Asiasoft Corporation PLC. Opportunity day Q3/2011 17 November 2011 - - PowerPoint PPT Presentation

Opportunity day Q3/2011 17 November 2011

Asiasoft Corporation PLC.

Page 2

Market Overview in Q3/2011 Asiasoft Overview in Q3/2011 Asiasoft Performance in Q3/2011 Next Step in Q4/2011

Page 4

Online Game Market in Thailand

2008 2009 2010

TOTAL: 65 Games 90 Games 110 Games 123 Games

9M2011

23 Companies (5 new companies) (- close company) 33 Companies (8 New companies) (1 close company)

1

26 Companies (6 new companies) (3 close Company)

2 3

34 Companies (4 New companies) (3 close company)

27 New Games 35 New Games 32 New Games 25 New Games

4

• A few new comers entered the market each year, however there are also a few companies closing down.

Page 5 Proportion base on Max CCU end of Dec 10

Online Game Breakdown by Game Type

Asiasoft/Funbox 54% TDE/NC True 2% INI3 Digital 4% Winner Online 8% Golden Soft 7% Others 25% Asiasoft/Funbox 42% TDE/NC True 14% INI3 Digital 17% Winner Online 1% Golden Soft 7% Others 19% Asiasoft/Funbox 3% TDE/NC True 80% Winner Online 11% Golden Soft 5% Others 1% INI3 Digital 68% Golden Soft 1% Others 31%

MMOPRG CASUAL FPS Web Game

Remark : base on Average Max CCU Q3/11

• MMO accounts over 50% of total and followed by FPS of 27% and casual of 14%.
• Asiasoft is no. 1 in MMO (54%) and Casual (42%), still no comparable range in MMO, but in Casual followed by INI3 of 17%

and True group of 14%.

• No. 1 in FPS was true with very high market share of 80% and INI3 was leader in web game of 68%.

54% 14% 27% 5% MMORPG (74 games) Casual (21 games) FPS (12 games) WEB (15 games)

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New Game Launch

MMORPG 5 games 47% Casual 4 games 34% FPS

• 0%

WEB 2 games 19% MMORPG 5 games 72% Casual 1 games 14% FPS

• 0%

WEB 1 games 14% Online Game Publisher Type 8Inw Asiasoft/Funbox MMORPG Rohan Asiasoft/Funbox MMORPG king of king 3 Cubinet MMORPG GodsWar Online GameIndy MMORPG BumpyCrash Golden Soft Casual Boomz INI3 Digital WEB Magic School Online VNO WEB Jubkoo Vplay Casual Grand Fisher Vplay Casual Grand Fantasia Winner Online MMORPG Xdition Winner Online Casual New 11 games from 8 Publishers Online Game Publisher Type God of Emperor Asiasoft/Funbox MMORPG AVA Asiasoft/Funbox MMORPG Shot Online Games Campus Casual Weapons of the Gods Golden Soft MMORPG WARFLOW Golden Soft WEB Bounty Hounds Online Lemniscate MMORPG Mu Blue Online Winner Online MMORPG New 7 games from 5 Publishers

• A few new comers entered the market each year, however there are also a few companies closing down.

Page 7

Historical New Game Launch

New Game Launch Publisher Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Asiasoft/Funbox 1

• 2

1 2 4 2 TDE/NC True

• 2
• Winner Online

2 2 2 2 2 2 1 INI3 Digital

• 1

1

• 2
• Golden Soft
• 1
• 1

1 2 Others 4 3 6 4 4 4 2 Grand Total 7 6 12 9 9 13 7 %New Game Launch / Total Game Publisher Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Asiasoft/Funbox 14.3%

• 16.7%

11.1% 22.2% 30.8% 28.6% TDE/NC True

• 22.2%
• Winner Online

28.6% 33.3% 16.7% 22.2% 22.2% 15.4% 14.3% INI3 Digital

• 16.7%

8.3%

• 15.4%
• Golden Soft
• 8.3%
• 11.1%

7.7% 28.6% Others 57.1% 50.0% 50.0% 44.4% 44.4% 30.8% 28.6% Grand Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

• A few new comers entered the market each year, however there are also a few companies closing down.

Page 8 Ragnarok YulGang Cabal ray city Battle of the Immortals Audition PANGYA Tales Runner Fifa 2 Zone4 Point Blank Special Force xshot AVA SD Gundam Capsule Fighter Online Boomz Travian War2 Zhezafighter WARFLOW

Top 5 Ranking for Each Game Type

Remark : base on Average Max CCU Q3/11

• AS is still in the top rank for both MMORPG and Casual and already in the top 5 in FPS for AVA our new game launched in 3Q11.
• True group’s game was in top rank for FPS and INI3 was in web game.

Page 10

New Game Launch

Online Game Publisher Type Rappelz Eagle Games MMORPG (Philippines) Special Force DF Interactive FPS (Singapore) New2 games from 2 Publishers Online Game Publisher Type Heros of Thessalonica Game Base MMORPG (Singapore) Xuan Wu Online Asiasoft MMORPG Plant War i1Play Casual Web (Malaysia) Pocket Ninja GamBunny Casual Web (Malaysia) Genghis Khan 2 i1Play MMORPG (Malaysia) SEAL Online LYTO Game MMORPG (Indonesia) HE2 ChineseGo MMORPG (Malaysia) Dragon Nest Cherry Credits MMORPG (Singapore) New 8 games from 8 Publishers

Page 11

Online Game Market in Singapore

2008 2009 2010

TOTAL: 5 Games 7 Games 10 Games 15 Games

9M2011

4 Companies 8 Companies (4 New companies)

1

4 Companies

2 3

8 Companies

4

2 New Games 6 New Games 6 New Games

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Online Game Market in Malaysia

2008 2009 2010

TOTAL: 81 Games 119 Games 150 Games 132 Games

9M2011

20 Companies 30 Companies (4 New companies)

1

26 Companies (6 new companies)

2 3

30 Companies (7 new companies)

4

18 New Games 13 New Games 15 New Games

Page 13 Note: Ranking based on CCU of August 2011.

Singapore Top 5 Ranking Online Game

Page 14

Malaysia Top 5 Ranking Online Game

Note: Ranking based on CCU of August 2011.

Page 16

New Game Launch in Thailand Q3/2011

Page 17

New Game Launch in Funbox Q3/2011

Page 18

Launched Dates: CBT – 19th August – 21st August OBT + CM – 26th August Target CCU: 5000 Max CCU growth from Aug to Sep 11% ARPU growth from Aug to Sep 34%

New Game Launch in Malaysia Q3/2011

Page 20

Group Performance

• Normalized Net Profit-Q3 is down 11.6% from last year. The increase in revenue did not cover the rising in expenses, especially

increase in game operating expense, license fee, employee costs both in COG & SG&A, server and network cost.

• Major adjustment 9M11 = 6.31MB including tax refund in ASO 9.05 MB, employee benefit 4.15MB, VN revenue 5.72MB,

Allowance debt VN 2.64MB, lower CIT in Y10=2.41MB, Partner Cost 0.44MB.

Items

3Q10 2Q11 3Q11 YoY QoQ 9M10 9M11 YoY

Revenues 359.21 407.62 394.35 ▲ 9.8% ▼ 3.3% 1,068.56 1,196.10 ▲ 11.9%

<By Region>

Domestic 257.73 261.27 246.47 ▼ 4.4% ▼ 5.7% 758.33 783.50 ▲ 3.3% Oversea 101.49 146.35 147.89 ▲ 45.7% ▲ 1.1% 310.23 412.60 ▲ 33.0% <By Business Type> Online 321.37 381.15 366.69 ▲ 14.1% ▼ 3.8% 951.72 1,108.09 ▲ 16.4% Distribution 31.02 19.28 21.32 ▼ 31.2% ▲ 10.6% 103.09 65.02 ▼ 36.9% Advertising and others 6.62 7.19 6.34 ▼ 4.3% ▼ 11.7% 13.75 22.99 ▲ 67.2%

COGS 184.42 219.84 219.30 ▲ 18.9% ▼ 0.2% 548.21 651.16 ▲ 18.8% Gross Profit 174.80 187.77 175.05 ▲ 0.1% ▼ 6.8% 520.35 544.94 ▲ 4.7% GP% 48.7% 46.1% 44.4% 48.7% 45.6% SG&A 87.57 89.97 104.69 ▲ 19.6% ▲ 16.4% 267.05 282.19 ▲ 5.7% SG&A% 24.4% 22.1% 26.5% 25.0% 23.6% EBIT 87.23 97.80 70.36 ▼ 19.3% ▼ 28.1% 253.30 262.75 ▲ 3.7% EBIT% 24.3% 24.0% 17.8% 23.7% 22.0% Other Revenues 4.28 7.73 7.18 ▲ 67.7% ▼ 7.1% 14.90 15.92 ▲ 6.9% Net Profit 58.54 83.76 68.56 ▲ 17.1% ▼ 18.2% 195.25 222.30 ▲ 13.9% Net Profit% 16.3% 20.5% 17.4% 18.3% 18.6% Major Adjustment 14.14 1.05 (4.34) ▼ 130.7% ▼ 513.2% 14.14 6.31 ▼ 55.4% Normalized Net Profit 72.68 84.81 64.21 ▼ 11.6% ▼ 24.3% 209.39 228.61 ▲ 9.2% Normalized NP% 20.2% 20.8% 16.3% 19.6% 19.1%

Page 21

Revenue break-down by Company

• Q311, ASC under-performed the subsidiary companies, declining in revenue of 6% vs increasing 36% in FB and ASO, 50%

in ASM YoY basis.

• Declining in ASC revenue contribution to the group from 69% to 60% for Q32011 and for 9M11 down from 68% to 62%.

Note te : Total tal rev revenue are re base sed on comb mbined basis, sis, the therefo refore re not t equal to to conso solidated rev revenue.

Items

3Q10 2Q11 3Q11 YoY QoQ 9M10 9M11 YoY

ASC

246.37 253.23 231.62 ▼ 6.0% ▼ 8.5% 737.35 736.55 ▼ 0.1%

Online 210.09 218.27 202.42 ▼ 3.7% ▼ 7.3% 623.73 640.03 ▲ 2.6% Distribution 30.26 17.64 20.03 ▼ 33.8% ▲ 13.6% 93.29 60.86 ▼ 34.8% Advertising and Others 6.01 17.32 9.16 ▲ 52.5% ▼ 47.1% 20.32 35.66 ▲ 75.4%

% of Total 68.7% 61.2% 59.9% 68.4% 62.0%

Funbox

13.14 18.94 17.94 ▲ 36.5% ▼ 5.3% 36.95 63.59 ▲ 72.1%

Online 10.69 18.02 16.56 ▲ 54.9% ▼ 8.1% 30.48 58.58 ▲ 92.2% Distribution 0.95 0.21 1.37 ▲ 44.5% ▲ 570.3% 4.47 2.49 ▼ 44.3% Advertising and Others 1.50 0.71 0.00 ▼ 100.0% ▼ 100.0% 2.00 2.52 ▲ 26.0%

% of Total 3.7% 4.6% 4.6% 3.4% 5.3%

ASO

83.96 119.54 114.10 ▲ 35.9% ▼ 4.5% 251.15 322.37 ▲ 28.4%

Online 82.12 116.70 112.78 ▲ 37.3% ▼ 3.4% 241.99 315.95 ▲ 30.6% Distribution 1.63 2.19 0.99 ▼ 39.4% ▼ 54.8% 8.02 4.22 ▼ 47.4% Advertising and Others 0.21 0.65 0.33 ▲ 56.3% ▼ 49.0% 1.15 2.20 ▲ 91.3%

% of Total 23.4% 28.9% 29.5% 23.3% 27.1%

ASM

15.28 22.38 22.88 ▲ 49.7% ▲ 2.3% 52.46 66.38 ▲ 26.5%

Online 10.07 12.85 13.96 ▲ 38.7% ▲ 8.6% 31.37 40.94 ▲ 30.5% Distribution 5.23 9.05 8.92 ▲ 70.5% ▼ 1.5% 20.72 24.97 ▲ 20.5% Advertising and Others (0.02) 0.47 0.00 ▲ 100.0% ▼ 100.0% 0.37 0.47 ▲ 26.7%

% of Total 4.3% 5.4% 5.9% 4.9% 5.6%

Total Revenues

358.76 414.08 386.54 ▲ 7.7% ▼ 6.7% 1,077.91 1,188.89 ▲ 10.3%

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Group-Break down COGS & SG&A

COGS SG&A

3Q10 3Q11 9M10 9M11 Royalty 120.00 143.24 33.4% 36.3% ▲ 19.4% 346.59 428.41 32.4% 35.8% ▲ 23.6% Employee 32.87 38.93 9.1% 9.9% ▲ 18.4% 98.49 112.42 9.2% 9.4% ▲ 14.1% Network&Depreciation 24.26 29.33 6.8% 7.4% ▲ 20.9% 70.85 87.22 6.6% 7.3% ▲ 23.1% Direct Cost 7.29 7.81 2.0% 2.0% ▲ 7.1% 32.28 23.10 3.0% 1.9% ▼ 28.4% Total

184.42 219.30 51.3% 55.6% ▲ 18.9% 548.21 651.16 51.3% 54.4% ▲ 18.8%

% to Total Revenue % Change % to Total Revenue % Change

Items

3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 Employee 38.32 46.66 10.7% 11.8% ▲ 21.8% 114.59 131.61 10.7% 11.0% ▲ 14.9% Other Administrative 27.91 34.28 7.8% 8.7% ▲ 22.8% 89.66 85.88 8.4% 7.2% ▼ 4.2% Marketing 17.30 20.58 4.8% 5.2% ▲ 19.0% 50.58 55.11 4.7% 4.6% ▲ 9.0% Others Selling 4.03 3.17 1.1% 0.8% ▼ 21.4% 12.22 9.60 1.1% 0.8% ▼ 21.4% Total

87.57 104.69 24.4% 26.5% ▲ 19.6% 267.05 282.19 25.0% 23.6% ▲ 5.7%

Total Head Count 627 705 ▲ 12.4% 627 705 ▲ 12.4% 9M11 % to Total Revenue % Change

Items

3Q10 3Q11 % to Total Revenue % Change 9M10

• Increasing in COG and SG&A of 19-20% is much higher than increasing in revenue of 10%.
• Head counts as at 3Q11 of 705 compared to last year of 627.

Page 23

Domestic Performance

• Normalized Net Profit-Q3 is down 32.9% from last year. The increase in revenue did not cover the rising in expenses, especially

increase in game operating expense, license fee, employee costs both in COG & SG&A, server and network cost.

• Major adjustment 9M11 = 15.36MB including employee benefit 4.15MB, VN revenue 5.72MB, Allowance debt VN 2.64MB, lower

CIT in Y10=2.41MB, Partner Cost 0.44MB. Items

3Q10 2Q11 3Q11 YoY QoQ 9M10 9M11 YoY

Revenues 257.73 261.27 246.47 ▼ 4.4% ▼ 5.7% 758.33 783.50 ▲ 3.3%

<By Business Type> Online 222.18 237.63 219.94 ▼ 1.0% ▼ 7.4% 657.56 702.05 ▲ 6.8% Distribution 28.72 17.64 20.54 ▼ 28.5% ▲ 16.4% 87.02 61.26 ▼ 29.6% Advertising and others 6.83 5.99 5.99 ▼ 12.3% ▼ 0.0% 13.75 20.19 ▲ 46.9%

COGS 113.69 129.73 126.85 ▲ 11.6% ▼ 2.2% 335.29 393.09 ▲ 17.2% Gross Profit 144.04 131.53 119.62 ▼ 17.0% ▼ 9.1% 423.04 390.41 ▼ 7.7% GP% 55.9% 50.3% 48.5% 55.8% 49.8% SG&A 60.74 52.41 69.84 ▲ 15.0% ▲ 33.3% 178.37 179.28 ▲ 0.5% SG&A% 23.6% 20.1% 28.3% 23.5% 22.9% EBIT 83.30 79.13 49.78 ▼ 40.2% ▼ 37.1% 244.67 211.13 ▼ 13.7% EBIT% 32.3% 30.3% 20.2% 32.3% 26.9% Other Revenues 3.88 6.15 7.44 ▲ 91.9% ▲ 20.9% 14.14 12.51 ▼ 11.5% Net Profit 55.79 66.33 42.24 ▼ 24.3% ▼ 36.3% 185.66 165.17 ▼ 11.0% Net Profit% 21.6% 25.4% 17.1% 24.5% 21.1% Major Adjustment 14.14 1.05 4.71 ▼ 66.7% ▲ 348.2% 14.14 15.36 ▲ 8.7% Normalized Net Profit 69.93 67.38 46.95 ▼ 32.9% ▼ 30.3% 199.79 180.53 ▼ 9.6% Normalized NP% 27.1% 25.8% 19.0% 26.3% 23.0%

Page 24

Domestic-Break down COGS & SG&A

COGS SG&A

• Increasing in COG and SG&A of 11-17% The increase in revenue did not cover the rising in expenses, especially increase in

game operating expense, license fee, employee costs both in COG & SG&A, server and network cost.

• Head counts as at 3Q11 of 578 compared to last year of 494.

3Q10 3Q11 9M10 9M11 Royalty 76.68 82.34 29.8% 33.4% ▲ 7.4% 223.10 258.13 29.4% 32.9% ▲ 15.7% Employee 21.04 25.56 8.2% 10.4% ▲ 21.5% 61.97 76.31 8.2% 9.7% ▲ 23.1% Network&Depreciation 13.66 15.89 5.3% 6.4% ▲ 16.3% 35.93 47.88 4.7% 6.1% ▲ 33.3% Direct Cost 2.31 3.05 0.9% 1.2% ▲ 31.9% 14.29 10.77 1.9% 1.4% ▼ 24.6% Total

113.69 126.85 44.1% 51.5% ▲ 11.6% 335.29 393.09 44.2% 50.2% ▲ 17.2%

% Change

Items

3Q10 3Q11 % to Total Revenue % Change 9M10 9M11 % to Total Revenue 3Q10 3Q11 9M10 9M11 Employee 24.36 26.82 9.5% 10.9% ▲ 10.1% 71.69 76.58 9.5% 9.8% ▲ 6.8% Other Administrative 18.71 24.08 7.3% 9.8% ▲ 28.7% 60.73 56.26 8.0% 7.2% ▼ 7.4% Marketing 15.15 16.53 5.9% 6.7% ▲ 9.1% 38.29 39.03 5.0% 5.0% ▲ 1.9% Others Selling 2.51 2.41 1.0% 1.0% ▼ 4.3% 7.66 7.41 1.0% 0.9% ▼ 3.2% Total

60.74 69.84 23.6% 28.3% ▲ 15.0% 178.37 179.28 23.5% 22.9% ▲ 0.5%

Total Head Count 494 578 ▲ 17.0% 494 578 ▲ 17.0% 9M11 % to Total Revenue % Change

Items

3Q10 3Q11 % to Total Revenue % Change 9M10

Page 25

Oversea Performance

• Normalized Net Profit-Q3 is increase 527.3% from last year. The increase in revenue 45.7% from online game growth in both of

existing game and new game

• Major adjustment 9M11 = (9.05)MB including tax refund in ASO 9.05 MB

Items

3Q10 2Q11 3Q11 YoY QoQ 9M10 9M11 YoY

Revenues 101.49 146.35 147.89 ▲ 45.7% ▲ 1.1% 310.23 412.60 ▲ 33.0%

<By Business Type> Online 99.19 143.51 146.75 ▲ 47.9% ▲ 2.3% 294.16 406.04 ▲ 38.0% Distribution 2.29 1.64 0.79 ▼ 65.7% ▼ 52.0% 16.07 3.76 ▼ 76.6% Advertising and others 0.00 1.19 0.35 ▲ 100.0% ▼ 70.6% 0.00 2.80 ▲ 100.0%

COGS 70.73 90.11 92.46 ▲ 30.7% ▲ 2.6% 212.93 258.07 ▲ 21.2% Gross Profit 30.76 56.24 55.43 ▲ 80.2% ▼ 1.4% 97.31 154.53 ▲ 58.8% GP% 30.3% 38.4% 37.5% 31.4% 37.5% SG&A 26.83 37.56 34.85 ▲ 29.9% ▼ 7.2% 88.69 102.92 ▲ 16.0% SG&A% 26.4% 25.7% 23.6% 28.6% 24.9% EBIT 3.93 18.68 20.58 ▲ 423.3% ▲ 10.2% 8.62 51.62 ▲ 498.6% EBIT% 3.9% 12.8% 13.9% 2.8% 12.5% Other Revenues 0.40 1.58 (0.26) ▼ 165.6% ▼ 116.7% 0.76 3.41 ▲ 349.0% Net Profit 2.75 17.44 26.32 ▲ 856.2% ▲ 50.9% 9.60 57.13 ▲ 495.2% Net Profit% 2.7% 11.9% 17.8% 3.1% 13.8% Major Adjustment 0.00 0.00 (9.05) ▼ 100.0% ▲ 100.0% 0.00 (9.05) ▼ 100.0% Normalized Net Profit 2.75 17.44 17.27 ▲ 527.3% ▼ 1.0% 9.60 48.08 ▲ 400.9% Normalized NP% 2.7% 11.9% 11.7% 3.1% 11.7%

Page 26

Oversea-Break down COGS & SG&A

COGS SG&A

• Both of % COGS and % SG&A to revenue from Q3/11 down from revenue increasing 45.7%
• Head counts as at 3Q11 of 127 compared to last year of 133.

3Q10 3Q11 9M10 9M11 Royalty 43.32 60.90 42.7% 41.2% ▲ 40.6% 123.50 170.28 39.8% 41.3% ▲ 37.9% Employee 11.83 13.37 11.7% 9.0% ▲ 13.0% 36.52 36.11 11.8% 8.8% ▼ 1.1% Network&Depreciation 10.60 13.43 10.4% 9.1% ▲ 26.8% 34.93 39.34 11.3% 9.5% ▲ 12.7% Direct Cost 4.98 4.76 4.9% 3.2% ▼ 4.5% 17.99 12.33 5.8% 3.0% ▼ 31.4% Total

70.73 92.46 69.7% 62.5% ▲ 30.7% 212.93 258.07 68.6% 62.5% ▲ 21.2% Items

3Q10 3Q11 % to Total Revenue % Change 9M10 9M11 % to Total Revenue % Change 3Q10 3Q11 9M10 9M11 Employee 13.97 19.85 13.8% 13.4% ▲ 42.1% 42.90 54.73 13.8% 13.3% ▲ 27.6% Other Administrative 9.20 10.19 9.1% 6.9% ▲ 10.7% 28.93 29.91 9.3% 7.2% ▲ 3.4% Marketing 2.14 4.05 2.1% 2.7% ▲ 89.2% 12.29 16.08 4.0% 3.9% ▲ 30.8% Others Selling 1.52 0.76 1.5% 0.5% ▼ 50.0% 4.57 2.19 1.5% 0.5% ▼ 52.1% Total

26.83 34.85 26.4% 23.6% ▲ 29.9% 88.69 102.92 28.6% 24.9% ▲ 16.0%

Total Head Count 133 127 ▼ 4.5% 133 127 ▼ 4.5%

Items

3Q10 3Q11 % to Total Revenue % Change 9M10 9M11 % to Total Revenue % Change

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Game Contribution

MMORPG 69.0% Casual 26.8% FPS 4.2% MMORPG 75.2% Casual 21.1% FPS 3.7% MMORPG 75.5% Casual 21.4% FPS 3.1%

• Decrease in contribution from casual game was mainly from decrease in revenue from Audition and not successful in new

game of Brand Master and Giga Slave launched in Q2. Maple Story and Cabal under MMORPG performed very well, increased 47% and 81% respectively from last year.

Page 28

New Game and Existing Game Growth

• Games launched in 3Q11 were not very successful compared to previous year as the contribution to total was 1.2%

compared to last year of 8.3%. For the 9M11, new game contribution of 4.2% was higher than last year of 3.8%, no of games was 8 games compared to last year of 6 games.

%Growth 9M-2011 from 9M-2010 % Existing Game 96.2% 95.8% 15.75% % New Game 3.8% 4.2% 29.71% New Game Launch in Quarter 12Sky2/MF/RC/RH/8Inw Chinese Hero Online/ AIKA/Giga/BM/ Gangza/3KWar/AVA/ God of Emperor Consolidated 9M-2010 9M-2011 Q3/2010 Q2/2011 % Existing Game 97.3% 99.6% 91.7% 99.7% 93.3% 95.1% 98.8% 22.94% (0.07%) % New Game 2.7% 0.4% 8.3% 0.3% 6.7% 4.9% 1.2% (83.46%) (76.34%) New Game Launch in Quarter 12Sky2 MF/RC RH/8Inw Monster Forest/Battle of Immortal (SGO) Chinese Hero Online/ AIKA Giga/BM/ Gangza/3KWar/ AIKA AVA/ God of Emperor Q2-2010 Consolidated Q1-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 %Growth Q3/2011 from

Page 30

Business Strategy

Page 31

ASC

Funbox

ASO ASM

Total 2 5 4 Launch Q1 Q2 Q4 3 15 Q3

Planned

Total

Aggressive In New Game Launch

• Postpone Audition2 from ASC to next year

Page 32

Casual Regional Platform

Page 33

New Services and New Product

Page 34

• New Services and New Product

Page 35

• New Services and New Product

Page 36

Flood Effected

Page 37

Concluded 2-Year Exclusive Distribution Agreement with Blizzard for Thailand, Singapore and Malaysia for all Blizzard’s titles

New Services and New Product

Page 38

Investment in Indonesia

Postpone new game launch from Nov 11 to Dec 11

Page 39

Growth through acquisition

Page 40

Growth Through Acquisition