Ragnarok Hits France and Belgium

Gravity's Ragnarok Online in France and Belgium

Seoul, South Korea - August 30, 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," "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.