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Gravity Enters Agreement with NHN Regarding Online Game Services

Seoul, Korea - May 9, 2007 (PRN): Gravity Co., Ltd. (NASDAQ: GRVY, the “Company”), an online game developer and publisher, announced that the Company has entered into a two year game service agreement with NHN Corp. (KOSDAQ: 035420, “NHN”), the operator of Naver and one of the largest Korean Internet companies, to expand its market share in Korea.

The two parties agreed to jointly service and market Gravity’s online game line-up through establishment of a “Gravity Zone” in NHN’s Hangame website, the largest game portal site in Korea. In accordance with the agreement, Gravity will provide certain online games, which include its flagship title “Ragnarok OnlineTM” and its anticipated upcoming titles “Ragnarok Online2TM,” “Requiem,” and “Emil Chronicle Online” through their own websites as well as “Gravity Zone” in order to provide easier access, to attract new users and to implement aggressive marketing strategies.

The Company and NHN will cooperate closely on various marketing activities to promote the successful launch of “Gravity Zone.” “Gravity Zone” is expected to offer up to 12 online games and “Emil Chronicle Online” will be the first online game offered through “Gravity Zone” commencing from the end of May 2007.

Gravity expects to increase its market share in Korea by providing its large online game titles, such as “Ragnarok Online2TM” and “Requiem” through individual game sites and HanGame. NHN intends to consolidate its position as the leading online gaming portal site in the industry by securing Gravity’s online game line-up.

Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, commented, “The agreement between NHN and Gravity is not a mere channeling alliance, but a new business model for online game service. We will continue leading the online gaming market with this model and usher in a new era of online gaming.”

Mr. Hui Young Choi, Chief Executive Officer of NHN, commented, “It is meaningful for NHN to provide Hangame users with Gravity’s excellent online games. We will pursue our efforts to diversify into online games and services for users as the premier Internet company in Korea.”

About GRAVITY Co., Ltd.
Based in Korea, Gravity is a developer and distributor of online games. Gravity's principal product, Ragnarok OnlineTM, is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 48 markets. For more information about Gravity, please visit http://www.gravity.co.kr.

About NHN Corp.
NHN is one of Korea’s leading Internet companies and operates the renowned search portal Naver and a leading online game portal Hangame. Naver has grown into Korea’s most visited search portal with ground-breaking service initiatives including “comprehensive searches” and “knowledge searches.” Hangame is one of the world’s first and largest game portals and has pioneered commercial value-added game items with over one million concurrent users in Asia. NHN is headquartered in Seongnam, Korea, with offices in Japan, China and the U.S. For more information about NHN, please visit http://www.nhncorp.com.

Forward-Looking Statements:
Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally 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, although not all forward-looking statements will contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our registration statement on Form F-1, as amended, and our 2005 annual report on Form 20-F, together with such other documents and we may submit to or file with the SEC from time to time, including on Form 6-K. The forward-looking statements speak only as of this pressrelease and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.


For more information, contact:

Jonathan J. Lee
Chief Financial Officer / Investor Relations Officer
Gravity Co., Ltd.
Phone: + 822-2019-6021
Email: jlee@gravity.co.kr


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