Webzen Corrects Stock Option Exercise Price Due to Treasury Share Cancellation

Correction: Stock option exercise price adjusted from 18,200 won to 20,335 won (due to treasury share cancellation)
Total outstanding changed: from 887,000 shares to 669,000 shares (reflecting past grants/cancellations)
Grantees: executives and employees (directors, auditors, employees)
Exercise condition: exercisable after 2/3 years of service from board resolution date
Fair value: 7,047 won (2-year vesting) and 7,745 won (3-year vesting) using binomial model (closing price 17,790 won, exercise price 18,200 won, volatility 39.10%)
Subject to shareholder approval
Key: Treasury share cancellation is positive for shareholder value, but higher exercise price is negative for option holders; overall neutral