151 0 5,151 5,924 5,924 77,652

2008 41,636 5,699 47,335 5,121 0 5,121 4,357 4,357 56,813

2009 44,114 18,523 62,637 5,076 0 5,076 3,527 3,527 71,240

2010 39,025 15,478 54,503 7,290 0 7,290 5,731 5,731 67,524

----------

------------

18,920 (4,661)TS 14,259 CF 0 0 530 530 6,248 6,248 66,316

19,834 (8,088)TS 11,746 CF 0 1,437 12,623 14,060 9,272 9,272 143,423

21,883 (12,773)TS 9,110 CF 10,512 1,560 11,175 12,735 4,587 4,587 131,786 UG

24,318 (16,629)TS 7,689 CF 21 1,551 12,488 14,039 4,176 4,176 103,577 UG

18,669 (14,577)TS 4,092 0 1,911 1,136 8,734 9,870 2,439 2,439 75,125 UG

20,528 (18,090)TS 2,438 945 0 1,041 9,664 10,705 2,704 2,704 88,032 UG

21,715 (19,352)TS 2,363 1,182 0 7,068 29,930 36,998 2,927 2,927 110,994 UG

---------

1,111 1,111 3,615 1,132 307 5,642 5,949 11,807

0 0 11,167 547 1,186 6,355 7,541 19,255

0 0 4,895 0 5,185 7,331 12,516 17,411

0 0 4,887 0 0 5,919 5,919 10,806

CF 0 2,422 638 428 3,088 3,516 6,576

CF 0 2,754 CF CF 4,334 4,334 7,088

CF 0 5,874 0 0 6,566 6,566 12,440

-------

0 0 0 5,784 17,591 0

0 0 0 4,580 23,835 22
UG

0 1,158 1,158 7,688 26,257 31

0 52 52 11,992 22,850 73

CF 0 0 8,559 CF 107

CF 234 234 8,859 CF 0 AC

CF 2,300 2,300 9,210 CF 0

Restated for/reflects an accounting change Computed using straight-line method

Non-US company, data collected in US GAAP CF Combined Figure

Copyright ©2006 The McGraw•Hill Companies, Inc.

9

Compustat Company Research

GRAVITY Co Ltd
Annual Balance Sheet, continued
Chart of Stockholders' Equity - Total
100,000 NA

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

+ 145.4%

– 11.8%

– 23.5%

– 25.8%

+ 19.7%

+ 7.9%

50,000

Thousands of $US

2003 SHAREHOLDERS' EQUITY Common/Ordinary Stock (Capital) Capital Surplus/Share Premium Reserve Retained Earnings Common/Ordinary Equity - Total Stockholders' Equity - Total Liabilities and Stockholders' Equity - Total Common Shares Outstanding (Millions) DEBT COMPONENTS Debt - Capitalized Lease Obligations DEBT MATURITY TABLE Debt - Maturing 1st Year Debt - Maturing 2nd Year Debt - Maturing 3rd Year Debt - Maturing 4th Year SUPPLEMENTAL Deferred Revenue - Current Deferred Revenue - Long-Term Debt - Mortgages and Other Secured RENTAL COMMITMENTS Rental Commitments - Minimum - 1st Year Rental Commitments - Minimum - 2nd Year Rental Commitments - Minimum - 3rd Year Rental Commitments - Minimum - 4th Year Rental Commitments - Minimum - 5th Year Rental Commitments - Minimum - 5-Year Total
UG

2004 2,680 2,107 43,938 48,725 48,725 66,316 22,196

2005 3,440 74,160 41,966 119,566 119,566 143,423 27,796

2006 3,735 80,316 21,447 105,498 105,498 131,786 UG 27,796

2007 3,712 80,281 (3,339) 80,654 80,654 103,577 UG 27,796

2008 2,720 58,925 (1,762) 59,883 59,883 75,125 UG 27,796

2009 2,985 64,793 3,890 71,668 71,668 88,032 UG 27,796

2010 3,073 66,686 7,559 77,318 77,318 110,994 UG 27,796

--------

--

0

0

0

0

CF

CF

CF

-----

1,111 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

CF 35,450 0 0

CF 26,380 16,262 0

CF 119 126 80

----

5,449 1,892 0

5,181 2,965 0

6,501 6,304 0

3,889 10,948 0

2,574 7,705 CF

3,223 8,300 CF

4,963 7,954 CF

-------

703 5 0 0 0 708

3,230 2,853 0 0 0 6,083

3,555 13 0 0 0 3,568

3,440 2,868 2,775 2,803 2,835 14,721

2,349 2,232 2,171 2,088 0 8,840

2,291 2,156 2,062 0 0 6,509

2,248 2,061 0 0 0 4,309

Non-US company, data collected in US GAAP

CF Combined Figure

Copyright ©2006 The McGraw•Hill Companies, Inc.

10

Compustat Company Research

GRAVITY Co Ltd
Annual Cash Flow

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

Summary: GRVY generates less sales from the use of its assets than nearly any other company in the Home Entertainment Software group. This is evidenced by its 2011 Total Asset Turnover of 0.4x. Additionally, the productivity of its assets has decreased during each of the last three years. Chart of Operating Activities - Net Cash Flow NA Not Meaningful Not Meaningful – 43.7% – 1,173.0% + 150.4% – 45.6%
20,000

0

Thousands of $US

2003 OPERATING ACTIVITIES Income Before Extraordinary Items Extraordinary Items and Discontinued Operations Depreciation and Amortization Deferred Taxes Equity in Net Loss (Earnings) Sale of PP&E and Investments - (Gain) Loss Funds from Operations - Other excluding Option Tax Benefit Funds from Operations - Other Accounts Receivable - Decrease (Increase) Accounts Payable and Accrued Liabilities - Increase (Decrease) Income Taxes - Accrued - Increase (Decrease) Assets and Liabilities - Other (Net Change) Operating Activities - Net Cash Flow INVESTING ACTIVITIES Increase in Investments Sale of Investments Short-Term Investments - Change Capital Expenditures Sale of Property, Plant, & Equipment Acquisitions Investing Activities - Other Investing Activities - Net Cash Flow FINANCING ACTIVITIES Sale of Common and Preferred Stock Purchase of Common and Preferred Stock Long-Term Debt - Issuance Long-Term Debt - Reduction Changes in Current Debt Financing Activities - Net Cash Flow Exchange Rate Effect CHANGE IN CASH AND CASH EQUIVALENTS Cash and Cash Equivalents - Increase (Decrease) SUPPLEMENTAL ITEMS Interest Paid - Net Income Taxes Paid
CF Combined Figure

2004 $27,106 0 3,107 (1,117) 286 0 945 945 (508) 781 61 874 31,535

2005 ($3,000) 0 5,317 (6,170) 390 0 4,933 4,933 10,412 6,042 (613) 439 17,750

2006 ($24,854) (913) 8,018 8,996 1,189 (1,162) 3,966 3,966 2,729 (2,326) (328) 3,793 (892)

2007 ($24,793) 0 7,994 (598) 1,096 0 10,735 10,735 (2,731) (4,956) 272 1,626 (11,355)

2008 ($2,171) 0 6,657 (559) 4,008 66 984 984 (1,091) (1,594) 243 (1,099) 5,444

2009 $6,010 0 4,835 74 1,224 3 923 923 228 (518) (433) 1,284 13,630

2010 $3,281 0 3,280 (233) 305 (201) 1,455 1,455 1,073 (1,106) 325 (760) 7,419

--------------

---------

1,201 146 (7,052) 11,906 21 0 1,630 (18,362)

0 495 (50,464) 8,375 77 9,102 (10,894) (78,263)

10,629 0 15,181 3,073 10,278 0 104 11,861

CF 684 39,366 4,534 1,359 0 (5,524) 31,351

4,741 0 1,241 1,736 305 0 (2,139) (7,070)

197 0 (11,810) 539 9 0 (2,545) (15,082)

4,860 4,695 3,096 1,282 40 9,974 (5,754) (14,039)

--------

0 0 0 2,546 CF (2,546) 0

71,125 CF 39 1,276 CF 69,888 0

0 0 12 830 CF (818) 0

0 0 275 743 CF (468) 0

0 0 166 230 CF (64) 1,361

0 0 120 167 CF (47) (78)

0 0 370 127 CF 243 (1)

--

10,627

9,375

10,151

19,528

(329)

(1,577)

(6,378)

---

4,988 6,700

2,451 6,582

99 4,904

98 3,782

24 3,080

35 3,815

28 3,319

Additional Summary Items: GRVY's ability to collect its accounts receivable is in-line with the Home Entertainment Software group norm. In 2011, the average number of days its accounts receivable were outstanding was 57. However, this was 2 days slower than the accounts receivables collection during the previous year. During Fiscal Year 2011, GRVY spent $1.3M on capital expenditures. This amount represented a steady decrease in spending over the last four years.
Copyright ©2006 The McGraw•Hill Companies, Inc.

11

Compustat Company Research

GRAVITY Co Ltd
Quarterly Income Statement
Chart of Gross Profit (Loss)
8,000

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

– 3.4%

+ 58.7%

– 0.3%

– 9.3%

+ 4.9%

– 31.1%

NA

6,000

Thousands of $US

Quarter Ending on Sales/Turnover (Net) Cost of Goods Sold Gross Profit (Loss) Selling, General and Administrative Expenses Operating Income Before Depreciation Depreciation and Amortization - Total Operating Income After Depreciation Interest and Related Expense Nonoperating Income (Expense) - Total Special Items Pretax Income Income Taxes - Deferred Income Taxes - Total Minority Interest - Income Account Income Before Extraordinary Items Net Income (Loss)

3/31/10 $9,840 4,302 5,538 4,421 -CF 1,117 5 85 0 1,197 AF 838 22 337 337

6/30/10 $9,493 4,142 5,351 5,147 -CF 204 2 856 0 1,058 AF 664 2 392 392

9/30/10 $12,763 4,270 8,493 5,363 -CF 3,130 8 394 0 3,516 AF 1,120 21 2,375 2,375

12/31/10 $14,217 5,748 8,469 7,225 -CF 1,244 13 443 (442) 1,232 (233) 1,100 (63) 195 195

3/31/11 $12,586 4,906 7,680 5,267 -CF 2,413 15 327 0 2,725 AF 731 (201) 2,195 2,195

6/30/11 $14,043 5,989 8,054 6,153 -CF 1,901 15 420 0 2,306 AF 836 (207) 1,677 1,677

9/30/11 $9,935 4,387 5,548 3,443 -CF 2,105 8 629 0 2,726 AF 250 (42) 2,518 2,518

12/31/11
Preliminary

---------0 (862) ---6,361 6,361 0.23 NC 0.23 NC 0.23 0.23 0.23 NC 0.23 NC 27,796 ZF 27,796 ZF

EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands) EPS - Basic Excluding Extraordinary Items 0.01 EPS - Basic Including Extraordinary Items 0.01 EPS - Diluted Excluding Extraordinary Items 0.01 EPS - Diluted Including Extraordinary Items 0.01 EPS from Operations - Basic 0.01 EPS from Operations - Diluted 0.01 Common Shares Used to Calculate EPS Basic Common Shares Used to Calculate EPS Diluted 12 MONTH MOVING EPS EPS Basic Excl. Extraordinary Items EPS Diluted Excl. Extraordinary Items EPS from Operations EPS from Operations - Diluted SPECIAL ITEMS - BREAKOUT Acquisition/Merger Pretax Impairment of Goodwill Pretax
NC NR ZA ZF

0.02 0.02 0.02 0.02 0.02 0.02 27,796 ZR 27,796 ZR

0.08 0.08 0.08 0.08 0.08 0.08 27,796 ZR 27,796 ZR

0.01 0.01 0.01 0.01 0.02 NR 0.02 NR 27,796 ZA 27,796 ZA

0.08 0.08 0.08 0.08 0.08 0.08 27,796 ZR 27,796 ZR

0.06 0.06 0.06 0.06 0.06 0.06 27,796 ZR 27,796 ZR

0.09 0.09 0.09 0.09 0.09 0.09 27,796 ZR 27,796 ZR

27,796 ZR 27,796 ZR

0.06 0.06 0.12 0.12

0.02 0.02 0.08 0.08

0.10 0.10 0.11 0.11

0.12 0.12 0.13 0.13

0.19 0.19 0.20 0.20

0.23 0.23 0.24 0.24

0.24 0.24 0.25 0.25

0.46 0.46 0.46 0.46

---

--ZR

---

(22) (420)

---

---

---

---

S&P calculation and may disagree with company reports Statutory rate used in calculation Weighted Average Shares are Averaged Weighted Average Shares are Carried Forward/Shares Outstanding Carried Forward From Prior Period

Weighted Average Shares are Reported AF Annual Figure CF Combined Figure

Copyright ©2006 The McGraw•Hill Companies, Inc.

12

Compustat Company Research

GRAVITY Co Ltd
Quarterly Balance Sheet
Chart of Current Assets - Total
80

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

– 0.7%

+ 5.4%

– 11.4%

– 0.1%

+ 5.5%

– 10.6%

NA

70

Millions of $US

Quarter Ending on CURRENT ASSETS Cash and Short-Term Investments Receivables - Total Current Assets - Other - Total Current Assets - Total NON-CURRENT ASSETS Property Plant and Equipment - Total (Gross) Depreciation, Depletion, and Amortization (Accumulated) Property Plant and Equipment - Total (Net) Goodwill Intangibles - Other Assets - Other - Total Assets - Total CURRENT LIABILITIES Debt in Current Liabilities Account Payable/Creditors - Trade Income Taxes Payable Current Liabilities - Other Current Liabilities - Total LONG-TERM LIABILITIES Long-Term Debt - Total Deferred Taxes and Investment Tax Credit Liabilities - Other - Total Liabilities - Total SHAREHOLDERS' EQUITY Common/Ordinary Stock (Capital) Capital Surplus/Share Premium Reserve Retained Earnings Common/Ordinary Equity - Total Stockholders' Equity - Total Liabilities and Stockholders' Equity - Total Common Shares Outstanding (Millions) SUPPLEMENTAL Pension Expense Deferred Revenue - Current Deferred Revenue - Long-Term
UG ZF

3/31/10 $63 5 5 73

6/30/10 $62 5 6 72

9/30/10 $65 5 6 76

12/31/10 $55 7 6 68

3/31/11 $57 5 6 67

6/30/11 $59 5 7 71

9/30/11 $53 5 6 64

12/31/11
Preliminary

-----

-32,768 2 -11 15 90 UG

-32,768 2 -11 15 89 UG

-32,768 2 -12 16 94 UG

22 (19) 2 7 30 41 111 UG

-32,768 3 -39 43 113 UG

-32,768 3 -41 45 119 UG

-32,768 2 -37 40 106 UG

-32,768 ----102 UG

CF 2 CF 4 6

CF 3 CF 4 8

CF 3 CF 5 8

CF 6 0 7 12

CF 4 CF 6 10

CF 5 CF 6 12

CF 3 CF 5 8

------

CF CF 9 15

CF CF 9 16

CF CF 9 17

CF 2 9 24

CF CF 11 21

CF CF 11 23

CF CF 9 17

---15

3 67 4 74 74 90 UG 28

3 65 5 73 73 89 UG 28

3 67 7 77 77 94 UG 28

3 67 8 77 77 111 UG 28

3 69 10 82 82 113 UG 28

3 71 12 86 86 119 UG 28

3 64 13 80 80 106 UG 28

3 --87 87 102 UG 28 ZF

AF 3 8

AF 3 8

AF 4 8

-5 8

AF 5 8

AF 5 8

AF 4 7

----

Non-US company, data collected in US GAAP Weighted Average Shares are Carried Forward/Shares Outstanding Carried Forward From Prior Period

AF Annual Figure CF Combined Figure

Copyright ©2006 The McGraw•Hill Companies, Inc.

13

Compustat Company Research

GRAVITY Co Ltd
Quarterly Cash Flow
Chart of Operating Activities - Net Cash Flow
9,000 8,000 7,000 NA NA

NASDAQ: GRVY

Mar. 13, 2012
Change vs. Previous Year

NA

NA

NA

NA

NA

Thousands of $US

Quarter Ending on OPERATING ACTIVITIES Income Before Extraordinary Items Depreciation and Amortization Deferred Taxes Equity in Net Loss (Earnings) Sale of PP&E and Investments - (Gain) Loss Funds from Operations - Other excluding Option Tax Benefit Funds from Operations - Other Accounts Receivable - Decrease (Increase) Accounts Payable and Accrued Liabilities - Increase (Decrease) Income Taxes - Accrued - Increase (Decrease) Assets and Liabilities - Other (Net Change) Operating Activities - Net Cash Flow INVESTING ACTIVITIES Increase in Investments Sale of Investments Short-Term Investments - Change Capital Expenditures Sale of Property, Plant, & Equipment Acquisitions Investing Activities - Other Investing Activities - Net Cash Flow FINANCING ACTIVITIES Long-Term Debt - Issuance Long-Term Debt - Reduction Changes in Current Debt Financing Activities - Net Cash Flow Exchange Rate Effect CHANGE IN CASH AND CASH EQUIVALENTS Cash and Cash Equivalents - Increase (Decrease) SUPPLEMENTAL ITEMS Interest Paid - Net Income Taxes Paid
CF Combined Figure

3/31/10 $337 ------------

6/30/10 $729 ------------

9/30/10 $3,104 ------------

12/31/10 $3,299 3,280 (233) 305 (201) 1,455 1,455 1,073 (1,106) 325 (760) 7,419

3/31/11 $2,195 ------------

6/30/11 $3,872 ------------

9/30/11 $6,390 ------------

12/31/11
Preliminary

$12,751 ------------

---------

---------

---------

4,860 4,695 3,096 1,282 40 9,974 (5,754) (14,039)

---------

---------

---------

---------

------

------

------

370 127 CF 243 (1)

------

------

------

------

--

--

--

(6,378)

--

--

--

--

---

---

---

28 3,319

---

---

---

---

Copyright ©2006 The McGraw•Hill Companies, Inc.

14

Compustat Company Research

GRAVITY Co Ltd
Glossary
Global Industry Classification Standard (GICS) - An industry classification
standard, developed by Standard & Poor's in collaboration with Morgan Stanley Capital International (MSCI). A company is assigned to a single GICS sub-industry according to the definition of its principal business activity as determined by Standard & Poor's and MSCI. Revenues are a significant factor in defining principal business activity; however, earnings analysis and market perception are also important criteria.

NASDAQ: GRVY

Mar. 13, 2012

Modified Return on Capital - This value from page 5 is calculated using a
formula that equally weights return on capital, defined as the trailing twelve months' earnings before interest and taxes, and earnings yield, defined as earnings before interest and taxes divided by market value plus net debt.

S&P Operating EPS - Earnings from Operations represents earnings per share that excludes the effect of all nonrecurring events. EPS is adjusted to remove the effect of all special or one-time items from the calculation. Value Scales - Abbreviations for scale are as follows: Th = Thousand, M =
Million, B = Billion, and T = Trillion.

S&P Core Earnings - Standard & Poor's Core Earnings is a uniform methodology
for calculating operating earnings, and focuses on a company's after-tax earnings generated from its principal businesses. Included in the definition are employee stock option grant expenses, pension costs, restructuring charges from ongoing operations, writedowns of depreciable or amortizable operating assets, purchased research and development, M&A related expenses and unrealized gains/losses from hedging activities. Excluded are pension gains, impairment of goodwill charges, gains or losses from asset sales, reversal of prior-year charges and provision from litigation or insurance settlements.

Company to Industry Comparison - The Market Capitalization and Revenue
charts on page 1 are displayed using a logarithmic scale to accommodate the large range of values that are shown.

Balance Sheet Debt Components - The sum of the Debt Components below the
Balance Sheet may not equal "Long-Term Debt - Total" due to the fact that, for some companies, the debt component can include "Long-Term Debt Due in One Year," which is a short-term liability.

Preliminary Data - Preliminary update indicates that the company has been
updated from a source with limited financial data, but the data is expected to become available or has been available historically. Final update (not indicated) means that the company has been updated from a complete source (usually the Form 10-K or 10-Q), and no further data will be available.

PEG Ratio - The computation of PEG (on pages 2 and 3) includes 3 years of
compounded earnings growth.

Dividends - Values for dividends in this report are not split adjusted. Presentation for Financial Services - For companies that fall under a Financial
Services classification, annual income statement and balance sheet information is displayed with financial specific data items. Please note, however, that all quarterly financial statements and the annual statement of cash flow are displayed in the standardized industrial template format.

Copyright ©2006 The McGraw•Hill Companies, Inc.

15

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