GRAVITY Has Issued Recent Business Update 
 
GRAVITY Co., Ltd. (Nasdaq: GRVY), an online game developer and distributor, has 
recently launched its mobile games in Japan and North America. Gravity  
launched “Ragnarok Tactics”, a strategic simulation three-dimensional mobile  
game, and ”Ragnarok 2 Mobile Episode; Veriene”, a three-dimensional mobile  
action role-playing game, in Japan at the Tokyo Game Show 2005 (TGS 2005) from  
September 16 to September 18, 2005.  
 
David Yoon, CEO of Gravity, commented, “Japan is one of the largest Asian  
mobile game markets. We will continue to aggressively target this market and  
leverage the strength of our strategic partners. By extending our game  
offerings to the mobile platform, we can further build on the existing base of  
gamers. We believe this will raise awareness among casual gamers.” 
 
“Ragnarok Tactics,” launched by SK Telecom in South Korea in July 2005, is a  
three-dimensional simulation mobile game, based on Ragnarok Online. This mobile 
game enables gamers to play the same characters from Ragnarok Online in a three 
dimensional format with emphasis on combat themes. “Ragnarok 2 Mobile Episode – 
 Verign” is a full three dimensional role playing mobile game based on  
Ragnarok 2.  
 
Also, Gravity has entered into a contract with SK USA under which SK USA will  
distribute in the United States and Canada ‘Episode of Magician’ and ‘Episode  
of Merchant’, two mobile games developed by Gravity.  
 
SK USA is an affiliate of SK Group, a business conglomerate based in South  
Korea, a provider of mobile entertainment services in U.S.A that provides  
mobile entertainment services in U.S.A. ‘Episode of Magician’ and ‘Episode of  
Merchant’ are the mobile versions of role-playing games which adapt the wizard  
and merchant characters of Ragnarok Online, which is currently available at 37  
countries. 
 
In addition, Gravity’s online game R.O.S.E Online was commercially launched in  
the Philippines through its partner Level Up Inc, its licensee in the  
Philippines, following an open beta test that began on June 30, 2005. Users  
will be charged an hourly rate to play this game and may choose from one-hour  
to 31-day playtime. 
 
Gravity has also commenced the open beta service of Ragnarok Online in China  
through its partner in China, Shanda Interactive Entertainment. Shanda,  
Gravity’s licensee in China, is one of the largest online gaming companies in  
China. Preparations for the open beta service have been underway for the past  
two months. 
 
About GRAVITY Co., Ltd. 
 
Based in Korea, Gravity is a developer and distributor of online games.  
Gravity’s principal product is Ragnarok Online, an online game which is  
currently commercially offered in 20 markets.  For more information, please  
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,” “belie 
ve,” “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; the ability to 
collect license fees and royalty payments from overseas licensees and in a  
timely manner; the 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 global economic and political  
conditions. Actual results may differ materially from those discussed in, or  
implied by, forward-looking statements. The forward-looking statements  
are effective only as of the date of this release and Gravity assumes no duty  
or responsibility 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