Exhibit
4.15

       

      Agreement of
Establishment of Leaseholder Right

       

      


       

      The Sum of eight
hundred and sixty four million won (\864,000,000)

       

      Establisher of
leaseholder right has surely received the lease deposit expressed above this
day, executed this Agreement of Establishment of Leaseholder Right for
the   the priority Leaseholder Right over the following real
estate owned by it for the purpose of use and benefit of the leaseholder and
agrees to the following provisions:

       

      
        	
                 
      

              	
                Article 1
      Object of leaseholder right shall be the entire area of the 6th,7th
      floor and 220.585 m2 of the southeast side
      of the 8th
      floor of the real estate expressed at the end of this
      agreement.

              


      

       

      
        	
                 
      

              	
                Article 2 The
      leaseholder shall not use this real estate for other purposes than
      business.

              


      

       

      
        	
                 
      

              	
                Article 3 Due
      date to return the lease deposit shall be Nov. 30,
  2009.

              


      

       

      
        	
                 
      

              	
                Article 4
      Duration of the leaseholder right shall be from Dec. 1, 2007 to Nov. 30,
      2009.

              


      

       

      
        	
                 
      

              	
                Article 5.
      The leaseholder shall keep original state of the leased property and
      conduct repair for normal
management.

              


      

       

      
        	
                 
      

              	
                Article 6 In
      the event that the leaseholder has changed original state of the leased
      property without approval of the establisher of leaseholder’s right and
      its value has been remarkably decreased, the establisher of leaseholder’s
      right may request cancellation of the leaseholder
  right.

              


      

       

      
        	
                 
      

              	
                Article 7 If
      the leaseholder has changed the original state of the leased property for
      the purpose of use and benefit, it shall restore it to the original state
      and deliver it to the establisher of leaseholder upon the expiration of
      the duration of the leaseholder’s right and if there is any damage on the
      leased property, it shall
indemnify.

              


      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      In Witness Whereof,
both parties hereto have signed and caused the change agreement to be
executed.

       

      Dec. 1,
2007

       

      


       

      
        	
                Establisher
      of Leaseholder Right

              	
                Han
      Jeong-hee

              
	 
      	
                (480730-1010116)                 (Seal)

              
	 
      	
                #117-301,
      Hyundai APT, 434, Apgujeong-dong, Kangnam-gu Seoul

              
	 
      	 
      
	
                Leaseholder

              	
                WEBZEN
      Inc.

              
	 
      	
                (110111-1955694)

              
	 
      	
                467-6,
      Dogok-dong, Kangnam-gu, Seoul

              
	 
      	
                Kim Nam-ju/
      Representative Director (Seal)

              


      

      


       

      (Indication of Real
Estate)

       

      
        	
                1675-1/1675-2,
      Seocho-dong, Seocho-gu, Seoul

              
	
                8th
      Floor Office, Reinforced Concrete Roof

              
	
                1st
      Fl. 552. 83m2,

              	
                2nd
      Fl. 522. 04m2,

              
	
                3rd
      Fl. 389.36m2

              	
                4th
      Fl. 389.36m2

              
	
                5th
      Fl. 389.36m2

              	
                6th
      Fl. 389.36m2

              
	
                7th
      Fl. 389.36m2,

              	
                8th
      Fl. 389.36m2,

              
	
                1st
      underground Fl. 949.64m2, 2nd
      underground Fl. 858.98m2,

              
	
                3rd
      underground Fl. 397.42m2

              


      

      


      Uses of each
floor

      3rd
underground Fl.: Parking Lot 397.42m2, 2nd
underground Fl.: Parking Lot 452.64 m2, Electrical Machine Room
406.34m2, 1st
underground Fl.: Parking Lot 42.24m2

       

      
        	
                Neighboring
      Living Facility: 907.40 m2

              
	
                1st
      Fl.: Parking Lot: 40.95m2

              	
                Bank: 511.88
      m2

              
	
                2nd
      Fl.: Bank

              	
                3rd
      – 8th
      Fl.: Office.

              


      

      


       

      


       

      Unified Form of
Seoul District Jurisdictional Scrivener Association