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Giant Interactive Announces Fourth Quarter and Fiscal Year 2010 Results

SHANGHAI Feb. 22, 2011 Giant Interactive Group Inc. China December 31, 2010

Fourth Quarter 2010 Highlights:

  • RMB368.1 million US$55.8 million
  • RMB311.2 million US$47.1 million
  • RMB231.3 million US$35.0 million
  • RMB1.02 (US$0.15) RMB0.99 (US$0.15) RMB0.92 RMB0.89 RMB0.87 RMB0.85
  • RMB240.8 million US$36.5 million
  • RMB1.06 (US$0.16) RMB1.03 (US$0.16) RMB0.97 RMB0.95 RMB0.90 RMB0.87
  • Active Paying Accounts ("APA") for online games was 1,693,000, an increase of 13.1% from the third quarter 2010 and an increase of 48.8% from the fourth quarter 2009.
  • RMB215.0
  • Average Concurrent Users ("ACU") for online games was 584,000, an increase of 8.5% from the third quarter 2010 and an increase of 20.3% from the fourth quarter 2009.
  • Peak Concurrent Users ("PCU") for online games was 1,713,000, an increase of 16.9% from the third quarter 2010 and an increase of 23.2% from the fourth quarter 2009.

Fiscal Year 2010 Highlights:

Compared to fiscal year 2009 results,

  • RMB1,332.8 million US$201.9 million
  • RMB1,133.7 million US$171.8 million
  • RMB811.2 million US$122.9 million
  • RMB3.57 (US$0.54) RMB3.47 (US$0.53)
  • RMB844.5 million US$128.0 million
  • RMB3.72 (US$0.56) RMB3.61 (US$0.55)

Yuzhu Shi

"While we are diligently focused on building the broadest and most innovative game portfolio possible, we are also committed to maintaining a lean cost structure and efficient operating platform in order to maximize profitability. As further evidence of our commitment to delivering returns to our shareholders, we plan to maintain our annual dividend policy and continue to seek appropriate investment opportunities in the online game and internet areas."

Fourth Quarter and Fiscal Year 2010 Unaudited Financial Results  

Net R evenue RMB368.1 million US$55.8 million RMB338.7 million RMB276.0 million

RMB1,332.8 million US$201.9 million RMB1,303.8 million

RMB353.5 million US$53.6 million RMB327.4 million RMB273.7 million

RMB215.0

Cost of Services RMB56.9 million US$8.6 million

RMB199.1 million US$30.2 million RMB204.1 million

Gross Profit and Gross Margin RMB311.2 million US$47.1 million

RMB1,133.7 million US$171.8 million RMB1,099.8 million

Operating Expenses RMB168.3 million US$25.5 million RMB94.3 million RMB55.8 million RMB46.5 million RMB19.4 million

RMB437.7 million US$66.3 million RMB265.9 million

RMB66.6 million US$10.1 million RMB52.6 million RMB27.5 million RMB186.0 million US$28.2 million RMB113.4 million

RMB30.6 million US$4.6 million RMB37.4 million RMB34.8 million RMB143.0 million US$21.7 million RMB119.6 million

RMB34.6 million US$5.2 million RMB33.7 million RMB33.2 million RMB119.4 million US$18.1 million RMB121.4 million

Financial Incentive . RMB10.0 million US$1.5 million RMB57.4 million RMB88.5 million

Interest Income . RMB37.3 million US$5.6 million RMB37.1 million RMB30.0 million

RMB136.1 million US$20.6 million RMB102.2 million

Income Tax RMB25.9 million US$3.9 million RMB21.8 million RMB15.3 million RMB89.3 million US$13.5 million RMB85.1 million

Net Income Attributable to the Company s S hareholders RMB231.3 million US$35.0 million RMB208.7 million RMB197.8 million

RMB811.2 million US$122.9 million RMB859.3 million

Cash , Cash Equivalents and Short-Term Investments December 31, 2010 RMB6,030.3 million US$913.7 million RMB5,753.3 million September 30, 2010

Cash Dividend US$0.18 February 22, 2011 April 8, 2011 (Eastern Time) March 18, 2011 (Eastern Time) US$41.5 million

Business Highlights and Outlook

ZT Online Series

ZT Online 2 November 2010

Giant Online

XT Online

King of Kings III

The Golden Land Taiwan Japan Brazil Thailand

Dragon Soul December 2010 USA Canada Europe Russia

Elsword November 2010

Allods Online

First Quarter 2011 Guidance

Conference Call

February 22, 2011 8:00 pm 5:00 pm February 23, 2011 9:00 am Southern China Southern China Northern China China

February 22, 2011

http://www.ga-me.com/earningsannouncements.php

Currency Convenience Translation

US$1.00 to RMB6.6000 December 31, 2010 City of New York New York

Use of Non-GAAP Financial Measures

Giant has reported net income attributable to the Company’s shareholders for the period indicated below on a non-GAAP basis excluding non-cash share-based compensation. Giant believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of Giant as well as when planning and forecasting future periods. Giant computes its non-GAAP financial measures through the application of the consistent method from quarter to quarter.

Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results in the attached financial information.

The table below sets forth the reconciliation of GAAP measures to non-GAAP measures for the indicated periods:

Giant Interactive Group, Inc.

Reconciliation of GAAP to Non-GAAP (Unaudited)

Three months ended

December 3 1 ,

September 3 ,

December 3 1 ,

December 3 1 ,

200 9

20 10

20 10

20 10

(RMB)

(RMB)

(RMB)

(US$)

GAAP net income attributable to the C ompany ‘s shareholders :

197,785,812

208,654,381

231,262,204

35,039,729

 

 

 

 

Share-based compensation

6,710,278

12,283,800

9,514,003

1,441,516

 

Non-GAAP net income attributable to the

C ompany ‘s shareholders :

204,496,090

220,938,181

240,776,207

36,481,245

Non-GAAP e arnings per share:

Basic

0.90

0.97

1.06

0.16

Diluted

0.87

0.95

1.03

0.16

Weighted average ordinary shares:

Basic

226,732,894

227,392,454

227,693,650

227,693,650

Diluted

233,930,367

233,497,787

233,693,232

233,693,232

For the year ended

December 31,

December 31,

December 31,

2009

2010

2010

(RMB)

(RMB)

(US$)

GAAP net income attributable to the C ompany s shareholders :

859,313,746

811,187,833

122,907,248

Share-based compensation

30,575,390

33,289,216

5,043,821

Non-GAAP net income attributable to the

C ompany s shareholders :

889,889,136

844,477,049

127,951,069

Non-GAAP e arnings per share:

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