Gravity EU Enters into Memorandum of Understanding with Atari France regarding
Package Production and Marketing of Ragnarok OnlineTM

Seoul, Korea, May 29, 2007—Gravity Co., Ltd. (NASDAQ: GRVY, the “Company”), an
online game developer and publisher, announced that Gravity EU SASU, its
wholly-owned Europe based subsidiary, has entered into a Memorandum of
Understanding (“MOU”) with Atari France S.A.S. (“Atari France”), a subsidiary
of Infogrames Entertainment S.A., one of the major game publishers in Europe
regarding co-promotion of Ragnarok OnlineTM, the Company’s flagship product,
in France and Belgium.

Under the MOU, Atari France will be responsible for distribution, sales and
package production of Ragnarok Online. In addition, Atari France is planning
to commit human resources towards marketing and sales of Ragnarok Online and
implement on and off-line co-sales promotions with Gravity EU for three years
in the event the two parties enter into a definitive agreement.

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 countries. For more information, please visit
http://www.gravity.co.kr.

About Infogrames Entertainment S.A. and Atari Group
Infogrames Entertainment S.A. (IESA), the parent company of the Atari Group,
is listed on the Paris Euronext stock exchange (ISIN code: FR-0000052573) and
has two principal subsidiaries: Atari Europe, a privately-held company, and
Atari, Inc., a United States corporation listed on NASDAQ (ATAR). The Atari
Group is a major international producer, publisher and distributor of
interactive entertainment software for all market segments and in all existing
game formats (Microsoft, Nintendo and Sony) and on CD-ROM for PC. Its games
are sold in more than 60 countries. The Atari Group’s extensive catalogue of
popular games is based on original franchises (including Alone in the Dark,
V-Rally, Test Drive and Roller Coaster Tycoon) and international licenses
(including Matrix, Dragon Ball Z and Dungeons & Dragons). For more
information, please visit http://www.atari.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
press release and we assume no duty to update them to reflect new, changing or
unanticipated events or circumstances.

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