Gravity Shareholders Comment on Media Reports.

Committee Confirms Intention to Mail Proxy Statement to Shareholders

NEW YORK & SEOUL, Korea -- The Gravity Committee for Fair Treatment of Minority Shareholders (the "Committee") today confirmed media reports that the Committee is preparing a proxy statement for the upcoming Extraordinary General Meeting ("EGM") of shareholders of Gravity Co., Ltd. ("Gravity" or the "Company") (NASDAQ: GRVY) that will outline the Committee's grievances against the Company and present detailed information to support the Committee's allegations of mismanagement and self-dealing.

The purpose of the EGM, which has been scheduled for December 26, 2006, is to give Gravity's minority shareholders a forum to express their views on the management and operations of the Company and to vote on the removal of Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, and Mr. Seungtaik Baik, Senior Executive Vice President and Chief Operating Officer of Gravity, as directors of the Company.

The Committee believes that Messrs. Ryu and Baik have mismanaged Gravity and are responsible for recommending to the Gravity Board of Directors a variety of improper related-party transactions since a controlling interest in the Company was acquired by EZER Inc., a shell corporation related to Taizo Son, GungHo Online Entertainment (JP: 3765) and SOFTBANK Corp. (JP: 9984).

Mr. Joo Young Kim of Hannuri Partners, the Committee's legal counsel in Korea, stated on behalf of the Committee, "The Committee is pleased that Gravity has finally fulfilled its obligation to shareholders by setting a date for the EGM. We urge all minority shareholders to take advantage of the opportunity we will have at the EGM to send a strong message to the Company's independent directors that the minority shareholders believe Gravity is being mismanaged by Messrs. Ryu and Baik and that the rights of the minority investors must be protected."

Shareholders of record at the close of business on November 24, 2006 in the case of common stock and November 22, 2006 in the case of ADSs, will be entitled to vote at the EGM. The Committee's proxy statement, which will be mailed to all shareholders shortly after the record date, will also include proxy voting materials and instructions about how to vote your shares in favor of removing Messrs. Ryu and Baik as directors. The Committee urges all Gravity ADS holders to take whatever steps are necessary to ensure that their shares are eligible to vote at the EGM.

As previously disclosed, the Committee believes that Gravity's Board of Directors approved transactions that may have benefited Taizo Son and other entities affiliated with Taizo Son or SOFTBANK Corp., including GungHo Online Entertainment, to the potential detriment of Gravity's minority shareholders.

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.