May 10, 2012 Dear Fellow Shareholders: Today, we are very happy to share with you our strong first quarter results. NEXON Co., Ltd. (“Nexon”) delivered record revenue, operating income and net income, and these results come on the back of a very strong 2011. Nexon’s solid performance in Q1 underscores yet again that our unique free-to-play business model and focus on immersive online games together are a robust engine for growth and profitability at scale. We experienced growth across all of our key financial metrics, which we will discuss in more detail below. Our performance in China was particularly robust during the quarter, and Korea delivered very strong growth as well. Performance in North America suffered as a result of certain operational challenges from Q4 that continued in Q1. Overall, our performance exceeded our revised guidance for the first quarter. As we mentioned in our previous shareholder letter, our approach to financial reporting is different from many public companies. Each quarter, we post a shareholder letter like this one, along with our financial statements, on our website at http://ir.nexon.co.jp/en/. We host a question-and-answer conference call the same day with our management team, on which we answer as many questions as we have time for. We ask that interested analysts and investors please submit questions for management prior to the earnings conference call via the following email address:
[email protected]. We believe this approach ensures that we are providing the information shareholders want in order to gain a deeper understanding of our business.