Webzen Adjusts Stock Option Exercise Price and Total Grants Due to Treasury Share Cancellation

Exercise price adjusted from 14,900 won to 16,648 won due to treasury share cancellation
Total granted shares after this grant decreased from 988,000 to 669,000 shares (impact of treasury cancellation)
Current grant: 102,000 shares to employees (41,000 shares with 2-year vesting, 61,000 shares with 3-year vesting)
Adjusted exercise price: 16,648 won, 11.6% premium over previous close of 14,920 won
Fair value: 4,165 won/share (2-year vesting), 4,504 won/share (3-year vesting) using binomial model
Other: subject to shareholder approval, exercisable after 2 or 3 years of service