GRAVITY ISSUES RECENT BUSINESS UPDATE  
 
SEOUL, South Korea, December 20, 2005, GRAVITY Co., Ltd. (Nasdaq: GRVY), a 
developer and distributor of online games in Korea, today provided updates on 
several business developments. 
 
 
1. 	Relocation of Principal Executive and Administrative Offices 
 
Gravity officially moved its principal executive and administrative offices to 
14th Floor, Meritz Tower, 825-2 Yeoksam-Dong, Gangnam-Gu, Seoul, Korea on 
December 5, 2005. Mr. Il Young Ryu, the chief executive officer of Gravity, 
said, “At Gravity, we are looking to not repeating any past mistakes. In 
addition to the symbolic gesture of moving headquarters, the Gravity 
management team and I are also intent on completing the current ongoing 
internal investigation into the accounting irregularities which took place in 
the past.” 
 
Moreover, in light of the above-mentioned relocation of Gravity’s principal 
executive and administrative offices, the board of directors on December 16, 
2005 approved the sale of an office building located at 619-4, Shinsa-dong, 
Gangnam-gu, Seoul, Korea which has been used by Gravity as research and 
development facilities and office space by the research and development 
personnel. The current appraisal value of the building is approximately Won 
8.5 billion. Gravity plans to sell the building by a public auction.   
 
2. 	Change of Management 
 
Gravity announced that Mr. David Woong-Jin Yoon resigned as a member of the 
board of directors on December 6, 2005. Mr. Yoon had resigned as Gravity’s 
president on September 21, 2005 and was suspended from his position at the 
meeting of the board of directors held on November 11, 2005.   
 
In addition, Gravity recently implemented a change of the management team and 
appointed Mr. Seung-Taik Baik as its chief marketing officer and promoted Mr. 
Won Seok Choi, the head of game development, to the position of chief 
technical officer. As a result, Gravity’s board of directors now consists of a 
total of six directors, including Mr. Il Young Ryu and 5 outside directors 
(among whom is Mr. Kwan Shik Seo, who resigned from his position as corporate 
controller on November 7, 2005). Executive officers of Gravity are now 
comprised of the following individuals:  
 
•	Mr. Il Young Ryu (Chief Executive Officer)  
•	Mr. Kyu Hyung Lee (Chief Operating Officer)  
•	Mr. William Song (Chief Financial Officer) 
•	Mr. Seung Taik Baik (Chief Marketing Officer) 
•	Mr. Won Seok Choi (Chief Technology Officer) 
•	Mr. John C. Chung (Investor Relations Officer and General Counsel)  
 
 
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 20 markets. For more information about Gravity, please visit 
http://www.gravity.co.kr. 
 
 
Forward-Looking Statements: 
 
Certain statements in this periodic filing on Form 6-K 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 
periodic filing on Form 6-K and we assume no duty to update them to reflect 
new, changing or unanticipated events or circumstances. 
 
CONTACT FOR GRAVITY: 
John C. Chung 
GRAVITY Co. Ltd. 
Tel: +82 2 2019 6000 
chchung@gravity.co.kr 
 
In the U.S.: 
Yuhau Lin 
Yuhau.Lin@taylor-rafferty.com 
office tel: 1 212 889 4350