87% Of Gravity's Disinterested Shareholders Vote to Remove Ryu and Baik as Directors.

Landslide Sends Clear Message to Independent Directors that Minority Shareholders Have No Confidence in Current Management Team

Committee Calls on Board to Remove Ryu and Baik from Management Immediately

NEW YORK & SEOUL, Korea -- The Gravity Committee for Fair Treatment of Minority Shareholders (the "Committee") today announced that, based on final voting results, approximately 86.9% of the minority shareholders and ADS holders of Gravity Co., Ltd. ("Gravity") (NASDAQ: GRVY) voted in favor of the Committee's proposal to remove Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, and Mr. Seung Taik Baik, Senior Executive Vice President and Chief Operating Officer of Gravity, as directors of Gravity at the Extraordinary General Meeting of Gravity shareholders held on December 26, 2006. The Committee also noted that its proposal received the support of 97.4% of all outstanding shares and ADS's voted by minority shareholders.

Mr. Mark Mitchell, Executive Managing Director of Ramius Capital Group, stated on behalf of the Committee: "These results demonstrate that Gravity's minority shareholders clearly and overwhelmingly demand the immediate removal of Mr. Ryu and Mr. Baik as directors. In light of the one-sided results of today's vote, the Committee calls upon Gravity's independent directors to remove Mr. Ryu and Mr. Baik from management without further delay. As we have continually expressed, there is a clear need for change at the Company to ensure that shareholder value is created - a belief supported by virtually every minority shareholder across the globe.

"The outcome of this referendum sends a clear and irrefutable message that Gravity's minority shareholders have no confidence in the current management team and that mismanagement and self-dealing cannot and will not be tolerated," Mr. Mitchell said. "We are very pleased that the minority investors have delivered this mandate to the independent directors. As a result of this landslide, the Committee is more committed than ever to take the necessary steps to ensure that Gravity is run for the benefit of all shareholders."

The Committee appreciates the support of the overwhelming majority of minority shareholders who voted in favor of the Committee's proposal. The Committee is also gratified that ISS, the world's leading independent proxy advisory service, recommended that all Gravity shareholders support the Committee's proposal. The Committee also wishes to assure all minority shareholders that the Committee remains committed to exploring all available options to ensure that the rights of Gravity's minority shareholders are protected.

The Committee believes that Messrs. Ryu and Baik have mismanaged Gravity and are responsible for recommending to the Gravity Board a host of potentially improper related-party transactions since the Japanese firm EZER Inc., an entity with links to Taizo Son, GungHo Online Entertainment (JP: 3765) and SOFTBANK Corp. (JP: 9984), purchased a controlling stake in Gravity in August 2005.

About The Gravity Committee for Fair Treatment of Minority Shareholders

The Committee was formed in March 2006 by Moon Capital Management LP and Ramius Capital Group, L.L.C. to protect the rights of minority shareholders of Gravity and to maximize shareholder value.

About Ramius Capital Group, L.L.C.

Ramius Capital Group is a registered investment advisor that manages assets of approximately $7.4 billion in a variety of alternative investment strategies. Ramius Capital Group is headquartered in New York with offices located in London, Tokyo, Hong Kong, Munich, and Vienna.

About Moon Capital Management LP

Moon Capital Management LP, on behalf of its affiliated investment funds, manages more than $1 billion, investing primarily in equity securities in markets around the world. Headquartered in New York, Moon Capital also has offices in Singapore.