Gravity Announces Management Reinforcement  
 
 
Seoul, South Korea – July, 2005 – Gravity Co., Ltd. (Nasdaq: GRVY), an online  
game developer and distributor, today announced that it has appointed Mr.  
William W. Song as a new CFO and Mr. John C. Chung as IR Officer.  Previously,  
Mr. Seo, the former CFO, had been entrusted with responsibilities for overall  
investor relations, financial reporting, and improving and enhancing internal  
control over financial reporting in compliance with Section 404 of the Sarbanes-
Oxley Act. In connection with Gravity’s efforts to reinforce its management,  
these responsibilities will be entrusted with three executive officers, each  
focusing on their respective areas of expertise.  Mr. Song will assume the  
roles and responsibilities of Gravity’s new CFO following his appointment at a  
meeting of Gravity’s board of directors held on July 15, 2005.  Mr. Seo will  
primarily focus on spearheading Gravity’s efforts to improve and enhance its  
internal control over financial reporting. Mr. Chung will assume the roles and  
responsibilities of Gravity’s in-house counsel while also covering investor  
relations as the IR Officer. 
 
 
Mr. David Woong Jin Yoon, CEO of Gravity said “I’m glad that Mr. Song and Mr.  
Chung joined our management as CFO and IR Officer, each bringing years of  
experience and expertise in the areas of corporate finance.  I’m sure with  
their proven track record, they will carry out their respective duties with  
grace and integrity.” 
 
 
Mr. Song, who is 43 years old, is a Certified Public Accountant, primarily  
working with global technology and accounting firms.  Mr. Song most recently  
served as Director at Volvo Construction Equipment in Korea.  He previously  
served as Controller at Cisco Systems in Seoul; Asia-Pacific Finance Manager at 
Cisco Systems, San Jose CA; Senior Financial Analyst at Read-Rite Corporation;  
Senior Accountant in the Audit Department at Deloitte & Touche LLP; and  
Financial Analyst at Samsung Semiconductor, Inc.  Mr. Song received a B.S. in  
Computer Information Systems and a Master of Business Administration from San  
Francisco State University.   
 
 
Mr. Chung, who is 43 years old, is U.S. educated and a trained attorney, a  
member of the New York State Bar.  Mr. Chung previously worked as a legal  
counsel at the Korean Ministry of Foreign Affairs and Trade covering WTO trade  
disputes, Doha Development Agenda negotiations and other trade related legal  
matters. Mr. Chung most recently worked as a foreign legal counsel at the law  
firm of Jung and Partners handling various corporate legal matters for  
multinational firms.  Mr. Chung lectures Contract and Property law at the Kyung 
Hee University Graduate School of International Legal Affairs in Seoul, Korea.  
Mr. Chung received a B.A. from the University of California at Berkeley and JD  
from Syracuse University School of Law. 
 
 
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  
www.gravity.co.kr. 
 
 
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,” “believ 
e,” “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:	 
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