Gravity Develops Markets for ‘Ragnarok Online’ with Its Blue Ocean Strategy

Seoul, Korea, January 11, 2007—Gravity Co., Ltd.(NASDAQ: GRVY, the “Company”),
an online game developer and publisher, has announced that the Company is
going to commence open beta testing for the French version of Ragnarok Online
in the francophone countries in Europe, including France on January 12, 2007.

The Company has established Gravity EU SASU, a wholly-owned subsidiary of the
Company for the purpose of providing online game services in anticipation and
consideration of the potential growth of this region. France has been
recognized over the years as the center of animation and video game industry
in Europe.

Gravity has also announced that it is planning to commence commercial service
of Ragnarok Online in The Commonwealth of Independent States(or CIS) by the
first quarter of 2007.

The Company believes that this region, with a population of nearly 300 million
in total, is well-positioned for significant growth in the future. Gravity has
acquired the company which offered the open beta testing of Ragnarok Online in
Russia since July 2005, and is now Gravity’s subsidiary, with the company
being renamed Gravity CIS, Inc.

As Ragnarok Online is the first blockbuster MMORPG(Massively Multi-player
Online Role Playing Game) in CIS, the Company expects that they will have a
leading role in the future growth of the online gaming market in CIS.

Gravity has made efforts to enhance its online game service in the overseas
markets with the object of reinforcing its global network since 2005. The
Company has taken a big step towards to realize its core value by establishing
its own service structure for online game publishing in Europe and CIS which
are expected to achieve considerable growth.

Mr. Il Young Ryu, the chairman and the chief executive officer of Gravity
commented, “We are pleased to have established subsidiaries in the U.S., CIS
and Europe as bridgeheads to provide online game services directly to users in
these regions. It is a part of our strategy to enhance the Company’s overseas
publishing ability, which has been constantly driven since the change of
control in 2005. We affirm our firm commitment to enhance our direct
publishing network for online game services in some of important markets which
is expected to achieve a considerable growth and also to reinforce the
cooperation with our existing local partners to order to expand the Company’s
overseas revenues. ”

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.

# # #


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