GRAVITY Enters Into an Agreement Regarding Publishing Right for 'ECO' in Southeast Asia and Oceania.

SEOUL, South Korea -- Gravity Co., Ltd. (NASDAQ:GRVY), an online game developer and publisher, has announced that it entered into a software license and distribution agreement with Infocomm Asia Holdings Pte Ltd. ("IAH"), an online game publisher based in Singapore, for Emil Chronicle Online ("ECO"), which is one of the online games offered by Gravity, in Southeast Asia and Oceania.

Under the agreement, IAH will be the sole distributor of ECO in the Southeast Asian and Oceania market, which includes Singapore, Malaysia, Brunei, Thailand, Philippines, Indonesia, Vietnam, Australia and New Zealand. The total value of the agreement is US$1.8 million, including License Fees and Minimum Guarantee against the royalty.

For the Southeast Asia and Oceania market, the closed beta testing of ECO is projected to start in the first quarter of 2007 in Thailand, for the first, and the schedule for the closed beta testing in other 8 countries and the open beta testing and commercial launch of ECO will be determined thereafter. The closed beta testing of ECO in Korea is scheduled in January, 2007.

In December 2005, Gravity entered into a worldwide (excluding Japan) publishing contract for ECO with GungHo Online Entertainment, a major Japanese online game publisher. ECO is currently commercially offered in Japan.

Gravity plans to incorporate Gravity's accumulated experiences in successfully launching commercial services of games such as 'Ragnarok Online(TM)' to ECO in 21 markets -- to enhance game play to attract game players worldwide. With its unique array of localizing and servicing skills to maximize revenue turnover, the Company believes that ECO has a great potential.

Mr. Ryu, Chief Executive Officer of Gravity, said: "As a result of this agreement with IAH for the license of ECO in the Southeast Asia and Oceania market, we are demonstrating the positive impact of our strategic efforts. We strongly believe that ECO was a good investment for the Company. As we disclosed at the time of purchase of this game, we expect to implement our strategic initiative of strengthening our overseas publishing business with ECO and believe that it will represent an ideal vehicle for such expansion. We are planning to make the best of our global distribution network for the licensing of ECO to other overseas' markets."

About GRAVITY CO., Ltd.

Based in Korea, Gravity is a developer and distributor of online games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 21 markets. For more information about Gravity, please visit http://www.gravity.co.kr.

About INFOCOMM ASIA HOLDINGS Pte Ltd.

Based in Singapore, Infocomm Asia Holdings is an online game publisher with strong network with major publishers in Southeast Asia, including Singapore.

Forward Looking Statements

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