(Includes materials and meals.
Under the agreement, Gravity granted Sento Enterprises Limited exclusive
licensing rights to distribute Ragnarok Online in the Arab Emirates, Saudi
Arabia, Kuwait, Qatar, Bahrain, Oman, Yemen, Iraq, Syria, Egypt, Iran, Israel ,
Lebanon, and Jordan. Actual results may differ materially from those discussed
in, or implied by, forward-looking statements.

te iraq

The
Export-Import Bank of the United States (Ex-Im Bank), the U. The conference furthers this goal by building upon commitments made
by G-8 and regional leaders to a Partnership for Progress and a Common Future
at the June 2004 Sea Island G-8 Summit, and the December 2004 Forum for the
Future meetings held in Morocco.

CONTACTS:
In Korea: In the U. 314) Tel: +646-536-7006
dpasquale@theruthgroup.

top c

"
"We are excited about the Middle East market opportunity given the rapid
increase of young game users and because the high-speed bandwidth already that
gamers require, especially in the Arab Emirates , Saudi Arabia, Israel and
Bahrain. We believe this is the
first online game ever serviced in the Middle East and Africa, becoming the
only online game serviced in all six continents, and we fully intend to make
it a winner. Ltd.

man i

Participating
countries and territories are expected to include Afghanistan, Algeria,
Bahrain, Egypt, Iraq, Israel, Jordan, Kuwait, Lebanon, Morocco, Oman ,
Pakistan, Palestinian Territories (West Bank and Gaza), Qatar, Saudi Arabia,
Tunisia, Turkey , United Arab Emirates, and Yemen.S., Ltd.

te iran

Private Securities Litigation Reform
Act of 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.com

ivory iceland

Overseas
Private Investment Corporation, the U . +
Canada), or +1(305) 667-4705.com.

i iran

Broader Middle East and North Africa Major Regional Trade and Investment Finance Conference to Be Held in Amman Jordan May 17-19 2005

Department of State, and the U.:
Kwan Shik Seo, CFO David Pasquale, EVP
Gravity Co .

te isle

S.

WHEN: May 18-19, opening reception on evening of May 17.8 billion of U. For more
information, visit http://www.kr .

india ireland

"This conference provides a unique opportunity for governments , companies
and financial institutions of the region to interact with major G-8 sources of
public and private finance and multinational companies," said Ex-Im Bank
Chairman Philip Merrill.

EVENT: Broader Middle East and North Africa Trade and Investment
Finance Conference .S.gov. With Ragnarok Online now in 37
countries globally, the title is clearly established as one of the world's
most dominant games. Gravity also offers a number of
mobile games, which are played using mobile phones and other mobile devices,
participates in the production of a televised animation series, and licenses
merchandizing of character-related products based on its online games.gravity .

Forward-Looking Statements:
Certain statements in this press release include forward -looking
statements within the meaning of the U.

i iraq

"The President's vision is clear. Ragnarok Online Becomes First Massively Multiplayer Online Role-Playing Game
(MMORPG) Ever Serviced in All Six Continents

SEOUL, South Korea, GRAVITY Co. 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.

east i

)

REGISTER: You may register on line at http://www.trademeetings.

Ex-Im Bank, the official export credit agency of the United States, is in
its 71st year of helping finance the sale of U.

, Ltd.
Based in Korea , Gravity is a leading developer and distributor of online
games worldwide. The Company's principal product, Ragnarok Online, is
currently commercially offered in 20 markets.

ivory isle

COST: There is no registration fee for government participants from
the Broader Middle East and North Africa region. For further information, email:
bmena@mfmgroup.

Gravity's Ragnarok Online Now in 37 Countries Worldwide

"

About GRAVITY Co.

c africa

Registration Opens for Conference Involving Senior G-8
Officials and Government, Financial and Business Leaders
From the Broader Middle East and North Africa

WASHINGTON, The Broader Middle East and North
Africa Trade and Investment Finance Conference will be held May 17 -19, 2005,
in Amman, Jordan.S.
Trade and Development Agency are sponsoring the event.com, or
call Kevin Craemer at 1(866) 636-4729 (Toll Free in the U.

italy man

S.
Zoellick. 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.

india i

co.

iraq top

The conference will bring together senior government,
business and financial leaders of the G-8 and countries and territories from
the Broader Middle East and North Africa to address key trade, investment, and
finance issues facing the region.S. In fiscal year 2004, Ex-Im Bank authorized
financing to support $17. For
more information visit http://www.

iceland ivoire

The conference will
complement World Economic Forum meetings being held in Jordan on May 20-22,
2005. Sento is one of the largest distribution companies in
the Middle East, with well-established channels covering the Middle East and
North Africa. We have proven time and again that we are able to match
our excellent online gaming content, global marketing expertise and technical
resources with top distribution companies on a region-by-region basis to
create a compelling and synergistic force. We are confident that our flagship title, Ragnarok Online, will
build a strong following as it has already worldwide.

iraq europe

WHERE: Le Royal Hotel, Amman , Jordan. Ragnarok Online is now
serviced in total of 37 countries globally.S.

africa europe

"It will also provide these G-8 institutions with
information about the types of financing most needed to accelerate the pace of
local and regional trade and investment."
The conference program will focus on a broad range of trade-related
investment and finance programs and services, as well as sectors including
agriculture, telecommunications, oil and gas and water. exports worldwide.

asia ireland

The U. US $150 for
private sector participants from regional countries, US $250
for G-8 and other non-regional government participants, US $450
for all other participants . exports, primarily to
emerging markets throughout the world, by providing loan guarantees, export
credit insurance and direct loans. The Ruth Group
Tel: 82-2-516-5438(Ext .

asia india

Participants will examine means to increase
local and regional trade flows and economic development .

indonesia iraq

Government and the Government of Jordan will host this major
regional conference in cooperation with other G-8 export credit agencies.S.exim.
(Nasdaq: GRVY), a leading developer and distributor of online games, today
announced the launch of its hugely popular Massively Multiplayer Online Role -
Playing Game (MMORPG) Ragnarok Online into 14 new countries, making Ragnarok
Online, which is believed to be the first Massively Multiplayer Online Role-
Playing Game ever serviced in all six continents.

middle top

Trade liberalization and increased
economic integration will generate growth, create opportunity and promote
security throughout the Middle East," said Deputy Secretary of State Robert B.
David Woong-Jin Yoon, Chief Executive Officer of Gravity, stated, "This is
another impressive milestone for Gravity.S.