2. Business Overview Ⅱ Ⅱ Business Strategies Ⅲ Ⅲ Industry Overview Ⅰ Ⅰ Appendix Ⅳ Ⅳ

3. Casino Racing Lottery Number of visitor (RHS) 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 5 10 15 20 25 30 35 40 (Trillion Won) (Million) Industry Overview - Gaming Industry Recorded 11.7% CAGR in terms of the number of visitation for gambling Industry M/S for casino steadily increased to 27.1% from 19.7% in Y2002 Source: N.G.C.C 23,176 25,171 24,350 25,442 28,849 36,075

4. First casino opened in 1967 at Incheon Olympos 17 casinos : 16 Foreign-visitor-only Vs 1 local casino (Kangwon Land) RegionNoVisitorsRevenuesForeigners Seoul3867565 Incheon11724 Kyungju143 Busan217990 Jeju810963 Sokcho10.40.7 Sub Total161,176746 Locals Kangwon Land 12,4511.027 Year 2007 Visitors : Thousands, Revenue : Billions( KRW) Industry Overview – Casino Status Source: Korea Casino Association

5. Foreign casino visitors topped 1 mil. after 3 new casino opened in 2006 Local casino visitors, Kangwon Land reached 2.5 million in 2007 Total casino revenue was US$ 1.7 billion in 2007 - Kangwon Land accounted for 59% of total casino revenue Industry Overview – Casino Market Size

6. Only casino where Korean nationals can enter Only casino with integrated resort destination Only casino with ski resort in Asia Currently Kangwon Land operates 132 table Games and 960 machine games Built in closed mining area for revitalize local economy Granted exclusive right to operate a casino for domestic customers 2000~ 2005~ 2009~ Casino & Hotel golf Ski & Condo Hotel & convention Condo 20010~ Water park KWL’s Business Overview - Only one

7. KWL’s Business Overview - Performance Revenue 03’ 04’ 05’ 06’ 07’ 1H08’ 677 764 845 870 1,066 577 OP Profit OP Profit 03’ 04’ 05’ 06’ 07’ 1H08’ 331 381 416 326 418 243 OP Marign OP Marign 03’ 04’ 05’ 06’ 07’ 1H08’ 48.9 49.8 49.2 37.5 39.2 42.1 Dividend Payout Dividend Payout 03’ 04’ 05’ 06’ 07’ 28 35 38 43 46 (Bn KRW) (%)

8. 4Q 06 676,423 Opened Ski Slope & Condo 1Q 01 2Q 01 3Q 01 1Q 02 3Q 02 4Q 02 1Q 03 2Q 03 3Q 03 1Q 04 2Q 04 3Q 04 4Q 04 1Q 05 2Q 05 3Q 05 4Q 05 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 4Q 08 1Q 10 2Q 03 457,916 Expanded Main Casino 3Q 05 539,002 Opened Golf course 2Q 06 470,418 Booming of Illegal Gaming 3Q 06 576,304 Started crack down Illegal Gaming 2Q 07 661,521 Introduced new C.I 'High 1' 4Q 08 Highway completion 1Q 10 1,500,000 Family Resort Completion KWL’s Business Overview - Trend of Visitors Its growth trend getting stronger since 4Q06, opening ski slops & Condo Anticipated to meet our target 1.5 million visitors by quarter in year 2010

9. Mass Table Slot Machine VIP Table OP margin(%) Non-Gaming 1H 2008 51.7 24.5 18.8 4.9 2006 2.7 12.5 36.8 48 2007 3.9 15.7 29.1 51.3 37.5 39.2 42.1 KWL’s Business Overview – Sales Structure Growing as integrated casino resort, sales portion of mass increased to 70.5% from 60.5% in FY2006 As expanding sale portion for mass, operating profit margin getting healthier by 4.6% pt from FY2006 (%)

10. TotalTotal OthersOthers Water Park Hotel Expansion Condo Expansion Completion For FY2008 Total Capex ItemItem 259 128 118 83 588 89 44 22 30 71 256 Dec. 2009 July. 2010 Business Strategies - Capex Casino Expansion (Billion KRW)

11. SKI Golf Hotel & Condo Hotel & Condo Casino Condo (High-End) Water Park & Spa Hotel & Convention 4 Season Family Resort Business Strategies-Expansion Plan

12. 12 Hotel Scale - 250 rooms - Dimensions; 39,600 m² (15-story) Special Feature - Convention Center Water Polis Scale - 21,196 m² - Club Spa (1,884 m²] Special Feature - Digital Glass Dome - World Longest Slide (500M) Appendix – Hotel & Water Park

13. 13 Scales - 500 rooms [Mout. 316Rm, Valley 184Rm] - 90,750 m² Concept - Target For High-end - Selling a Membership - SKI In & Out System Appendix – Condominium

14. Q&A