Gravity to Expand Game Publishing Business  
 
SEOUL, South Korea, August 26, 2005 – GRAVITY Co., Ltd. (Nasdaq: GRVY), an  
online game developer and distributor, announced that it plans to expand its  
publishing business. For this purpose, the Company has budgeted a total of  
approximately Won 30 billion ~ Won 50 billion (approximately US$30 million ~  
US$50 million) to be spent during the next three years. The Company plans to  
introduce and support newly licensed game titles across its global game  
publishing network, which currently includes over 20 countries worldwide.  
 
David Yoon, CEO of Gravity, said “This is a major investment for Gravity and  
one that we believe represents a significant step towards our goal of becoming  
a major publisher. We have a global game publishing network that reaches over  
20 countries worldwide and a strong visible brand name that appeals to gamers  
and game developers. We are confident that we will be able to leverage our  
expertise and experience to introduce promising game developers into the global 
online game markets and to assist them in successfully marketing and publishing 
their game titles. From a business strategy standpoint, we believe that our  
efforts in this area will positively contribute to our long-term growth.” 
 
Gravity’s Ragnarok Online in France and Belgium 
 
Seoul, South Korea – August 26, 2005 – GRAVITY Co., Ltd. (NASDAQ: GRVY), an  
online game developer and distributor, today announced that its principal game  
title, Ragnarok Online, is now available in France and Belgium, through its  
recent licensing agreement with its French partner, Mados Inc.  
 
Gravity, together with Mados Inc, will begin to localize Ragnarok Online and  
provide technical support with a view to launching Ragnarok Online service in  
France and Belgium by the end of 2005. David Yoon, the CEO of Gravity  
commented, "With our entrance into France and Belgium, we continue our global  
expansion of our flagship title Ragnarok Online.  We believe that the online  
game market in France possesses an attractive market potential for us,  
especially in light of our existing market presence in other European countries 
such as Germany, Austria, Switzerland, Italy, and Turkey.  For the first time,  
we plan to provide technical support and localized marketing strategies in  
French and hope to achieve a good first impression and acceptance of Ragnarok  
Online in these markets.” 
 
About GRAVITY Co. Ltd.  
 
Based in Korea, Gravity is a developer and distributor of online games. The  
Company's principal product, Ragnarok Online, is currently commercially offered 
in 20 markets.  It is a popular online game especially in Japan, Taiwan, and  
South-East Asian countries.  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  
1995.  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 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