Q1 2007May 16, 2007

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Agenda

1. Company highlights

2. Project Status

3. Financials

3

Key financial summary, Q1 2007

Revenue• Revenues slightly declining, as anticipated• Relatively stable revenues from Anarchy Online and Plutolife• Revenues expected to decline slightly until launch of Age of

Conan

Earnings• Negative EBIT, as anticipated, due to increase in sales and

marketing activities and other supporting costs related to Ageof Conan

Balance• Cash balance of TUSD 33,201 as of March 31, 2007 and low

interest bearing debt

1,793

-222

1,848-630592

Q1,2007 Q1,2006Revenue

EBITEAT

TUSD

- 1,213

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Highlights in Q1 2007

• More than 100,000 gamers signed up for Funcom’s Massively Multiplayer OnlineGame (MMO) Age of Conan`s external Beta test over the Easter holiday

• In January the launch of Age of Conan was pushed to October 30, 2007

• Age of Conan received broad press coverage and favorable reviews in relation tothe GDC and the CES conferences in the US and in the ‘Games for Windows’events during Q1 and early Q2.

• Funcom signed a hosting and managed services agreement with IPsoft for Age ofConan with hosting centers being set up in New York and Amsterdam.

• Funcom officially announced its next MMO, The Secret World, previously known byits working title The World Online.

• External stress testing of Age of Conan started during April

• Burning Crusade (WOW), Vanguard and Lord of the Rings Online launched

5

Agenda

1. Company highlights

2. Project Status

3. Financials

6

Anarchy Online and Dreamfall

• Online distribution• “Game of the Year” edition to be published in

the US• Episodic content to be developed with support

from Norwegian Film Fund

• Focus on providing on-going content updates• Testing new business models, in-game

advertising and other• Profitable game• Closing in on 6 year anniversary• Over 1 million USD generated from in-game

advertising alone

7

Age of Conan – ProductionStatus and progress

• Focusing on finishing content for game• Continuous iterations and enhancements of

combat system• Optimizing client performance

Age of Conandevelopment

• Ongoing stress tests. Positive data so far• Focus-testing of key systems like combat and

character development• Press feedback• Testing of technology. No major issue identified so far

Age of ConanBeta status

• Managed hosting and infrastructure managementagreement for Age of Conan signed with IPsoft

• IPsoft is a world class outsourced network- andsystems infrastructure support company

• IPsoft will host and operate the server parks inNew York and Amsterdam

Age of Conantechnical set up

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Age of Conan – Key focus areas

Combat system • Internal focus testing• External focus testing• Testing with press• Beta testing

Fun factor

Technical issues

• Internal focus testing• External focus testing• Testing with press• Beta testing

• Stress testing• External evaluation and quality confirmations• Iterative testing up until launch

Focus area: Process:

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Competitive landscape

• Burning Crusade (WOW) launched in January - breakingall records of sell-in and sell-through for MMO-games

• Vanguard launched in January and received a mixedreception

• Lord of the Rings launched in April and has receivedpositive initial feedback

• Warhammer Online delayed until ‘Early 2008’

• Lord of the Rings to be launched in Asian markets during2007

10

Age of Conan in-game movie

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The Secret World – Viral campaign details

• Unique online viral campaign

• Letter sent to 100 key gaming people

• Partnerships with key media

• Six online sites launched

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The Secret World – Dark Days Are Coming

• Solving internet clues led to final teaser site

• Cities of Shanghai, London and N.Y., depending on IP-address

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The Secret World – The Secret Forums

• Viral campaign continued on forums

• Most popular thread viewed over 40.000 times

• Forum link

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The Secret World – Press Release Announcement

• Wide coverage and great press feedback inEurope and USA

• Game, name and setting is nowestablished...the world’s firstcontemporary MMO

• New Funcom IP with unique viralopportunities.

15

Agenda

1. Company highlights

2. Project Status

3. Financials

16

Profit and loss account

PROFIT AND LOSS ACCOUNT Full Year

(Figures in TUSD) 2007 2006 2006

Revenues, PC/Console 1,194 1,287 8,492

Revenues, Mobile 599 561 2,330

Total Operating Revenues 1,793 1,848 10,822

Cost of sales -42

Operating expenses -2,619 -2,318 -9,818

Depreciation, amortization and write down -387 -160 -4,182

Total operating expenses -3,006 -2,478 -14,042

Earnings Before Interest and Tax ("EBIT") -1,213 -630 -3,220

Net financial items 909 1,227 3,820

Earnings Before Tax ("EBT") -303 597 600

Taxes 81 -6 2,636

Earnings After Tax ("EAT") -222 591 3,236

Attributable to minority interest -19 -21 -111

Attributable to shareholders of Funcom N.V. -204 612 3,347

Earnings per share (USD) 0.00 0.01 0.07

Earnings per share fully diluted (USD) 0.00 0.01 0.07

Average number of shares (1000) 47,745 44,606 46,969

Average number of shares fully diluted (1000) 49,995 45,856 48,306

First Quarter

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Balance sheet

BALANCE SHEET Full Year

(Figures in TUSD) 2007 2006 2006

ASSETS

Deferred tax asset 2,661 2,538

Other intangible assets 22,850 14,718 19,698

Tangible fixed assets 1,157 618 1,028

Long-term receivables 423

Trade debtors 900 862 1,239

Prepayments and other receivables 1,939 890 1,612

Cash and cash equivalents 33,201 44,194 37,423

Total assets 63,131 61,282 63,538

EQUITY AND LIABILITIES

Paid in capital 94,492 94,124 94,442

Other reserves -35,423 -38,149 -35,325

Equity attributable to minority interest 202 271 196

Long-term liabilities

Short-term liabilities 3,860 5,036 4,225

Total equity and liabilities 63,131 61,282 63,538

'31-Mar

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Interim segment results

INTERIM SEGMENT RESULTS Q1 Q2 Q3 Q4 Q1

(Figures in TUSD) 2006 2006 2006 2006 2007

Revenues, PC/Console 1,287 4,050 1,600 1,555 1,194

Revenues, Mobile 561 561 617 591 599

Total operating revenues 1,848 4,611 2,217 2,146 1,793

Sales growth quarter by quarter (%) -8.8 % 149.6 % -51.9 % -3.2 % -16.4 %

EBIT PC/Console -566 -1,133 -299 -752 -1,086

EBIT Mobile -64 -88 -54 -264 -127

EBIT Total -630 -1,221 -353 -1,017 -1,213

INTERIM SEGMENT RESULTS Q1 Q2 Q3 Q4 Q1

(Figures in TUSD) 2006 2006 2006 2006 2007

Revenues, PC/Console 1,287 4,050 1,600 1,555 1,194

Revenues, Mobile 561 561 617 591 599

Total operating revenues 1,848 4,611 2,217 2,146 1,793

Sales growth quarter by quarter (%) -8.8 % 149.6 % -51.9 % -3.2 % -16.4 %

EBIT PC/Console -566 -1,133 -299 -752 -1,086

EBIT Mobile -64 -88 -54 -264 -127

EBIT Total -630 -1,221 -353 -1,017 -1,213