NCSOFT PRESENTATION. February 2012

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2 Disclaimer Some of the information and data in the material have been prepared based on assumptions. There can be no assurance that the assumptions used by NCsoft are correct and even if they are, that the effect of such assumptions on NCsoft s business and results of operations will be as projected. Therefore, NCsoft will not be responsible for individual investment decisions based solely on this material. The financial results for 4Q 2011 have been prepared on an unaudited basis, and may be subject to change during independent auditing process. Also, figures in this presentation is KIFRS based unless otherwise noted. Consolidated subsidiaries : NC Interactive(100%, US), Arenanet(100%, US), NC Europe(100%, UK), NC Japan(60%, JP), NCsoft Japan(100%, JP), NC Taiwan(85%, TW), NCsoft Corporation(Parent, KR), Next Play(53%, KR), NCsoft Service(100%, KR), NC Dinos Baseball Club(100%, KR), Hotdog Studio(58%, KR), Oraion Soft(100%, KR) 2

3 Contents I. Overview 1. Industry Overview 2. Company Overview II. 3Q 2011 Earnings 3. Financial Highlight 4. Sales Breakdown 5. Costs Breakdown III. Investment Point 6. Opportunity 7. Catalysts 8. Strength Appendix 9. Fee Structure 10. Parent Earnings 11. Summarized Financial Statements 12. Screenshots 3

4 11. Industry Overview(Characteristics & Categories) General Characteristics of Online Game Industry Fastgrowing industry High margin business Low cultural barriers Multiyear cycle business Categories of Online Game MMOG (Massively Multiplayer Online Games) MOG (Multiplayer Online Games) Web Board Games Definition Main User Base Product Life Cycle Business Model Development cost Thousands of players play in an evolving virtual persistent world simultaneously over the internet Hardcore users Male, young adults Relatively long (510 years) Mainly subscription fees, box sales in some regions High development cost over long development period (4~5 years) Online games with limited number of players in a single game world at a time Midcore & light users Male & female, from teens to 40 s Generally shorter than MMOGs Ingame items sales, optional fees for premium contents Relatively low development cost, shorter development period Simple card games such as chess, poker, etc. 4

5 12. Industry Overview(Growth Projection) Online is the fastest growing game platform with 19% CAGR 2009~2013 China is the fastest growing online game market with 20% CAGR 2009~2013 Game Markets by Platform Online Game Market by Regions (Unit : USD in BN) (Unit : USD in BN) E 2012E 2013E E 2012E 2013E Online Arcade PC Console Mobile Korea China NA Europe Japan Others (Source : Game White Paper 2011, Ministry of Culture, Korea) 5

21. Company Overview(NCsoft At A Glance) A leading gaming company boasting worldclass development capability and global publishing network Foundation

Seo* Global network : Korea, North America, Europe, Japan, Taiwan, Thailand Ownership** : Snapshot Services MMORPG Casual Games Web Games & Board

6 21. Company Overview(NCsoft At A Glance) A leading gaming company boasting worldclass development capability and global publishing network Foundation : March, 1997 CEO : BOD : Employees** : 3,300 Taek Jin Kim Taek Jin Kim(CEO) Hee Sang Lee(COO) Jaeho Lee(CFO) Byoung Moo Park* Myoung Oh* Yun Seok Seo* Global network : Korea, North America, Europe, Japan, Taiwan, Thailand Ownership** : Snapshot Services MMORPG Casual Games Web Games & Board Games Individual Domestic 7% Institution 30% Foreign 29% Management 25% Tresury Stock 9% Game Portal Music Content * Outside Directors ** As of Feb

7 22. Company Overview(Annual Revenue Trend) Legacy products remain solid or even growing Another quantum leaps expected with Blade & Soul, Guild Wars 2, Wildstar, Lineage Eternal, 1,200,000 1,000, , ,000 Royalty Others AION Guild Wars City of Heroes/Villains Lineage2 Lineage (Unit : KRW in MN) B&S, GW2 400, ,000 0 Lineage2 Lineage AION GW CoH 9, , , , , , , ,211 20, , , , , , , , , , , ,640 54, , , , , , , , (E) 7

8 Company Overview(Lineage) Global Online Game Publisher NCsoft Lineage, one of the legacy games, is now stronger than ever Hybrid biz model(subscription plus ingame item sales) driving further growth Annual Revenue of Lineage Quarterly Revenue of Lineage 300,000 (Unit : KRW in MN) 70,000 (Unit : KRW in MN) 250,000 60,000 66, ,000 50,000 51,618 50, ,000 Ingame item sales 40,000 30,000 Ingame item sales 50,050 47,955 42,459 40,915 38,512 39, ,000 50, , , , , , , , , , , , ,401 54,605 6, ,000 10,000 29,023 1Q 08 28,088 2Q 08 29,351 28,887 27,481 26,605 3Q 08 4Q 08 1Q 09 2Q 09 25,151 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 8

9 24. Company Overview(Development & Publishing Network) Global Online Game Publisher NCsoft Top talented developers in Korea, Japan, and U.S Well organized publishing arms in major markets such as Japan, Taiwan, Europe, U.S Europe NCsoft Europe (100%) Innova System (LineageII, AION) Gameforge (AION) Korea NCsoft Corporation (Headquarters) Thailand NC True (49%, JV with True corp.) China Shanda (AION) Tencent (B&S, Lineage, LineageII, Punch Monster ) Taiwan Japan NC Japan (60%, JV with Soft Bank) NCsoft Japan (100%) NC Taiwan (85%, JV with Gamania) Gamania (Lineage) North America NC Interactive (100%) Carbine Studio (belongs to NCsoft Corporation) North California Studio (belongs to NC Interactive) Arenanet (100%) Development Studio Publishing Entity Third Party Studio License Partner 9

10 25. Company Overview(Relentless Innovation) To be launched Wildstar Lineage Eternal... In service Guild Wars 2 Blade and Soul Ultra large scale combat Drag skill Lineage AION Lineage2 Flying characters Wide range of Customization The first 3D MMO in Korea Differentiated action Seamless Instant Dungeon Smart UI Proprietary graphic engine Personalized story line Dynamic quest system Smart view MMO + SNG Interactive object Unprecedented adventure Seamless world User created content as end content Large scale PvP called Gong Sung Jeon 10

26. Company Overview(Quality Assurance System) Individual project level : Project Review Committee(PRC), Milestone Review Committee(MRC) Global portfolio level : Portfolio Steering

11 26. Company Overview(Quality Assurance System) Individual project level : Project Review Committee(PRC), Milestone Review Committee(MRC) Global portfolio level : Portfolio Steering Committee(PSC) Development Unit PRC Proposal Milestone1~ (Prototype) Production (Alpha) Idea Game MRC Check Check Check PRC Project Approval Termination if necessary Mass Production Approval 11

12 31. Financial Highlights (Quarterly) Sales and profit declined due to scaled back ingame item sales in 4Q 200,000 Sales 100,000 Operating Profit (Unit : KRW in MN) 150, , , , , ,995 80, ,000 50,000 6% QoQ 13% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 60,000 40,000 20,000 27,713 40,716 43,497 33,793 16,677 51% QoQ 40% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q ,000 Pretax Income 100,000 Net Income 80,000 80,000 60,000 40,000 20,000 33,553 46,721 49,423 38,840 21,853 44% QoQ 35% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 60,000 40,000 20,000 27,393 34,457 41,359 27,875 16,125 42% QoQ 41% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 12

32. Financial Highlights (Yearly) Revenues reduced YoY due to weakened user base Profits shrank reflecting decreased revenues and R&D increase 700,000 600,000 655,904 608,904 (Unit : KRW

13 32. Financial Highlights (Yearly) Revenues reduced YoY due to weakened user base Profits shrank reflecting decreased revenues and R&D increase 700, , , ,904 (Unit : KRW in MN) 500,000 7% YoY 400, , , , , , , , , ,000 24% YoY 21% YoY 18% YoY Revenues Operating Income Pretax Income Net Income 13

14 41. Sales Breakdown (Quarterly) Korea came down QoQ because of slow L1, while Japan grew thanks to yearend promotion L1 decreased QoQ due to lack of ingame item sales, where as L2 rose thanks to roust sales in Japan 180,000 Sales by Region 160, ,000 Sales by Games (excluding royalty) (Unit : KRW in MN) 150, ,000 90,000 60,000 13,513 (8%) 147,603 1,714 (1%) 5,155 (3%) 11,868 (8%) 4,126 (3%) 23,321 (15%) 18,279 (12%) 6,829 (4%) 4,521 (3%) 7,925 (5%) 6,532 (4%) 101,957 (64%) 102,276 (69%) 138,995 14,337 (10%) 2,724 (2%) Royalty 29,446 (21%) Others 2,893 (2%) 6,824 (5%) Taiwan Japan Europe N. America Korea 82,771 (60%) 150, ,000 90,000 60, ,902 2,219 (2%) 2,723 (2%) 3,239 (2%) 65,124 (44%) 31,140 (21%) 135,735 3,088 1,872 2,812 (2%) (1%) (2%) 55,834 (41%) 21,176 (16%) 124,658 3,336 1,474 (3%) (1%) 3,435 (3%) 51,729 (41%) 24,731 (20%) Others GW COH/V AION L2 L1 30,000 30,000 42,459 (29%) 50,951 (38%) 39,952 (32%) 4Q 10 3Q 11 4Q 11 4Q 10 3Q 11 4Q 11 L1 : Lineage 1 L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 14

42. Sales Breakdown (Yearly) Korea was flat YoY on the back of strong user base, while US & EU came down with user attrition L1 recorded historical high annual revenues, but L2 declined YoY due to

15 42. Sales Breakdown (Yearly) Korea was flat YoY on the back of strong user base, while US & EU came down with user attrition L1 recorded historical high annual revenues, but L2 declined YoY due to weakened user base Sales by Region Sales by Games (excluding royalty) 700, , ,000 (Unit : KRW in MN) 600, ,000 48,033 6,193 23,484 78,952 34,275 (7%) (1%) (4%) (12%) (5%) 608,904 56,573 17,856 85,020 (9%) (3%) (14%) 600, , ,872 11,519 12,545 15,787 (2%) (2%) (3%) 552,331 12,816 12,086 7,905 (2%) (1%) (2%) 400, , ,000 48,571 (7%) 17,928 27, ,397 (63%) 404,144 (3%) (4%) (66%) Royalty Others Taiwan Japan Europe N. America Korea 400, , , ,137 (43%) 223, ,937 (20%) 100,574 (40%) (18%) Others GW COH/V AION L2 L1 100, , ,947 (30%) 195,702 (35%) L1 : Lineage 1 L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 15

16 5. Costs Breakdown Labor cost grew 9% YoY as efforts were made to acquire more talents for long term growth Variable expense was up 7% YoY partly because of royalty increase Marketing expense increased 25% YoY reflecting active marketing campaigns and corporate PR activities (Unit : KRW in MN) 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY Labor Cost 68,442 69,317 68,634 65,355 66,062 1% 3% Variable expense 9,261 8,884 9,838 9,402 10,885 16% 18% Payment processing fee 6,433 6,006 6,352 6,168 7,247 17% 13% Royalty expense 1,539 1,678 1,366 1,538 1,880 22% 22% Box production fee 1, , ,257 29% 18% Other variable % 129% Marketing expense 4,771 3,136 3,968 5,328 6,315 19% 32% D&A 6,432 7,081 6,658 7,002 7,885 13% 23% Others(*) 31,660 26,554 28,014 30,020 32,758 9% 3% Sub Total 120, , , , ,906 6% 3% Other Income 4,034 2,989 4,478 4,527 4,173 8% 3% Other Expense 16,169 2,793 10,684 1,230 2, % 84% Total 132, , , , ,317 7% 8% YoY 246, ,368 9% 36,581 39,009 7% 24,612 25,773 5% 4,896 6,461 32% 3,761 3,580 5% 3,312 3,195 4% 14,959 18,747 25% 22,620 28,626 27% 111, ,346 5% 432, ,097 9% 13,922 16,166 16% 60,369 17,290 71% 479, ,222 1% * 4Q11 Others : Bandwidth costs(4,618), Rent(3,660), Wage for outsourced staff(2,912), Outsourced R&D(2,894), etc. 16

17 6. Opportunity Online is the fastest growing game platform (CAGR 19%) Big potential for growth but only a few qualified players in the market Game Markets by Platform Annual Revenue Trend of Blizzard (Unit : USD in BN) CAGR 1% Online CAGR 13% Arcade 24 PC 21 Console 19 Mobile CAGR 19% CAGR 17% ,800 1,600 1,400 1,200 1, (Unit : USD in MN) ,082 1,346 1,196 1,646 1,243 1, E 2012E 2013E (Source: Game White Paper 2011, Ministry of Culture, Korea) CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 (Source: Hudson Square Research) 17

71. Catalysts New growth drivers such as Blade & Soul, Guild Wars2, Wildstar, Lineage

console games Wider target audience through easy play Not only repetitive combats but

groundbreaking features that haven t been tried so far in MMOs A dynamic and interactive

18 71. Catalysts New growth drivers such as Blade & Soul, Guild Wars2, Wildstar, Lineage Eternal. Hybrid business model (subscription + ingame item sales) Blade and Soul has... Guild Wars2 has... A unique world view with Asian martial arts element As good actions and effects as console games Wider target audience through easy play Not only repetitive combats but also a variety of activities Well written stories and stunning visuals Other groundbreaking features that haven t been tried so far in MMOs A dynamic and interactive game experience Personalized storylines New depths of character customization An innovative combat system Intense player vs. player action A rich and fully realized fantasy world 18

19 72. Catalysts Blade & Soul launch in Korea in 1H 2012 Guild Wars 2 launch in US & EU in 2012 AION s milestone 1 st CBT in Korea 2 nd CBT in Korea 3 rd CBT in Korea OBT & Launch in Korea Launch in China Launch in Japan/Taiwan Launch in EU/US Oct ,000 testers April ,000 testers July ,000 testers OBT : Nov Launch : Nov April 2009 July 2009 Sep Blade & Soul s milestone 1 st CBT in Korea 2 st CBT in Korea 3 rd CBT & OBT in Korea Global launches expected to follow in major markets in 2013 April 2011 August H

8. Strength Worldclass development capability and strong pipeline Global publishing

.. In service Guild Wars 2 Blade and Soul Internal tests expected in 2012 AION Handson

8 TN (launch~2011) Service Country: 6 countries Latest Quarterly Sales: KRW 40 BN Lineage2

3 TN (launch~2011) Service Country: 9 countries (EU counted as one) Latest Quarterly

8 TN (launch~2011) Service Country: 7 countries (EU counted as one) Latest Quarterly

20 8. Strength Worldclass development capability and strong pipeline Global publishing network 14 years of operational knowhow and skills To be launched Wildstar Lineage Eternal... In service Guild Wars 2 Blade and Soul Internal tests expected in 2012 AION Handson demo at PAX and GamesCom in 2011 Lineage Launch: Sep Accumulated Sales: KRW 1.8 TN (launch~2011) Service Country: 6 countries Latest Quarterly Sales: KRW 40 BN Lineage2 Launch: Oct Accumulated Sales: KRW 1.3 TN (launch~2011) Service Country: 9 countries (EU counted as one) Latest Quarterly Sales: KRW 25 BN Launch : Nov Accumulated Sales: KRW 0.8 TN (launch~2011) Service Country: 7 countries (EU counted as one) Latest Quarterly Sales: KRW 52 BN 1 st CBT in April nd CBT in August 2011 To be launched in 1H 2012 Handson demo at PAX and GamesCom in 2010 Handson demo at PAX and GamesCom in 2011 To be launched in

21 Appendix 9. Fee Structure 10. Parent Earnings 11. Summarized Financial Statements 12. B&S screenshots 21

22 91. Fee Structures (Korea) L1, L2, AION Global Online Game Publisher NCsoft Game Customer Products Content Price (Unit : KRW) Internet Café (B2B) Hourly Fee Coin system 13 second = 1G coin Lineage1 & Lineage2 Personal Account (B2C) Flat monthly Fee Flat monthly Fee & Hourly fee Prepaid monthly rate per account Unlimited usage Yellow(unlimited usage/7days): 9,000 Orange(unlimited usage/30days/1item): 27,000 Purple(unlimited usage/90days): 64,000 Green(100 hrs/30days/5 items):27,000 Blue(300 hrs/30days/3 items): 27,000 Hourly fee Time coupon based on time units Payable by ARS (Audio Response System) 3 hrs : 3,000 5 hrs : 5, hrs : 8, hrs : 18,000 Internet Café (B2B) Hourly Fee Coin system 14 second = 1G coin AION Personal Account (B2C) Flat monthly Fee & Hourly fee Hourly fee Prepaid monthly rate per account Limited usage 30 days or 300 hrs : 19, days or 900 hrs : 47,520 Time coupon based on time units 3hrs : 3,000 30hrs : 12,000 22

23 92. Fee Structures (Overseas) L1, L2 Global Online Game Publisher NCsoft Country Products Content Lineage Price Lineage II Price USA Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage 1 Month : US $ 15 3 Months : US $ 45 Box : US $ Month : US $ 15 Europe Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage Box : ( ) 1 Month : ( 8.99 ) Japan Flat monthly fee Prepaid card Item sales Prepaid monthly rate per account Unlimited usage Based on period Free to Play (Item sales only) 1 Month : JP 3,000 (US $ 25) 3 Months : JP 7,200 Internet Café Based on time units 1 Hour : JP 40 1 Hour : JP 40 Taiwan Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage 12 Hours : NT 20 1 Month : NT 369 (US $ 12) 12 Hours : NT 25 1 Month : NT 480 (US $ 15) China Flat monthly fee Prepaid card Item sales Scratch coupon based on time units Unlimited usage 25 Hours: RMB 10 (150P) 1 Month : RMB 48 (800P) (US $ 6) *1 point = 10 minutes Free to Play (Item sales) 20 Hours : RMB 10 (150P) 1 Month : RMB 48 (800P) (US $5) *1 point = 8 minutes Thailand Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage True Money Cash Card(9hrs): Baht 150 True Money Cash Card(unlimited usage/10days): Baht 150 True Money Cash Card(unlimited usage/22days): Baht

24 93. Fee Structures (Overseas) AION Global Online Game Publisher NCsoft Country Products Content Box price Price USA Box Flat monthly fee Box Unlimited usage Box : US $ Monthly subscription : US $ Europe Box Flat monthly fee Box Unlimited usage Box : UK Euro Monthly subscription : UK 8.99 Euro Japan Flat monthly fee Prepaid monthly rate per account Based on period 1) Lite : 30 days / 100hrs : 1,800 yen 2) Regular : 30days / 300hrs : 3,000 yen 3) Premium : 90days / unlimited : 7,800 yen 4) Legion Plus : 90days / unlimited : 7,800 yen Taiwan Flat monthly fee Prepaid card Prepaid monthly rate per account Scratch coupon based on time units Monthly subscription : NTD 430 Monthly subscription (3 months) : NTD 1,290 2 Hours : NTD 18 China Prepaid card Scratch coupon based on time units 1 Hour: RMB

25 94. Fee Structures (Overseas) COX, GW Global Online Game Publisher NCsoft City of Heroes/Villain Guild Wars 25

101. Financial Highlights (Parent) Global Online Game Publisher NCsoft (Unit : KRW in MN) Sales Operating Profit 150,000 100,000 50,000 127,448 126,931 140,148 124,094 109,005 12% QoQ 14% YoY 100,000

26 101. Financial Highlights (Parent) Global Online Game Publisher NCsoft (Unit : KRW in MN) Sales Operating Profit 150, ,000 50, , , , , ,005 12% QoQ 14% YoY 100,000 80,000 60,000 40,000 41,850 52,602 63,852 52,193 28,231 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 20,000 46% QoQ 33% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q ,000 Pretax Income 100,000 Net Income 80,000 60,000 40,000 47,810 58,864 69,920 57,468 33,650 80,000 60,000 40,000 40,004 47,470 56,656 45,620 27,179 20,000 41% QoQ 30% YoY 20,000 40% QoQ 32% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 26

27 102. Sales Breakdown (Parent) Global Online Game Publisher NCsoft (Unit : KRW in MN) Sales by Games Quarterly Royalty 150,000 30, , ,094 25,000 26,180 24,762 21, ,005 23,913 24,922 24,445 24,762 25,620 22,492 21, ,000 50,000 2,656 2,307 42,618 48,333 10,218 14,696 26,180 3,151 36,630 8,612 Royalty Others AION L2 L1 20,000 15,000 10,000 37,000 47,135 34,433 5,000 4Q 10 3Q 11 4Q 11 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 27

28 103. Costs Breakdown (Parent) Global Online Game Publisher NCsoft (Unit : KRW in MN) 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY Labor cost 47,416 48,649 49,304 45,846 42,200 8% 11% Variable expense 5,656 6,118 6,074 6,143 6,337 3% 12% Payment processing fee 3,972 4,389 4,664 4,448 4,430 0% 12% Royalty Expense 1,619 1,704 1,379 1,551 1,888 22% 17% Other variable % 71% Marketing expense 2,729 1,703 3,285 1,715 10, % 269% D&A 2,694 2,911 3,138 3,298 3,424 4% 27% Others 16,160 13,995 15,557 17,535 17,902 2% 11% Sub Total 74,655 73,375 77,359 74,536 79,921 7% 7% Other Income 618 1,552 3,276 2,988 1,589 47% 157% Other Expense 11,561 2,506 2, , % 79% Total 85,598 74,329 76,296 71,900 80,774 12% 6% YoY 167, ,998 11% 22,446 24,672 10% 15,829 17,931 13% 4,862 6,522 34% 1, % 6,946 16, % 9,109 12,770 40% 56,846 64,990 14% 262, ,192 16% 7,146 9,405 32% 52,160 7,512 86% 307, ,299 1% 28

29 104. Equity Method Gain/Loss (Parent) Global Online Game Publisher NCsoft 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY Domestic Subsidiaries (792) % Orion Soft (189) 140 (259) 446 (133) Next Play (1,159) Crazy Diamond (23) 22 56% NCsoft Service (204) 155 (18) % Zepetto % 29% NC Dinos Baseball Club (731) 164 Hotdog Studio (141) (191) Overseas Subsidiaries (3,969) (6,756) (8,770) (10,117) (3,393) NC Interactive (3,982) (5,874) (5,235) (7,844) (5,821) NC Europe (2,186) (2,410) (2,437) (3,484) 793 NC Japan (3,067) (206) 1,286 36% Ncsoft Japan (24) 0 (17) % NC Taiwan 326 (76) 1, (690) NC True % 300% Total (4,760) (6,114) (8,203) (9,646) (2,400) (Unit : KRW in MN) YoY (4,169) 2,674 (67) 193 (5,614) 0 (23) % 1,328 2,308 74% 0 (48) 0 (332) (3,654) (29,036) (13,691) (24,774) 1,592 (7,538) 2,646 (1,342) (467) 312 2, % 2,198 3,510 60% (7,823) (26,363) 29

30 105. Quarterly Sales by Subsidiaries (Parent) Global Online Game Publisher NCsoft 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY NC Interactive 8,016 7,214 6,972 6,606 6,681 1% 17% Arenanet % 52% NC Europe 6,829 5,499 5,014 4,521 2,893 36% 58% NC Japan 23,462 20,056 17,267 18,229 29,895 64% 27% NC Taiwan 5,215 5,298 5,718 4,127 2,724 34% 48% NCsoft Japan 2,202 1,407 1, % 97% NC True 4,060 4,629 4,292 4,532 4,601 2% 13% Total 50,582 44,779 41,298 39,093 47,248 21% 7% (Unit : KRW in MN) YoY 48,952 27,472 44% 3,625 2,327 36% 34,275 17,928 48% 79,377 85,446 8% 27,872 17,867 36% 6,984 3,326 52% 11,622 18,054 55% 212, ,419 19% 30

31 111. Summarized Statement of Financial Position Consolidated Parent (Unit : KRW in MN) Current Assets 729, ,829 Cash & cash equivalents 65,030 60,813 Shortterm financial instruments 531, ,993 Account receivables 67,147 71,939 Others 65,510 96,084 Noncurrent Assets 305, ,183 Investment assets 49,546 32,116 Tangible assets 198, ,608 Intangible Assets 29,949 31,550 Others 27,278 39,909 Total Assets 1,034,174 1,121,012 Current Liabilities 189, ,761 Borrowings 2,019 Payables 16,189 16,342 Current tax liabilities 29,035 3,794 Others 142, ,624 Noncurrent Liabilities 75,387 65,795 Defined benefit obligations 23,961 34,115 Longterm employee benefits 8,541 5,391 Others 42,885 26,288 Total Liabilities 265, ,556 Capital Stock 10,903 11,425 Other Paidup Capital 108, ,114 Other Components of Equity 3,804 4,614 Retained Earnings 632, ,432 Minority Interest 13,139 13,100 Total Stockholders Equity 769, ,457 Total Liabilities and Stockholders Equity 1,034,174 1,121,012 (Unit : KRW in MN) Current Assets 651, ,839 Cash & cash equivalents 9,794 21,497 Shortterm financial instruments 530, ,000 Account receivables 58,546 59,674 Others 52, ,668 Noncurrent Assets 361, ,719 Investment assets 138, ,613 Tangible assets 179, ,851 Intangible assets 24,313 23,790 Others 19,465 16,465 Total Assets 1,012,703 1,144,558 Current Liabilities 143, ,899 Payables 9,567 19,160 Current tax liabilities 30,186 6,856 Others 103, ,883 Noncurrent Liabilities 65,408 40,593 Defined benefit obligations 22,425 32,928 Longterm employee benefits 8,541 5,265 Other allowance liablities 34,442 Other noncurrent liabilities 2,400 Total Liabilities 208, ,492 Capital Stock 10,903 10,925 Other Paidup Capital 108, ,114 Other Components of Equity 3,804 4,580 Retained Earnings 680, ,608 Total Stockholders Equity 804, ,066 Total Liabilities and Stockholders Equity 1,012,703 1,144,558 31

32 112. Summarized Income Statement Consolidated (Unit : KRW in MN) Sales 655, ,904 Cost of Sales 144, ,100 Gross Profit 511, ,805 Selling & Administrative Expense 287, ,998 Other Income 13,922 16,166 Other Expense 60,369 17,290 Operating Income 176, ,683 Finance Income 21,979 23,617 Finance Expense 623 1,462 Income before Income Tax Expense 198, ,838 Income Tax Expenses 50,795 39,538 Minority Interest 548 (2,515) Net income 146, ,815 Parent (Unit : KRW in MN) Sales 514, ,177 Cost of Sales 78,991 94,932 Gross Profit 435, ,245 Selling & Administrative Expense 183, ,260 Other Income 7,146 9,405 Other Expense 52,160 7,512 Operating Income 206, ,878 Finance Income 21,582 23,524 Finance Expense 500 Income before Income Tax Expense 228, ,902 Income Tax Expenses 48,698 42,978 Net Income 179, ,925 32

33 121. Concept art(blade & Soul) Global Online Game Publisher NCsoft 33

34 122. Concept art(guild Wars 2) Global Online Game Publisher NCsoft 34

35 123. Concept art(wildstar) Global Online Game Publisher NCsoft 35

36 124. Concept art(lineage Eternal) Global Online Game Publisher NCsoft 36

37 Thank you 37

IR PRESENTATION. September 2011

IR PRESENTATION. September 2011 IR PRESENTATION September 20 NCSOFT Corporation 5737 Samsungdong, Kangnamgu, Seoul 35090, KOREA Tel: +8222863300 Fax : +8222863550 Copyright c NCSOFT Corporation. All Rights Reserved WWW.NCSOFT.COM Disclaimer