LIQUIDATION AND DISTRIBUTION ANALYSIS Chapter 7 Enterprise Value under Plan Note Liquidation Value Low High Sources 1 Cash $171,994,521.18 $171,994,521.18 $171,994,521.18 2 Global Services $6,374,878.00 $8,274,878.00 $11,874,878.00 3 China.com $21,800,000.00 $29,700,000.00 $36,500,000.00 3 Menue, Inc. $3,300,000.00 $5,000,000.00 $10,000,000.00 3 CDC Games $1,200,000.00 $2,000,000.00 $5,000,000.00 Total Sources $204,669,399.18 $216,969,399.18 $235,369,399.18 Uses 4 Professional Fees ($4,659,857.15) ($4,659,857.15) ($4,659,857.15) 5 Advisor Fees – Moelis ($545,000.00) ($1,042,500.00) ($1,884,379.95) 5 Advisor Fees-Morgan Joseph ($3,686,779.59) ($4,525,647.57) ($5,393,742.80) 6 Transition Services ($1,154,631.42) ($1,154,631.42) ($1,154,631.42) 7 Bonuses/Severance ($1,117,507.00) ($1,117,507.00) ($1,117,507.00) 8 SAR/Options ($510,000.00) ($510,000.00) ($510,000.00) 9 Payroll ($418,258.33) ($418,258.33) ($418,258.33) 10 U.S. Trustee Fees ($101,125.00) ($111,125.00) ($111,125.00) 11 Claims ($2,916,921.27) ($2,916,921.27) ($2,916,921.27) Total Uses ($15,110,079.76) ($16,456,447.74) ($18,166,422.92) Equity Recovery 12 $189,559,319.42 $200,512,951.44 $217,202,976.26 Option Consideration 13 $5,926,594.00 $5,926,594.00 $5,926,594.00 Total Distribution 14 $195,485,913.42 $206,439,545.44 $223,129,570.26 15 Number of Common Shares at Petition Date 35,634,820 35,634,820 35,634,820 16 Restricted Stock Awards 1,152,270 1,152,270 1,152,270 Total Shares Including Restricted Stock Awards 36,787,090 36,787,090 36,787,090 17 Outstanding Options under $5.25 2,217,534 2,217,534 2,217,534 Fully Diluted Shares 39,004,624 39,004,624 39,004,624 Chapter 7 Enterprise Value Liquidation Value Low High Per Share Distribution (assuming fully diluted shares & no disallowed or subordinated options/RSA) [Total Distrib./ Fully Diluted Shares] $5.01 $5.29 $5.72 Per Share Distribution (assuming only common shares and all options/ RSA disallowed or subordinated) [Equity Recovery/ No. of Common Shares at Petition Date] $5.32 $5.63 $6.10
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