Gravity and Shanda Enter Licensing Agreement  
 
Seoul, South Korea – July 11, 2005 - GRAVITY Co., Ltd. (Nasdaq: GRVY) and  
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) today announced that  
they have entered into a licensing agreement. Under this agreement, Gravity has 
granted Shanda exclusive licensing rights to operate and service ‘Ragnarok  
Online’ in China.  Ragnarok Online is a massively multiplayer online role  
playing game (MMORPG) and is Gravity’s principal title.   
 
Ragnarok Online is a popular global MMORPG, which has been commercialized in 20 
markets. Shanda will replace the existing publisher of Ragnarok Online in  
mainland China following the expiration of its license agreement with Gravity.  
 
David Woong-Jin Yoon, CEO of Gravity, announced, “We are excited to partner  
with Shanda. Through our partnership with Shanda, a leading interactive  
entertainment media company in China, we believe we can strengthen our presence 
in China, which is believed to be one of the fastest growing online game  
markets.” 
 
“Ragnarok Online’s healthy, cartoon style appeals to female and younger age  
group user segments, which are less developed and are the targeted user  
demographic base for Shanda’s home strategy,” said Tianqiao Chen, CEO of  
Shanda, “With Shanda’s leading distribution network and operating platform,  
we feel we are well positioned to offer premium a gaming experience to the  
Ragnarok Online gaming community in China.” 
 
 
  
About Gravity Co., Ltd. 
 
Based in Korea, Gravity is a developer and distributor of online games  
worldwide. The Company's principal MMORPG, Ragnarok Online, is currently  
commercially offered in 20 markets. For more information visit  
http://www.gravity.co.kr 
 
About Shanda 
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is a leading  
interactive entertainment media company in China. Shanda offers a portfolio of  
diversified entertainment content including some of the most popular massively  
multi-player and casual online games in China, along with online chess and  
board games, a network PC game platform and a variety of cartoons, literature  
works and music. Shanda's interactive entertainment platform attracts a large  
and loyal user base, of which an increasing number access Shanda content from  
home. Each user can interact with thousands of others and enjoy the interactive 
entertainment content that Shanda provides. Interaction enriches your life. For 
more information about Shanda, please visit http://www.snda.com . 
 
 
Forward-Looking Statements: 
 
Certain statements in this press release include forward-looking statements  
within the meaning of the U.S. Private Securities Litigation Reform Act of  
Forward-looking statements generally can 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.   
All forward-looking statements involve risks and uncertainties, including, but  
not limited to, the ability to diversify revenue, ability to collect license  
fees and royalty payments from overseas licensees and in a timely manner;  
ability to acquire, develop, license,launch, market or operate commercially  
successful online games; competition from companies that have greater financial 
resources; introduction of new products into the marketplace by competitors; the
ability to recruit and retain quality employees as Gravity grows; and economic  
and political conditions globally. Actual results may differ materially from  
those discussed in, or implied by, forward-looking statements. The forward- 
looking statements speak only as of the date of this release and Gravity  
assumes no duty to update them to reflect new, changing or unanticipated events 
or circumstances. 
 
 
 
CONTACTS For GRAVITY:	 
 
In Korea: 
John C. Chung 
GRAVITY Co. Ltd. 
Tel: 82-2-3485-1002 
chchung@gravity.co.kr	 
 
In the U.S.: 
David Pasquale, EVP  
The Ruth Group 
Tel: +646-536-7006 
dpasquale@theruthgroup.com 
 
 
CONTACTS For Shanda Interactive Entertainment Ltd.: 
 
Frank Liang 
Associate Director of Investor Relations 
Shanda Interactive Entertainment Limited 
Phone: 8621-50504740  
E-mail: IR@shanda.com.cn 
	 
Todd St.Onge (investors):  stonge@braincomm.com 
Ray Yeung (media):  yeung@braincomm.com   
Brainerd Communicators, Inc. 
212-986-6667