Q1 2013 investor presentation

© 2013 NEXON Co., Ltd. All Rights Reserved.
NEXON Co., Ltd.
Investor Presentation
Q1 2013

2
Q1 2013 Results

3
Highlights
 First quarter performance exceeded high end of our outlook
– ¥44.4 bn revenue, up 46% year-over-year, and up 26% on a constant currency basis
– ¥20.7 bn operating income, up 24% year-over-year, 47% operating margin
 China performed better than expected due to successful content updates
– Against a significant comp in Q1 2012 (up 89% year-over-year in Q1 2012)
– Strong Dungeon&Fighter performance in China with solid user engagement: Lunar New Year update a hit
 Good start to the year in Korea
– Against a significant comp in Q1 2012 (up 34% year-over-year in Q1 2012)
– Successful launch of FIFA Online 3
– Strong performance from key titles, especially Dungeon&Fighter and Sudden Attack
 Favorable currency trends
– Additional benefit provided by weakening Japanese yen
– ¥92.4/USD and ¥8.5/100KRW quarterly average versus initial rate assumption of ¥85.1/USD and ¥7.9/100KRW
 Implemented IFRS to provide globally comparable financial information

4
Q1 Financial Results
1 Nexon has voluntarily adopted IFRS beginning in the first quarter of the current fiscal year.
2 The initial Q1 2013 outlook disclosed on February 13, 2013 was restated according to IFRS and disclosed on May 9, 2013.
3 Net income refers to net income attributable to owners of the parent, as stated in Nexon’s consolidated financial results.
(Unit: ¥ millions, except per share data)
Q1 2012
(IFRS)
Q1 2013 Outlook
(IFRS 2
)
Q1 2013
(IFRS) YoY %
Revenues ¥30,377 ¥35,975 ~ 38,529 ¥44,364 46%
PC 30,151 28,554 ~ 30,346 36,877 22%
Mobile 226 7,421 ~ 8,183 7,487 33.1x
Operating income 16,760 13,514 ~ 15,562 20,716 24%
Net income 3
12,996 9,140 ~ 10,618 15,150 17%
Earnings per share 30.26 20.98 ~ 24.38 34.77 15%
Cash and cash equivalents 111,786 n/a n/a 110,510
FX Rate
100 KRW/JPY 7.03 7.94 7.94 8.53
CNY/JPY 12.55 13.34 13.34 14.73
USD/JPY 79.28 85.08 85.08 92.42
Selected Consolidated Financial Data (IFRS)1

5
Revenues and Operating Income
(Unit: ¥ millions)
30,377
44,364
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
Revenues
16,760
20,716
-
5,000
10,000
15,000
20,000
25,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
Operating income

1 Based on the region in which revenues originate; not a representation of our revenues according to Nexon entities.
2 Others: United Kingdom, other Asian countries, and South American countries.
3 Selected Performance data is not dependent on accounting methods. The selected performance above excludes the mobile business.
4 ARPPU (Average Revenue per Paying User) is the average of monthly ARPPUs for the quarter.
5 On a constant currency basis (using Q1 2012 currency exchange rates).
(Unit: ¥ millions)
Regional Revenue and Selected Performance
Q1 2012
(IFRS)
Q1 2013
(IFRS) YoY % Change
(As-
Reported)
(Constant
Currency)5
(As-
Reported)
(Constant
Currency)5
Revenue by Region 1
China ¥15,175 ¥20,409 ¥16,867 34% 11%
Korea 8,857 10,589 8,730 20% -1%
Japan 3,097 9,927 9,927 221% 221%
North America 1,398 1,418 1,215 1% -13%
Europe and Others 2
1,850 2,021 1,686 9% -9%
Nexon Total 30,377 44,364 38,425 46% 26%
Revenue by Platform
PC 30,151 36,877 30,981 22% 3%
Mobile 226 7,487 7,444 33.1x 32.9x
Nexon Total 30,377 44,364 38,425 46% 26%
FX Rate
100 KRW/JPY 7.03 8.53 7.03
CNY/JPY 12.55 14.73 12.55
USD/JPY 79.28 92.42 79.28
Selected Performance 3 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
MAU (millions) 82.8 77.4 78.8 68.3 71.5
Pay Rate 10.9% 10.3% 9.6% 10.5% 11.5%
ARPPU 4
¥1,761 ¥1,521 ¥1,729 ¥1,683 ¥2,532
ARPPU (constant currency) 5
¥1,761 ¥1,478 ¥1,714 ¥1,531 ¥2,131
6

7
Regional Revenue Composition
0%
25%
50%
75%
100%
Q1 2012
(IFRS)
Q1 2013
(IFRS)
China
50%
China
46%
Korea
29%
Korea
24%
Japan
10% Japan
22%
NA, 5%
NA, 3%
EU & Others, 6% EU & Others, 5%

2%
47%
55%
- 7%
- 2% - 1%
0%
10%
20%
30%
40%
50%
60%
Q1 2012 (IFRS)
Operating Margin
Revenue Mix Development &
Support
Royalty Other Q1 2013 (IFRS)
Operating Margin
8
Q1 Operating Margin
Margin Structure Shift Illustration 1
 Lower-margin mobile business representing larger portion of revenues
 Higher development and support costs from new title launches
 Increase in PC-related royalty payments for titles under licensing contracts, such as FIFA Online 3
2
1 Chart is an approximation.
2 Other consists of reclassified items from non-operating expenses and extraordinary losses under J-GAAP. This category decreased year-over-year due to the absence of
impairment recorded in Q1 2012.

9
IFRS Implications for Nexon (1)
1 Net income attributable to owners of the parent, as stated in Nexon’s consolidated financial results.
2 Under IFRS, a company is able to choose if the difference between book value and market value of investment securities, after tax effects, is recorded either as
finance income (cost) on the consolidated income statement or as other comprehensive income on the consolidated statement of comprehensive income.
 Income statement structure will change under IFRS
 Non Operating Income (Expense) is separated, with items that are not Financial Income (Cost) or Equity in Profit (Losses) of Affiliates included
in Other Income (Expense)
 No Ordinary Income under IFRS
 Unrealized gains (losses) from investment securities are recorded below the Net Income line
For a detailed reconciliation of J-GAAP and IFRS, please refer to pages 24 to 46 of Nexon’s Consolidated Financial Results.
J-GAAP Income Statement IFRS Income Statement
Revenues
Operating Income
Ordinary Income
Extraordinary Income (Loss)
Revenues
Operating Income
Ordinary Income
Net Income 1
Gains (Losses) from Revaluation of
Investment Securities 2
Financial Income (Cost)
Interest Tax Expense
Equity in Profit (Losses) of Affiliates
(+/-)
(+/-)
(-)
(+/-)
Other Comprehensive Income
Non Operating Income (Expense)
(+/-)
Other Income (Expense)(+/-)
Net Income
(+/-)

10
IFRS Implications for Nexon (2)
Marked to market
Differences recorded
under Other
Comprehensive
Income
J-GAAP IFRS
Investment securities
impairment 1
NO investment securities
impairment 1
• Recorded at fair value on the
balance sheet
• Changes recorded under Other
Comprehensive Income
• Investment securities recorded
at fair value on the balance
sheet
• Impairment will hit the Net
Income line of the income
statement
• Investment securities recorded at
fair value on the balance sheet
• No changes to the Net Income
line of the income statement
1) Goodwill: - Under IFRS, goodwill is no longer amortized
- Goodwill is tested for impairment quarterly, same as J-GAAP
- Goodwill impairment impacts the Operating Income line
2) Investment Securities: - Investment securities are marked to market, consistent with J-GAAP
- Under IFRS, writeups and writedowns are recorded under Other
Comprehensive Income
1 Impairment refers to an impairment according to J-GAAP. Under IFRS, the difference between book value and fair value is recorded as other comprehensive income. No
impairments are made on investment securities under IFRS.

Regional Highlights
11

15,175
20,409
0
5,000
10,000
15,000
20,000
25,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
China
 Revenues in China were ¥20.4 billion, an increase of 34%
year-over-year (89% year-over-year increase in Q1 2012)
 Strong Dungeon&Fighter revenue from successful Lunar New
Year update
 Counter-Strike Online achieved double-digit year-over-year
revenue growth
China – Highlights
YoY% change:
As reported: +34%
Constant Currency: +11%
(Unit: ¥ millions)
12

8,857
10,589
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
Korea
13
Korea – Highlights
 Revenues in Korea were ¥10.6 billion, an increase of 20% year-
over-year (34% increase year-over-year in Q1 2012)
 Strong momentum from Q4 updates continued in Q1, especially
Dungeon&Fighter and Sudden Attack
 Successfully launched FIFA Online 3; currently top-ranked
sports game in Korea
YoY% change:
As reported: +20%
Constant Currency: - 1%
(Unit: ¥ millions)

0
2,000
4,000
6,000
8,000
10,000
12,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
Japan
14
Japan – Highlights
 Revenues for Japan were ¥9.9 billion, led by mobile business
performance
 Three Kingdoms Guild Battle, launched in May 2012,
continues to grow
 Popular browser title, Barbarossa, launched as a full native
app in Q4 contributed to revenues
 Launched key titles: FIFA World Class Soccer S 1 and Crystal
Crusade
YoY% change:
As reported: +221%
Constant Currency: +221%
(Unit: ¥ millions)
PC
Mobile
9,927
1 © EA. gloops is the developer.
3,097
7,217
2,710
Three Kingdoms Guild Battle

 Revenues in North America were ¥1.4 billion, an increase of 1% year-over-year
 Revenues in Europe and other regions were ¥2.0 billion, an increase of 9% year-over-year
 Weakening Japanese yen provided additional benefit
 Strategic investment in Robotoki, whose founder was the creative strategist behind the Call of Duty franchise
1,398
1,418
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
North America
1,850
2,021
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q1 2012
(IFRS)
Q2 2012
(J-GAAP)
Q3 2012
(J-GAAP)
Q4 2012
(J-GAAP)
Q1 2013
(IFRS)
Europe and others
15
North America / Europe and Others – Highlights
YoY% change:
As reported: + 1%
Constant Currency: -13%
(Unit: ¥ millions)(Unit: ¥ millions)
YoY% change:
As reported: + 9%
Constant Currency: - 9%

Q2 2013 Business Outlook
16

17
Q2 2013 Business Outlook
1 Q2 2012 J-GAAP results reclassified to provide an approximation of IFRS.
2 In most situations, the exchange rates of both the South Korean won and Chinese yuan are linked to the U.S. dollar.
(Unit: ¥ millions, except per share data)
Q2 2012
(J-GAAP)
Q2 2012
(Reclassified
J-GAAP 1)
Q2 2013
(IFRS)
Revenues ¥22,876 ¥22,877 ¥34,021 ~ ¥35,991
PC 22,696 22,697 27,246 ~ 28,448
Mobile 180 180 6,775 ~ 7,543
Operating income 10,678 11,363 11,356 ~ 12,325
Net income 6,768 7,377 8,393 ~ 8,890
Earnings per share 15.63 17.04 19.22 ~ 20.36
FX Rate Assumptions
100KRW/JPY 7.00 7.00 8.53 8.53
CNY/JPY 12.62 12.62 14.73 14.73
USD/JPY 79.74 79.74 92.42 92.42
Goodwill amortization: Q2 2012 goodwill amortization under J-GAAP was 0.6 billion yen.
Currency sensitivity 2 : Based on the assumptions above, every one Japanese yen move against the U.S. dollar
would have an impact of 0.27 billion yen on revenue and 0.12 billion yen on operating
income for the second quarter of 2013.

18
Q2 2013 Operating Margin Outlook
Expect operating margin of 33% to 34% due to:
 Lower-margin mobile business represents larger portion of revenues
 Investment in marketing for mobile and PC, with expected contributions from Q3 onward
 Royalty costs associated with new title launches, such as FIFA Online 3
 Increase in PC-related development and support costs, primarily for new title launches
J-GAAP results for Q2 – Q4 2012 with non-operating income (expense) and extraordinary gain (loss) reclassified above the operating
income line, and with goodwill amortization added back to provide an approximation of results under IFRS
33%
50%
- 6%
- 5%
- 3%
- 3%
0%
10%
20%
30%
40%
50%
60%
Q2 2012
Operating
Margin
(Reclassified
J-GAAP)
Marketing
Expense
Revenue Mix Royalty Development
& Support
Q2 2013
Low-end
Operating
Margin
(IFRS)
Margin Structure Shift Illustration 1,2
50%
45%
30%
47%
33%
0%
10%
20%
30%
40%
50%
60%
Q2 2012
(Reclassified
J-GAAP)
Q3 2012
(Reclassified
J-GAAP)
Q4 2012
(Reclassified
J-GAAP)
Q1 2013
(IFRS)
Q2 2013
Low-end
(IFRS)
Operating Income Margin 2
1 This chart is an approximation.
2 Q2 2012 J-GAAP results are reclassified to provide an approximation of IFRS.

19
Q2 2013 PC Online Revenue Outlook
 China: Modest growth from key titles
– Expect continued strength in Dungeon&Fighter
– Counter-Strike Online remains our second largest title in China
 Korea: Year-over-year growth from new title launches and growth of key existing titles
– Expect FIFA Online 3 to continue to grow
– Expect continued strong performance of Sudden Attack and Dungeon&Fighter
– Launching Pro Baseball 2K and Warface

20
Q2 2013 Mobile Revenue Outlook
 Existing titles: Expect continued solid performance
– Investing in marketing campaigns to support titles with high user retention
– Joint promotional campaign with DeNA including Three Kingdoms Guild Battle (launched May 2012) and other key titles
 New titles: Native and browser apps launching in Japan and internationally
– Guardian Break (Royal Tactics) as first native app in North America
– Dragon Girls for Kakao in Korea
– Jointly developed titles with DeNA on Mobage in Japan
Three Kingdoms Guild Battle TV CommercialGuardian Break (Royal Tactics )

Q2 Q3
Korea
21
2013 Tier 1 Content Updates and Launches
Q1 Q4
China
Launches
Korea
Tier 1 Content Updates – Major Titles
First Half 2013 Second Half 2013
China
(Launched on Jan 17)

22
Appendix

23
Summary of Results and Key Operational Metrics
(Unit: ¥ millions except per share data)
Q1 2012
J-GAAP
Q2 2012
J-GAAP
Q3 2012
J-GAAP
Q4 2012
J-GAAP
Q1 2012
IFRS
Q1 2013
IFRS YoY%
(By Region)
Korea ¥8,856 ¥6,251 ¥6,578 ¥7,057 ¥8,857 ¥10,589 20%
China 15,175 10,737 11,404 11,074 15,175 20,409 34%
Japan 3,096 2,826 3,231 10,037 3,097 9,927 221%
North America 1,397 1,515 1,340 1,117 1,398 1,418 1%
Europe and RoW 1,850 1,545 1,701 1,651 1,850 2,021 9%
(By Platform)
PC 30,151 22,696 23,567 23,867 30,151 36,877 22%
Mobile 225 180 689 7,070 226 7,487 33.1x
Revenue 30,377 22,876 24,256 30,937 30,377 44,364 46%
Operating income 17,384 10,678 10,032 9,778 16,760 20,716 24%
Net income 12,377 6,768 6,348 (94) 12,996 15,150 17%
Earnings per share 28.82 15.63 14.63 (0.22) 30.26 34.77 15%
Cash and cash equivalents 146,977 129,089 139,659 127,604 111,786 110,510
FX rate
100 KRW/JPY 7.03 7.00 6.98 7.10 7.03 8.53
CNY/JPY 12.54 12.62 12.55 12.64 12.54 14.73
USD/JPY 79.28 79.74 79.37 79.82 79.28 92.42
Key Performance (excluding mobile)
MAU 82.8 77.4 78.8 68.3 82.8 71.5
Pay Rate 10.9% 10.3% 9.6% 10.5% 10.9% 11.5%
ARPPU ¥1,761 ¥1,521 ¥1,729 ¥1,683 ¥1,761 ¥2,532
ARPPU (constant currency) ¥1,761 ¥1,478 ¥1,714 ¥1,531 ¥1,761 ¥2,131

24
COGS and SG&A
(Unit: ¥ millions)
1 Royalty costs include royalties paid to third-party developers for the right to publish their games.
2 HR cost includes salaries, bonuses and benefits for our live game developers, who support post launch servicing, updating and support for our games.
3 Other (COGS) primarily consists of depreciation and amortization of assets related to existing games, connection fees (mainly comprised of co-location and datacenter fees, Internet
bandwidth and access fees), and the costs of purchasing and maintaining our servers and computer equipment.
4 PG fees increased in Q4 2013 due to the consolidation of gloops, which resulted in increased carrier payment commission.
5 Others includes mobile platform commission fees.
6 Other income is a non J-GAAP financial measure consisting of rent income, other non-operating income, reversal of deferred revenues, gain on sale of properties, and gain on
change in equity. Q1 – Q4 2012 other income is provided for reference purposes.
7 Other expense is a non-J-GAAP financial measure consisting of other non-operating expenses, loss on sale/disposal of properties, loss on impairment of tangible fixed assets, loss
on impairment of intangible assets, prior year adjustment (loss), loss on impairment of other fixed assets, loss on change in equity, and loss on liquidation of subsidiaries. Q1 – Q4
other expense is provided for reference.
FY2012 FY2012 FY2013
Q1 Q2 Q3 Q4 Q1 Q1
J-GAAP J-GAAP J-GAAP J-GAAP IFRS IFRS
Total Cost of Revenue ¥4,409 ¥3,813 ¥4,527 ¥5,800 ¥4,405 ¥7,831
Royalty 1
1,568 933 1,433 1,488 1,569 2,673
HR Cost (COGS) 2
1,615 1,646 1,690 2,337 1,624 2,875
Other (COGS) 3
1,226 1,234 1,404 1,975 1,212 2,283
Total SG&A 8,582 8,384 9,696 15,358 8,031 15,343
HR Cost 1,858 1,962 2,019 2,687 1,912 3,004
PG Fee 4
1,122 881 1,047 1,989 1,260 2,259
R&D 591 767 644 562 587 659
Marketing / Advertising expenses 1,023 869 1,856 2,429 1,023 1,878
Depreciation and amortization 1,912 1,939 1,907 2,203 1,903 2,488
Goodwill Amortization 592 608 671 1,372 - -
Other 5
1,484 1,358 1,552 4,116 1,346 5,055
Other Income 6
78 367 294 932 78 164
Other Expense 7
1,259 292 131 2,723 1,259 638

25
Balance Sheet
(Unit: ¥ millions)
Update
5/7
Q4 2012
(IFRS)
Q1 2013
(IFRS)
Asset
Current Assets
Cash and cash equivalents ¥84,736 ¥110,510
Other current assets 70,428 60,294
Total Current Assets 155,164 170,804
Non-current assets
Property, plant and equipment 10,527 12,593
Intangible assets other than goodwill 30,800 30,060
Goodwill 46,475 46,868
Others 77,222 83,209
Total Noncurrent Assets 165,024 172,730
Total Assets 320,188 343,534
Liabilities
Current Liabilities
Income tax payable 9,491 12,771
Current borrowings and current portion of non-current borrowings 11,505 11,479
Other current liabilities 23,324 24,715
Total Current Liabilities 44,320 48,965
Non-current liabilities
Non-current borrowings 42,670 38, 401
Other non-current liabilities 10,953 10,440
Total Noncurrent liabilities 53,623 48,841
Total Liabilities 97,943 97,806
Equity
Capital stock 51,342 51,449
Capital surplus 50,188 50,292
Other equity interest 11,905 21,861
Retained earnings 105,293 118,265
Non-controlling interests 3,517 3,861
Total equity 222,245 245,728
Total Liabilities and Total Equity 320,188 343,534

26
Key Cash Flow Statement
(Unit: ¥ millions)
Update
5/7
Q1 2012
(IFRS)
Q1 2013
(IFRS)
Net cash flows from (used in) operating activities ¥18,895 ¥2,424
Net cash flows from (used in) investments (25,099) 26,557
Net cash flows from (used in) financing activities (1,918) (6,663)
Net increase (decrease) in cash and cash equivalents (8,122) 22,318
Effects of exchange rate changes on the balance of cash held in
foreign currencies
2,309 3,456
Cash and cash equivalents at the beginning of the period 117,599 84,736
Cash and cash equivalents at the end of the period 111,786 110,510

0
20
40
60
80
100
120
140
160
180
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
(E)
2008 2009 2010 2011 2012 2013
27
Japanese Mobile Market
Native App Revenue
Browser App Revenue
Source: Company and Credit Suisse data
(Unit: ¥ billions)
(Approx. 20%)
(Approx. 80%)

This presentation is prepared to offer reference information about NEXON group to the investors. NEXON Co., Ltd. (“Nexon”) has not verified and would
assume no responsibility for the accuracy, appropriation, or completeness thereof. This presentation does not contain all relevant information relating to
Nexon or the sale of its shares, including, without limitation, the information that would be stated under the captions “Risk Factors”, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and “Business” in an annual report. Any investment decision with respect to
any shares of Nexon should be made solely upon the basis of the information contained in the disclosure documents and is qualified in its entirety by
reference to the detailed information appearing in the disclosure documents.
This presentation includes non-GAAP financial measures, including but not limited to revenues, operating income and net income, as well as ratios
calculated on the basis thereof. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly
comparable financial measures included in our consolidated financial statements and presented in accordance with IFRS.
This presentation includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate”,
“assume”, “believe”, “estimate”, “expect”, “forecast”, “may”, “plan”, “potential”, “predict”, “seek”, “should”, or “will”, or by other similar terminology. These
statements discuss expectations, identify strategies, contain projections of Nexon’s financial condition or results of operations or state other forward-
looking information. The forward-looking statements in this presentation are subject to various risks, uncertainties and assumptions about Nexon’s
business and results of operations. The expectations expressed in these forward-looking statements may not be achieved, and actual results could differ
materially from and be worse than expectations. Potential risks and uncertainties that could cause actual results to differ materially from expectations
include, without limitation:
Continued growth and popularity of Nexon’s key titles;
Nexon’s ability to maintain favorable relationships with key licensing partners;
Nexon’s continued ability to offer games in China, through local partners or otherwise;
Nexon’s ability to compete effectively in the online games industry;
Nexon’s ability to address hacking, viruses, security breaches and other technical challenges;
Fluctuations in currency exchange rates;
Nexon’s ability to maintain and further develop its brand name;
Effective acquisition of new companies, businesses, technologies and games from third parties and the possibility of recognizing impairment
losses;
Continued growth of the online games market, including the underlying infrastructure, and free-to-play/item-based revenue generation model;
Nexon’s ability to adapt to new technologies;
Nexon’s ability to enter into licensing arrangements for third-party titles on terms favorable to it;
Effective defense of Nexon’s intellectual property; and
Legislative, regulatory, accounting and taxation changes in the countries in which Nexon operates.
Nexon does not intend, and disclaims any duty, to update or revise any forward-looking statements contained in this presentation to reflect new
information, future events or otherwise. We caution you not to place undue reliance on the forward-looking statements contained in this presentation.
28
Disclaimer

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