Webzen secures online game, stock down

Webzen (ticker: WZEN), developer and distributor of online games, was awarded the
worldwide publishing rights to the first online game developed by David Jones, creator of the
multi-million unit selling video game, Grand Theft Auto. Why is the stock down on the news?

• Minimal impact on the near term - the game wont be released until 2007
• No financial details provided - leading some investors to believe that WZEN might have overpaid
• While he created the best selling Grand Theft Auto, there is no assurance that Jones will produce a successful online game. As analysts have said in the past, it is more difficult to develop a successful online game than it is to produce a blockbuster movie!