Gravity to Appoint Chairman and Joint-CEO  
 
Seoul, South Korea – September 13, 2005 – GRAVITY Co., Ltd. (NASDAQ: GRVY), an  
online game developer and distributor, today announced that Mr. Il Young Ryu  
(Nichiei Ryu) will be appointed Chairman and joint-CEO.  In addition, Mr. II  
Young Ryu will replace Mr. Jung Ryool Kim, Gravity’s former controlling  
shareholder and director, on Gravity’s board of directors.  Mr. II Young  
Ryu’s appointment as Chairman and joint-CEO and election to the board is  
expected to occur at Gravity’s Extraordinary General Meeting of Shareholders  
on September 21, 2005.  
 
Mr. Il Young Ryu, CEO of EZER Inc., is the founder of Techno Blood Inc. and CJ  
Internet Japan and currently serves as the CEO of both companies.  He  
launched ‘Net Marble’, a game portal site in Japan by establishing CJ  
Internet Japan in 2004, and hosted ‘Online Game Fantasy Star’, the first  
online gaming exhibition in Japan in 2003. 
 
Mr. Il Young Ryu commented, “It will be an honor to become the new Chairman  
and joint-CEO of Gravity, a company with quality game development and global  
publishing capacity.  I will do my best to maximize the potential of Gravity’s  
existing titles, development assets, global network and attractive pipeline.  I 
believe that a great team is in place with strong employees and partners, which 
will allow Gravity to become one of the world’s best online gaming  
companies.”  
 
David Yoon, the incumbent CEO of Gravity, mentioned, “I look forward to  
working together with Mr. Ryu, the new joint-CEO, given his extensive  
professional experience in the gaming industry and vast knowledge of the  
Japanese and Korean gaming market.  With his proven track record, Mr. Ryu is  
certain to be a huge asset to Gravity as the company moves forward and executes 
on its business plan.”   
 
About GRAVITY Co., Ltd. 
Based in Korea, Gravity is a developer and distributor of online games.  
Gravity's principal product, 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,” “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:	 
 
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