Gravity Enters into License and Distribution Agreements for Ragnarok Online 2
in China, Taiwan, Macau and Hong Kong

SEOUL, South Korea, January 10, 2007 - Gravity, Co., Ltd. (Nasdaq: GRVY, the
“Company”), an online game developer and publisher, announced that it has
entered into license and distribution agreements for Ragnarok Online 2(or RO2)
in China, Taiwan, Macau and Hong Kong.

The agreement for China has recently been entered into with a subsidiary of
The9 Limited in China, which is effective for four years from the commercial
service date. The agreement for the licensing of RO2 for Taiwan, Macau and
Hong Kong was entered into on November 13, 2006 with Gamania Digital
Entertainment Co, Ltd., and the term of the agreement is for three years from
the commercial service date of the game.

As a result of these agreements, the company is expected to earn in the
aggregate, a minimum of US$ 31.5 million for the term of the contracts
(through license fees and the minimum guaranteed payments) in the various
territories covered and there is a potential for more fees depending on the
market acceptance and success of RO2 in these markets.

Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, said, “We
have successfully carried out the first closed beta test of RO2 recently and
we are hopeful that RO2 will contribute to both the top and the bottom line
growth of the Company in 2007. Also, these agreements are important in that
our game continues to expand and penetrate the Chinese market, which we
believe is one of the most promising online game markets in the world. We will
continue to do our best to achieve the most positive result from publishing of
our games in China, Taiwan, Macau and Hong Kong with our partners, leading
publishers of online games in the territories.”

About GRAVITY Co., Ltd.
Based in Korea, Gravity is a developer and distributor of online games.
Gravity's principal product, Ragnarok Online, is a popular online game in many
markets, including Japan, Taiwan and Thailand, and is currently commercially
offered in 21 markets. For more information about Gravity, please visit
http://www.gravity.co.kr.


Forward-Looking Statements:

Certain statements in this press release may include, in addition to
historical information, “forward-looking statements” within the meaning of the
“safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements can generally be identified by the use of
forward-looking terminology, such as “may,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe” “project,” or “continue” or the negative
thereof or other similar words, although not all forward-looking statements
will contain these words. These forward-looking statements are based on our
current assumptions, expectations and projections about future events. All
forward-looking statements involve risks and uncertainties that may cause our
actual performance, financial condition or results of operations to be
materially different from those suggested by the forward-looking statements,
including, but not limited to, our ability to diversify revenue; our ability
to collect, and in a timely manner, license fees and royalty payments from
overseas licensees; our ability to acquire, develop, license, launch, market
or operate commercially successful online games; our ability to compete
effectively in a highly competitive industry; our ability to anticipate and
access technological developments in our industry; our ability to recruit and
retain quality employees as we grow; our ability to implement our growth
strategies; and economic and political conditions globally. Investors should
consider the information contained in our submissions and filings with the
United States Securities and Exchange Commission (the “SEC”), including our
registration statement on Form F-1, as amended, and our annual report on Form
20-F, together with such other documents and we may submit to or file with the
SEC from time to time, including on Form 6-K. The forward-looking statements
speak only as of this press release and we assume no duty to update them to
reflect new, changing or unanticipated events or circumstances.

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Contact:
Mr. Tae Sung Hwang
Chief Financial Officer
Gravity Co., Ltd.
Tel: +82 (0)2 2019 6141
Email: thwang@gravity.co.kr