Webzen Announces Development of New MMORPG for PlayStation 3

TOKYO – July 22, 2005 – WEBZEN Inc. (NASDAQ: WZEN), a leading global online entertainment developer, publisher and operator, today announced the company has started development of Endless Saga, a new massively multiplayer online role-playing game (MMORPG) for the PlayStation3 (PS3) computer entertainment system. WEBZEN unveiled a first look at the colorful new MMORPG at the Annual PlayStation Meeting hosted by Sony Computer Entertainment Japan (SCEJ). Produced by WEBZEN's D-Studio, Endless Saga is slated for release in 2007 for both PS3 Online and PC Online.

"WEBZEN is honored to be among the select group of third-party publishers invited to participate at this year's Annual PlayStation Meeting," said Nam Ju Kim, CEO, WEBZEN, Inc. "We're excited about being one of the first publishers to bring a new online game to the PS3. We look forward to working closely with Sony Computer Entertainment Japan throughout the development cycle to ensure this new fantasy game appeals to MMORPG and PS3 fans everywhere."

On the event floor, SCEJ provided attendees with a sneak preview of Endless Saga. The crowd was treated to a glimpse of screen shots and a movie trailer highlighting the MMORPG's innovative gameplay, graphics and creative story and characters.

More details about Endless Saga will be unveiled in future announcements.

About WEBZEN Inc.

Based in Seoul, Korea, WEBZEN Inc. has become a global leader in the MMOG market, and has developed some of the world's top online game and client/server technologies. Already having achieved critical mass in Asian markets with publishing arms in Taiwan, China, Japan, Philippines, and Thailand, WEBZEN Inc. has established WEBZEN America, a wholly owned US subsidiary based in Los Angeles. WEBZEN America leverages WEBZEN technology and partners with some of the most well-known names in the video games industry to deliver some of the most compelling, visually stunning graphics available in persistent world games. WEBZEN and WEBZEN America are poised to launch a diverse portfolio of online products and services, beginning with the highly anticipated fantasy MMORPG SUN, the Unreal 3.0 engine-based MMOFPS HUXLEY, and the original action MMOG All Points Bulletin (APB).

For more information about WEBZEN products and services, go to www.webzengames.com.

About Sony Computer Entertainment Japan

Sony Computer Entertainment Japan, a division of Sony Computer Entertainment Inc. based in Japan, distributes and markets the PlayStation game console, the PlayStation 2 computer entertainment system and the PlayStation Portable handheld entertainment system, and also develops, publishes, markets and distributes software, and manages the third party licensing program for these two platforms.