Company Snapshot. $ million $2.46 billion 39% 52% $418.5 million

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2 Safe Harbor This presentation contains statements of a forward-looking nature. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. These forward-looking statements are based on the current assumptions, expectations and projections of the Company's management about future events. Although the assumptions, expectations and projections reflected in these forward-looking statements represent management's best judgment at the time of this presentation, the Company can give no assurance that they will prove to be correct. Numerous factors, including those related to market conditions and those detailed from time-to-time in the Company s filings with the Securities Exchange Commission, may cause results of the Company to differ materially from those anticipated in these forward-looking statements. Many of the factors that will determine the Company s future results are beyond the ability of the Company to control or predict. These forward-looking statements are subject to risks and uncertainties and, therefore, actual results may differ materially. The Company cautions you not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to Company and NetEase as used throughout this presentation refer to NetEase.com, Inc. and its subsidiaries.

3 Company Snapshot Recent price (2/23/06) : Shares Outstanding : Market Capitalization : Institutional Ownership : Insider and 5%+ Owners : Cash and cash equivalents (as of 12/31/05) : Cash per ADS (basic) : Employees : $ million $2.46 billion 39% 52% $418.5 million $

4 NetEase Online Game Platform

5 (RMB 000s) Quarterly Online Games Total Revenues 450, , , , , , , ,000 50,000 0 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Total Revenues (in RMB '000s) Online Games

6 Game Titles Dominate the Market Peak CCU for major MMORPG titles in 2005 Q4 (estimated) 1,200 1,000 Peak CUU ( 000) Fantasy Westward Journey Westward Journey Online II World of Warcraft Woool Legend of Mir II Legend of Mir 3G Mland Lineage II

7 Westward Journey II & Fantasy Westward Journey continue to achieve new peak user growth 1,200,000 Peak Concurrent Users 1,000, , , ,000 Fantasy Westward Journey Westward Journey Online II 200,000 0 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Online Games Jan 2005 to Dec 2005

8 NetEase continues to gain MMORPG market share Estimated market share for Q4 2005, in terms of revenue Online Games

9 Chinese online game market expected to grow to USD $2.1 billion annually in by Industry Revenue Forecasts 60.0% % 46.3% 43.1% 39.4% % 40.0% % 30.0% % 20.0% % % Revenue (RmB billions) Growth * Source: Online Game Industry Report, CGPA & IDC

10 Westward Journey II & Fantasy Westward Journey in Q4 For both games: The online events for WJ2 & FWJ national day were held during the golden week in October with an overwhelming number of responses. The number of peak concurrent users continue to grow, reaching 554K for WJ2 and over a million FWJ at the end of December. Fantasy Westward Journey The 4th expansion pack was launched at on Sept 29, 2005 with new content focused on advanced characters and a new enhanced story mission. Online Games

11 Da Tang 2.5-Dimensional MMORPG Project Da Tang is an in-house developed MMORPG. The game is currently under external closed beta testing. The external closed beta was launched in Sept 05, the application for beta accounts were opened for 2 days only and over 100,000 registrants applied for the game accounts. Closed beta version 1.35 was launched on Jan 14, 2006 with major update for high-level equipments, new cities and fighting style. Responses from game players are encouraging. We are more confident on the completion of the development and target to launch the open beta testing in the first half of Online Games

12 Online Games Da Tang 2.5-Dimensional MMORPG

13 Online Games Da Tang 2.5-Dimensional MMORPG

14 Online Games Da Tang 2.5-Dimensional MMORPG

15 Tian Xia Fully 3-Dimensional MMORPG The development of our first self-developed 3D game, Tian Xia is progressing. The game is under internal closed beta testing with open beta targeted for the second half of Project 3D is based on traditional Chinese mythology. Various beautiful scenic locations throughout China will be simulated inside the game using advanced 3D technology. Online Games

16 Online Games Tian Xia Fully 3-Dimensional MMORPG

17 Online Games Tian Xia Fully 3-Dimensional MMORPG

18 Tian Xia Fully 3-Dimensional MMORPG Online Games

19 Popo Games - Casual Online Games Phase I of our online casual game strategy launched 10 casual games in July. Registered users reached over 2 million at the end of December. Phase II of our casual game plan targeted to launch by March 06 bringing the total number of casual games to 20. New batch of casual games will include more advanced category. Casual game platform is integrated with in-house developed instant messaging product, Popo, to leverage our portal community base. We anticipate sales of virtual items via NetEase point cards to diversify casual game revenues. Online Games

20 NetEase Internet Portal

21 (RMB 000s) 80,000 Quarterly Advertising Services Total Revenues 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Total Revenues (in RMB '000s) Internet Portal

22 China s Internet and Broadband markets are second largest in the world and over 111 million Internet users as of January 2006* (in Millions) Dec.01 Jul.02 Dec.02 Jul.03 Dec.03 Jul.04 Dec.04 Jul.05 Dec. 05 Internet Users Source: CNNIC 17 th Internet Development Study United States has 135 million Internet users Internet Portal Broadband Users

23 Online Advertising Industry expected to grow Advertising spending in China is expected to continue to grow rapidly due to increasing consumer spending power and an influx of brands. Online Advertising is expected to grow faster than the overall advertising market as: Online advertising only accounts for a small % (approximately 1.5%) of total media spending in China. Online advertising provides an interactive, targeted and more cost effective way (compared to traditional forms of advertising) to reach the consumer. Internet Portal

24 NetEase offers a Massive Marketing Platform The NetEase family of websites provides a massive interactive marketing platform for advertisers offering: Increasing page views and a wide audience in China with Over 780 million average daily page views for the month of December. Access to an extremely large and loyal user base who are young trendsetters. Sino-monitor s China Marketing and Media Study named NetEase as the number one media for university students among all traditional and online media in China. Internet Portal

25 Online Advertising Revenue Drivers in Q405 Strongest sectors of online advertising for NetEase: IT & Consumer Electronics Pure Internet Players Telecommunications FMCG (Fast Moving Consumer Goods) [what were the strongest sectors? Needs updating] Strong strategic relationships with ebay, Sofun.com and JRJ.com Increased spending from new and repeat advertising customers Increased advertising spending via close relationships with leading Global 1000 companies

26 NetEase continues to expand Content and Services NetEase has 17 diverse high-quality content channels and continues to seek new ways to enhance the content by: Forming and/or seeking partnerships with well-established vertical sites Focusing resources on other key channels. NetEase maintains a dominant position as the leading free provider in China NetEase continues to upgrade its advertising services and tracking systems in order to capture growth in this still early stage online advertising market. 120, , ,000 90,000 80,000 70,000 60,000 50,000 40,000 April Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Frontpage and Channels Average Daily Pageviews (in thousands) 140, , ,000 80,000 60,000 40,000 20,000 0 Q2'04 Q3'04 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Registered Accounts (in thousands) Internet Portal

27 NetEase Wireless VAS

28 (RMB 000s) 25,000 Quarterly WVAS and Others Total Revenues 20,000 15,000 10,000 5,000 0 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Total Revenues (in RMB '000s)

29 Wireless VAS Strategic Initiatives NetEase continues to execute our strategy to maintain and grow the business by: Expanding our presence in the 2.5G and Non-SMS area Color Ringback Tone and Java Downloads increasing in popularity. Focusing on developing services which are integrated with our online portal and online games Leverage existing users of online portal by providing services such as MMS , Popo on WAP, Love/Dating on WAP, etc. Also developing services to integrate with our online game business and add auxiliary products for SMS (e.g., SMS security control over accounts).

30 Financial Highlights

31 Summary Financial Results Total revenues: 2004 Q4 RMB million 2005 Q3 RMB million 2005 Q4 RMB million 2005 Q4 USD million Q4 05-Q3 05 growth Online game services % Advertising services (5.9%) Wireless services and others % Total Revenues % Gross profit % Gross margin 79.2% 83.6% 82.6 % 82.6% Operating profit % Net profit % Diluted EPS (US$ per ADS) $0.45 $0.89 $0.96 $ %

32 Gross Profit Margin Analysis Gross Profit Margins 2004 Q Q Q4 Online game services 88.3% 89.7% 89.4% Advertising services 65.5% 68.1% 62.9% Wireless services and others 28.4% 11.3% (1.3%) Company overall 79.2% 83.6% 82.6% Operating Profit Margins 2004 Q Q Q4 Company overall 49.8% 62.3% 62.3%

33 Balance Sheet Highlights 2004 Q Q Q4 RMB million RMB million USD million ASSETS Current assets: Cash & held-to-maturity investments 2,290 1, Time Deposit 0 1, Other current assets Total current assets 2,366 3, Property, equipment and software Other long term assets Total assets 2,450 3, LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Deferred revenue Other current liabilities Total current liabilities Long-term payable: Total shareholders' equity 1,354 2, Total liabilities and shareholders' equity 2,450 3,

34 Power of the People