Gravity Enters into License and Distribution Agreement for Emil Chronicle
Online in Mainland China.

SEOUL, South Korea, January 17, 2007 - Gravity, Co., Ltd. (Nasdaq: GRVY, the
“Company”), an online game developer and publisher, announced that it has
entered into a License and Distribution Agreement for Emil Chronicle Online
(or ECO) in mainland China.

The agreement for China was entered into with a wholly-owned subsidiary of The
9 Limited in China in January 2007, which is effective for 3 years from the
commercial service date.

In November 2006, the Company entered into a software license and distribution
agreement with Infocomm Asia Holdings Pte Ltd., an online game publisher based
in Singapore, for ECO in Southeast Asia and Oceania, which includes Singapore,
Malaysia, Brunei, Thailand, Philippines, Indonesia, Vietnam, Australia and New
Zealand.

As a result of the agreement, the total revenue from ECO for the term of the
agreement in these territories is expected to amount over US$ 6.8 million
including license fees and minimum guaranteed payments.

Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, said “We
expect that ECO will present a wide appeal to worldwide game users who are
familiar with the manga and animation culture. We are very much pleased with
our recent first closed beta test in Korea, leading to such business
accomplishments where the total expected revenue from our recent agreements
already exceeds the amount paid for the global publishing rights for ECO. In
addition, there is more potential depending on the success of ECO in these
markets and Korea. We believe ECO fits into our global publishing strategy,
which is to excavate high quality games throughout the world and publish these
games through our global distribution network.”

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 The9 Limited
The9 Limited is a leading online game operator in China.  The9’s business is
primarily focused on operating and developing MMORPGs for the Chinese online
game players market.  The9 directly or through affiliates operates licensed
MMORPGs, consisting of Blizzard Entertainment®’s World of Warcraft®, MU® and
Mystina Online® and its first proprietary MMORGP, Joyful Journey West, in
China.  It has also obtained exclusive licenses to operate additional MMORPGs
in China, including Granado Espada®, Soul of The Ultimate Nation®, Guild
Wars®, Hellgate: London®, Ragnarok Online 2® and Emil Chronicle Online®.  In
addition, The9 is also working on the development of a 3D fantasy MMORPG game,
Fantasy Melody Online.

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. These forward-looking statements are based on our
current assumptions, expectations and projections about future events. All
forward-looking statements involve risks and uncertainties that may cause our
actual performance, financial condition or results of operations to be
materially different from those suggested by the forward-looking statements,
including, but not limited to, our ability to diversify revenue; our ability
to collect, and in a timely manner, license fees and royalty payments from
overseas licensees; our ability to acquire, develop, license, launch, market
or operate commercially successful online games; our ability to compete
effectively in a highly competitive industry; our ability to anticipate and
access technological developments in our industry; our ability to recruit and
retain quality employees as we grow; our ability to implement our growth
strategies; and economic and political conditions globally. 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 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 press release and we assume no duty to update them to
reflect new, changing or unanticipated events or circumstances.

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Contact:
Mr. Tae Sung Hwang
Chief Financial Officer
Gravity Co., Ltd.
Tel: +82 (0)2 2019 6141
Email: thwang@gravity.co.kr