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WEBZEN SIGNS EXCLUSIVE WORLDWIDE PUBLISHING DEAL WITH RED 5 STUDIOS

SEOUL – Feb. 28, 2006 – Global online entertainment company WEBZEN, Inc. (NASDAQ: WZEN) today announced that it has signed an exclusive worldwide agreement with U.S.-based Red 5 Studios, Inc. to publish a new MMOG property. The contract was executed today at WEBZEN’s headquarters in Seoul.

Creating tremendous industry buzz and anticipation since the company’s inception in September 2005, Red 5 Studios was formed by key members behind Blizzard Entertainment®’s World of WarCraft®, including the game’s Team Lead Mark Kern and Art Director William Petras and Online Director for Asia, Taewon Yoon.

“WEBZEN and Red 5 Studios share the same vision and passion to create next generation online games that can successfully suit the tastes and demands of gamers worldwide,” said Nam Ju Kim, CEO, WEBZEN, Inc. “We are confident that projects such as these will help WEBZEN reach its goal of becoming a top global online games publisher.”

The core members at Red 5 studios have proven their development prowess in launching successful online game properties such as Diablo II, Starcraft series and Warcraft III on a global scale. As such, WEBZEN is being heralded for obtaining the company’s promising new game property, which is primed to deliver worldwide market appeal. For WEBZEN, the publishing deal is an important component to its mid-and long-term objective of building a world-class games portfolio.

“WEBZEN offers the optimal environment for developing games, with its world-class technology and overall expertise in online game entertainment,” said Mark Kern, President and CEO, Red 5 Studios. “WEBZEN is becoming a huge force in the global online games marketplace. Their commitment and determination partnered with our unique game concept is a winning combination for a blockbuster title.”

The new game from Red 5 Studios is in its initial stages of development, and more details on the title will be released at a later date.

This publishing contract marks WEBZEN’s second global publishing deal, after acquiring in 2005 the worldwide license for All Points Bulletin (APB), David Jones’ online game, for both PC and XBOX360 platforms.

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