NCsoft Presentation 2010 년 9 월 NCSOFT Corporation 157-37 Samsung-dong, Kangnam-gu, Seoul 135-090, KOREA Tel: +82-2-2186-3300 Fax : +82-2-2186-3550 Copyright c NCSOFT Corporation. All Rights Reserved WWW.NCSOFT.COM
Disclaimer 본자료는당사실적및향후젂망에대해서투자가여러붂의편의를위하여작성된자료입니다. 경영젂망과관련된자료는엔씨소프트내부적읶시장홖경예측을기초로한것으로서, 시장홖경등여건변화에따라영업성과의결과치는본자료와반드시읷치하지않을수있음을 양지하시기바랍니다. 여기에포함되어있는예측, 젂망, 미래관련정보만을믿고이정보에만의존한투자결정을내리지 말아야하며, 투자책임은젂적으로투자자자싞에게있음을밝혀드립니다. 연결대상회사 : NC Interactive(100%), NC Europe(100%), NC Japan(60%), NC Taiwan(85%) 2
Contents I. Overview 1. Industry Overview 2. Company Overview II. 2Q10 Earnings 3. Financial Highlight 4. Sales Breakdown 5. Costs Breakdown 6. Guidance for 2010 III. Investment Point 7. Opportunity 8. Catalysts 9. Strength Appendix 10. Fee Structure 11. Parent Earnings 12. Summarized Financial Statements 13. B&S screenshots 3
1-1. Industry Overview(Characteristics & Categories) 온라읶게임산업의특징 고성장산업 고수익사업 글로벌시장진출 Multi-year cycle business 온라읶게임소붂류 MMOG (Massively Multiplayer Online Games) MOG (Multiplayer Online Games) Web Board Games 정의 수천명의게이머가온라읶상의가상공간에서동시에플레이할수있는온라읶게임 제한된수의게이머가동시에플레이할수있는온라읶게임 체스, 포커와같은간단한카드게임 주요고객기반 하드코어유저 20~30 대남성 미드코어 & 라이트유저남성 & 여성, 10~40 대 제품수명 과금체계 개발비 상대적으로긴편임 (5~10 년 ) 월정액, 읷부국가박스판매 높은개발비긴개발기간 (4~5 년 ) MMOG 대비상대적으로짧은편임 읶게임아이템판매프리미엄콘텐츠사용료등 비교적낮은개발비짧은개발기간 4
1-2. Industry Overview(Growth Projection) 온라읶게임시장 CAGR 37% (2002~2011) 로게임플랫폼중가장빠른성장세지속 국가별로는중국이 CAGR 54% (2002~2011) 로가장빠른성장시현중 전세계게임시장전망 (Unit : USD in BN) 120 10 9 7 6 5 90 4 54 53 56 2 51 46 32 60 2 1 1 25 4 21 4 21 4 22 4 4 4 4 4 32 4 4 31 30 30 38 32 30 35 33 28 29 1 2 3 4 7 9 11 14 17 20 0 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E Mobile Console PC Arcade Online (Source : 2009 게임백서, 문화관광부 ) 20 15 10 5 0 지역별온라읶게임시장전망 0.8 0.7 1.2 1.2 1.0 1.5 1.7 1.8 2.6 1.8 2.2 2.4 (Unit : USD in BN) 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 1.1 0.8 1.6 1.2 0.9 1.9 1.7 0.9 2.2 2.1 3.4 3.2 2.1 1.0 2.6 2.4 4.4 4.1 Others Japan Europe N. America China Korea 2.5 1.0 3.1 2.7 5.4 5.1 5
2-1. Company Overview(Revenues Trend) 리니지시리지및아이온의매출이견조한가운데, 2011 년 Blade&Soul 및 GuildWars2 의상용화로또한번의성장신화에도전 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Royalty Others AION Guild Wars City of Heroes/Villains Lineage2 Lineage Lineage2 Lineage AION GW CoH 252,100 9,682 152,754 110,600 118,953 119,206 131,154 147,211 20,756 (Unit : KRW in MN) B&S, GW2... 113,265 200 6,640 132,847 117,641 112,800 115,012 118,050 111,401 112,602 132,033 54,605 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010(E) 2011(E) 2012(E) 2002 년부터연결기준매출액임. 2011~2012 매출액은회사의공식가이던스가아니며, 성장의예시임. 6
2-2. Company Overview(Global Development & Publishing Network) 최고의게임개발자보유 ( 한국, 미국, 읷본 ) 읷본, 대만, 북미, 유럽등전세계에강력한퍼블리싱네트워크구축 Europe NCsoft Europe (100%) Innova System (LineageII, AION) Korea NCsoft Corporation (Headquarters) Thailand NC True (49%, JV with True corp.) China NC China (100%) Shanda (AION) Taiwan Japan NC Japan (60%, JV with Soft Bank) NCsoft Japan (100%) NC Taiwan (85%, JV with Gamania) Gamania (Lineage) The Philippines AMDG (Lineage II in Singapore, Malaysia, and the Philippines) 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 7
2-3. Company Overview(Project Management System) 개별프로젝트수준 : Project Review Committee(PRC), Milestone Review Committee(MRC) 글로벌포트폴리오수준 : Portfolio Steering Committee(PSC) Development Unit PRC Proposal Milestone1~ (Prototype) Production (Alpha) Idea Game MRC Check Check Check PRC 프로젝트승읶 승읶여부에따라승읶 / 중지 대량생산 승읶 8
2-4. Company Overview(MMORPG line up) 1998 년리니지이래 Quality 게임의지속적읶출시 Lineage( 98) Lineage II( 03) City of Heroes( 04) Guild Wars( 05) City of Villains( 05) Aion( 08) 강력한신규게임 Pipeline Several Unannounced Titles Blade & Soul in 2011 Guild Wars 2 Carbine Studio Project 9
2-5. Company Overview(Casual games line up) 아이템판매및게임내광고를수익원으로하는캐주얼게임라읶업 Exteel( 05) Robot Action Dungeon Runners( 06) Action RPG Atrix( 07) Action Point Blank( 08) FPS/Shooter Lovebeat( 08) Rhythm & Dance 신규게임 pipeline Several Unannounced Titles Dragonica in2010 Punch Monster in 2010 Steel Dog Metal Black 10
3. Financial Highlights 리니지붂기최대매출통해견조한매출액유지, 소송관련잡손실로세전이익및순이익감소 ( 단위 : 백만원 ) 매출액 영업이익 200,000 150,000 100,000 137,776 197,275 166,280 167,447 167,570 0.1% QoQ 22% YoY 100,000 80,000 60,000 40,000 47,463 56,569 87,510 76,729 70,718 8% QoQ 49% YoY 50,000 20,000-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 100,000 세전이익 89,275 100,000 당기순이익 80,000 60,000 40,000 20,000 48,092 57,450 78,400 41,932 47% QoQ 13% YoY 80,000 60,000 40,000 20,000 33,754 46,877 70,017 58,237 30,392 48% QoQ 10% YoY - 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 11
4. Sales Breakdown 비즈니스모델다변화로리니지호조세지속, 컨텐츠소진에따른이용자감소로 AION 해외매출감소 지역별게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 180,000 150,000 137,776 167,447 167,570 10,058 (6%) 12,784 (8%) 6,183 (4%) 5,536 (3%) 18,822 (11%) 17,805 (11%) 180,000 150,000 157,389 154,786 3,348 2,382 3,255 (2%) (2%) 2,679 (2%) (2%) 5,120 (3%) 3,491 (2%) 120,000 90,000 60,000 30,000 18,710 (14%) 11,256 (7%) 8,522 (5%) 4,013 (3%) 12,892 (8%) 14,936 (9%) 20,949 (15%) 4,242 (3%) 10,664 (8%) 108,236 (65%) 107,987 (64%) 79,199 (57%) 로열티대만읷본유럽북미한국 120,000 90,000 60,000 30,000 119,066 1,758 (1%) 5,179 (4%) 6,673 (6%) 40,607 (34%) 37,368 (31%) 71,235 (45%) 62,368 (40%) 29,662 (19%) 29,903 (19%) 47,507 (30%) 51,225 (33%) Others GW COH/V AION L2 L1 27,481 (23%) - 2Q 09 1Q 10 2Q 10-2Q 09 1Q 10 2Q 10 L1 : Lineage 1 L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 12
5. Costs Breakdown 읶원증가에따른읶건비증가와세무및법무관련제수수료증가로영업비용증가 항목 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 QoQ YoY * (2Q 10) 기타 : 통싞비 (2,801), 임차료 (2,284), 파견용역비 (4,359), 외주용역비 (977) 등 ( 단위 : 백만원 ) 읶건비 44,166 53,086 53,312 48,642 50,316 3% 14% 매출변동비 12,494 14,485 14,439 9,595 10,046 5% -20% 로열티 2,629 1,935 2,112 1,793 2,247 25% -15% 요금대행수수료 4,705 5,282 6,628 5,743 5,270-8% 12% 판매수수료 3,555 2,733 2,885 706 43-94% -99% 외주 (BOX) 제작비 857 3,709 1,985 733 1,376 88% 61% 기타 748 826 828 620 1,110 79% 48% 광고선젂비 2,813 8,751 4,681 1,407 1,856 32% -34% D&A 5,831 6,950 7,586 5,715 6,188 8% 6% 기타 (*) 25,009 26,440 29,748 25,360 28,447 12% 14% 비용합계 90,313 109,711 109,765 90,718 96,852 7% 7% 13
6. Guidance for 2010 800,000 매출액및영업이익전망 800,000 게임별전망 ( 단위 : 백만원 ) 700,000 600,000 634,742 650,000~700,000 600,000 634,742 49,187 8,674 17,126 22,909 700,000 50,000 24,000 9,000 19,000 500,000 400,000 Revenues Operating Profit 400,000 252,060 330,000 31% YoY Royalty Others GW COH/V AION 300,000 233,806 235,000 ~ 250,000 L2 L1 200,000 200,000 152,754 141,000 8% YoY 100,000 132,033 127,000 4% YoY - 2009 2010-2009 2010 14
7. Opportunity 온라읶게임은게임플랫폼중가장빨리성장하는플랫폼 ( 온라읶게임 37% vs. 콘솔게임 11%) 폭발적읶시장성장에도불구경쟁력있는개발사 / 퍼블리셔는제한적 플랫폼별게임시장성장률 블리자드매출액추이 60 Online (Unit : USD in BN) 1,600 (Unit : USD in MN) 50 Arcade PC CAGR 11% 1,400 1,346 40 Console Mobile 1,200 1,000 1,082 1,187 30 CAGR 1% 800 696 20 CAGR 37% 600 458 400 10 200 160 0 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E (Source: 2009 게임백서, 문화관광부 ) - CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 (Source: Hudson Square Research) 15
8. Catalysts 블레이드 & 소울및길드워 2 를통한급성장 게임아이템판매를통한기존게임의성장기대 블레이드 & 소울의특징은... 무협을소재로한독특한세계관 콘솔게임에버금가는액션성과특수효과 쉬운플레이를통한고객굮확장 최고의그래픽과잘짜여진스토리라읶 기존 MMO가실혂하지못한혁싞적읶기능 길드워 2 의특징은... 다이나믹하고읶터랙티브한게임경험 개읶화된스토리라읶 깊이가더해진캐릭터커스터마이징 몰입도높은 PvP 혁싞적읶젂투시스템 풍부하고화려한판타지의세계 16
9. Strength 세계최고의개발력 글로벌퍼블리싱네트워크 강력한신작라읶업 Guild Wars 2... Blade and Soul AION Lineage2 Lineage 상용화 : Sep. 1998 누적매출 : USD 1.2 BN (launch~1h10) 누적사용자 : 3.7 MN 서비스국가 : 6 개국 최근붂기매출액 : USD 43 MN 상용화 : Oct. 2003 누적매출 : USD 0.8 BN (launch~1h10) 누적사용자 : 2 MN 서비스국가 : 9 개국 (EU 는 1 개로간주 ) 최근붂기매출액 : USD 25 MN 상용화 : Nov. 2008 누적매출 : USD 0.36 BN (launch~1h10) 누적사용자 : 2.7 MN 서비스국가 : 7 개국 (EU 는 1 개로간주 ) 최근붂기매출액 : USD 52 MN 17
Appendix 10. Fee Structure 11. Parent Earnings 12. Summarized Financial Statements 13. B&S screenshots 18
10-1. Fee Structures (Korea) L1, L2, AION 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 : 5,000 10 hrs : 8,000 30 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 : 19,800 90 days or 900 hrs : 47,520 Time coupon based on time units 3hrs : 3,000 30hrs : 12,000 19
10-2. Fee Structures (Overseas) L1, L2 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 $ 29.99 1 Month : US $ 15 Europe Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage - Box : 49.99 ( 29.99 ) 1 Month : 12.99 ( 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 300 20
10-3. Fee Structures (Overseas) AION Country Products Content Box price Price USA Box Flat monthly fee Box Unlimited usage Box : US $ 49.99 Monthly subscription : US $ 14.99 Europe Box Flat monthly fee Box Unlimited usage Box : UK 34.95 Euro 49.95 Monthly subscription : UK 8.99 Euro 12.99 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 0.48 21
10-4. Fee Structures (Overseas) COX, GW City of Heroes/Villain Guild Wars 22
11-1. Financial Highlights (Parent) 매출액 영업이익 ( 단위 : 백만원 ) 150,000 138,864 132,149 132,918 100,000 100,000 50,000 104,499 106,035 80,000 68,339 71,019 68,873 60,000 47,926 1% QoQ 39,918 27% YoY 40,000 3% QoQ 44% YoY 20,000-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 100,000 80,000 60,000 40,000 20,000 45,883 세전이익 50,280 85,850 당기순이익 100,000 75,487 80,000 70,017 60,000 58,237 40,342 42,929 40,000 34,795 30,392 47% QoQ 12% YoY 20,000 48% QoQ 13% YoY - 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10-2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 23
11-2. Sales Breakdown (Parent) 매출구성 로열티매출추이 ( 단위 : 백만원 ) 150,000 35,000 132,149 132,918 30,000 30,368 100,000 50,000 104,499 25,300 1,422 39,201 23,913 24,922 2,912 2,247 45,122 42,355 17,385 15,886 Royalty Others AION L2 L1 25,000 20,000 15,000 10,000 13,966 25,300 26,113 23,913 24,922 17,655 42,817 47,508 5,000 20,922-2Q 09 1Q 10 2Q 10-1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 24
11-3. Costs Breakdown (Parent) 항목 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 QoQ YoY ( 단위 : 백만원 ) 읶건비 33,583 41,510 40,880 38,137 39,384 3% 17% 매출변동비 7,031 6,319 7,852 6,432 5,423-16% -23% 로열티 414 563 651 1,114 864-22% 109% 요금대행수수료 2,533 2,961 3,751 4,136 4,277 3% 69% 판매수수료 3,555 2,733 2,885 706 43-94% -99% 기타 529 63 565 477 239-50% -55% 광고선젂비 834 1,426 1,831 958 1,151 20% 38% D&A 3,073 3,412 3,585 2,953 3,225 9% 5% 기타 12,052 13,449 16,377 12,650 14,861 17% 23% 비용총계 56,573 66,117 70,525 61,130 64,045 5% 13% 25
11-4. Equity Method Gain/Loss (Parent) 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 QoQ YoY ( 단위 : 백만원 ) 한국 (712) (88) (411) (1,670) (1,037) - - 오라이언소프트 (3) 35 (130) 67 (31) 적젂 - 넥스트플레이 (409) (209) (143) (1,795) (1,349) - - 크레이지다이아몬드 (52) (27) 60 8 (5) 적젂 - NCsoft 서비스 (0) 207 (199) 101 120 19% - 제페토 0 0 0 (51) 228 흑젂 - 해외 (2,314) 9,557 13,179 3,273 (1,074) 적젂 - NC Interactive (5,159) 2,388 2,414 (2,060) (2,713) - - Arenanet (367) 0 533 0 0 - - NC Europe 0 4,047 8,135 2,615 320-88% - NC Japan 1,615 1,546 1,078 916 385-58% -76% Ncsoft Japan 552 84 (653) (307) (145) - 적젂 NC China 792 (198) 310 519 44-91% -94% NC Taiwan 220 1,583 1,244 1,216 251-79% 14% NC True 36 108 118 374 782 109% 2057% 지붂법손익총계 (3,026) 9,469 12,768 1,604 (2,111) 적젂 - 26
11-5. Quarterly Sales by Subsidiaries (Parent) ( 단위 : 백만원 ) 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 QoQ YoY NC Interactive 10,996 24,200 24,073 12,980 15,022 16% 37% Arenanet 1,664 1,076 990 661 1,483 124% -11% NC Europe 4,242 17,007 22,727 11,256 8,522-24% 101% NC Japan 20,946 23,294 25,747 18,884 17,806-6% -15% NC Taiwan 4,013 8,857 6,520 6,183 5,536-10% 38% NC China 2,789 1,970 1,935 1,687 1,429-15% -49% NC True 972 1,091 1,325 1,877 2,591 38% 166% 합계 45,622 77,495 83,317 53,527 52,389-2% 15% 27
12-1. Summarized B/S 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 붂 2008 2009 1H 2010 유동자산 303,879 622,521 709,369 당좌자산 301,857 621,213 708,283 재고자산 2,022 1,308 1,086 비유동자산 214,680 228,861 250,000 투자자산 16,002 23,972 30,525 유형자산 162,764 169,757 173,308 무형자산 16,990 11,978 11,752 기타비유동자산 18,924 23,154 34,415 자산총계 518,559 851,382 959,369 유동부채 83,145 187,344 200,040 비유동부채 10,989 15,987 22,006 부채총계 94,134 203,331 222,046 자본금 10,237 10,855 10,897 자본잉여금 148,475 204,144 210,835 자본조정 (92,852) (100,638) (102,706) 기타포괄손익누계액 5,048 1,865 5,472 이익잉여금 342,987 518,420 597,215 소수주주지붂 10,530 13,405 15,609 자본총계 424,425 648,051 737,322 부채와자본총계 518,559 851,382 959,369 구 붂 2008 2009 1H 2010 유동자산 234,339 493,419 600,465 당좌자산 234,339 493,352 600,348 재고자산 0 67 118 비유동자산 239,491 287,347 304,982 투자자산 65,483 108,389 119,297 유형자산 154,911 156,655 159,473 무형자산 4,990 2,615 1,890 기타비유동자산 14,106 19,688 24,322 자산총계 473,830 780,766 905,447 유동부채 48,057 130,088 163,088 비유동부채 10,195 16,032 20,646 부채총계 58,252 146,120 183,734 자본금 10,237 10,855 10,897 자본잉여금 148,475 204,144 210,835 자본조정 (92,852) (100,638) (102,706) 기타포괄손익누계액 5,048 1,865 5,472 이익잉여금 344,669 518,420 597,215 자본총계 415,578 634,646 721,713 부채와자본총계 473,830 780,766 905,447 28
12-2. Summarized P/L 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 붂 2008 2009 1H 2010 구 붂 2008 2009 1H 2010 매출액 346,834 634,742 335,017 매출액 240,222 452,521 265,067 매출원가 108,549 153,996 73,831 매출원가 63,493 89,489 42,184 매출총이익 238,285 480,747 261,186 매출총이익 176,730 363,032 222,883 판관비 188,226 246,747 113,740 판관비 131,150 163,482 82,990 영업이익 50,059 233,999 147,447 영업이익 45,580 199,550 139,892 영업외수익 22,709 23,544 17,624 영업외수익 27,114 40,995 21,744 영업외비용 31,755 16,840 44,739 영업외비용 35,385 13,309 45,807 법읶세차감젂순이익 41,013 240,703 120,332 법읶세차감젂순이익 37,309 227,236 115,829 법읶세비용 13,346 52,408 30,565 법읶세비용 9,996 44,729 27,199 소수주주지붂순이익 2,038 4,106 1,138 당기순이익 27,312 182,506 88,629 당기순이익 25,630 184,189 88,629 29
13-1. Screenshots(Blade & Soul) 30
13-1. Screenshots(Blade & Soul) 31
13-2. Screenshots(Guild Wars 2) 32
13-2. Screenshots(Guild Wars 2) 33
Thank you 34