GRAVITY Co., Ltd. enters into a Memorandum of Understanding with  
CJ Internet Corp. 
 
 
SEOUL, South Korea, October 25, 2005. GRAVITY Co., Ltd. (NASDAQ: GRVY) 
 
Today, we entered into a non-binding Memorandum of Understanding (“MOU”) with 
CJ Internet Corp. (“CJ Internet”) to explore the possibility of entering into 
a strategic alliance regarding the development, publishing and servicing of 
certain online games in Korea. We have agreed with CJ Internet to establish a 
joint committee to formulate and negotiate the terms and conditions of the 
strategic alliance, which the parties have agreed in principle will include: 
 
-	Online games developed and published by us in Korea will be serviced by the 
website operated by CJ Internet, www.netmarble.net; 
-	CJ Internet will have the right to co-publish certain games developed or 
published by us; 
-	Revenue sharing arrangements for the online games which will be co-published 
by CJ Internet and us will be subject to further agreement; and 
-	The term of the strategic alliance will be three years. 
 
CJ Internet and we have agreed that neither party will pursue with any other 
party a strategic alliance regarding the development and publishing of online 
games.  The MOU will expire on the date which is the earlier of the date which 
is three months from today and the date CJ Internet and we enter into 
definitive agreements concerning the strategic alliance.  
 
We believe that by utilizing CJ Internet’s dominant domestic position in 
online game publishing, we will be able to more effectively market in Korea 
the online games we develop.  Furthermore, we believe that as we will be able 
to rely on CJ Internet for domestic marketing, we will be able to focus on our 
overseas business, as well as on development of online games, sourcing of new 
game developers and global publishing.  We expect that the combination of our 
game development capabilities and CJ Internet’s publishing strengths will 
achieve synergistic effects for the benefit of both parties.   
 
 
About GRAVITY Co., Ltd. 
 
Based in Korea, Gravity is a developer and distributor of online games. The  
Company's principal product, Ragnarok Online, is currently commercially  
offered in 20 markets.  For more information visit www.gravity.co.kr. 
 
Forward-Looking Statements: 
 
Certain statements in this press release include forward-looking statements  
within the meaning of the U.S. Private Securities Litigation Reform Act of  
1995. Forward-looking statements generally can 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.  All forward-looking statements  
involve risks and uncertainties, including, but not limited to, the ability to 
 
diversify revenue, ability to collect license fees and royalty payments from  
overseas licensees and in a timely manner; ability to acquire, develop,  
license, launch, market or operate commercially successful online games;  
competition from companies that have greater financial resources; introduction 
 
of new products into the marketplace by competitors; the ability to recruit  
and retain quality employees as Gravity grows; and economic and political  
conditions globally. Actual results may differ materially from those discussed 
 
in, or implied by, forward-looking statements. The forward-looking statements  
speak only as of the date of this release and Gravity assumes no duty to  
update them to reflect new, changing or unanticipated events or circumstances. 
 
 
CONTACTS For GRAVITY:	 
 
In Korea: 
John C. Chung 
GRAVITY Co. Ltd. 
Tel: 82-2-3485-1002 
chchung@gravity.co.kr	 
 
In the U.S.: 
David Pasquale, EVP 
The Ruth Group 
Tel: +646-536-7006 
dpasquale@theruthgroup.com