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<TYPE>EX-99
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<DESCRIPTION>EXHIBIT IV
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FOR IMMEDIATE RELEASE

CONTACT INFORMATION:

Korean Media & Shareholders:                U.S. Media & Shareholders:
Mr. Joo Young Kim, Esq.                     Dan Gagnier/Renee Soto
Hannuri Law Offices                         Citigate Sard Verbinnen
(82) 2-537-9506                             212-687-8080


 GRAVITY SHAREHOLDERS DEMAND FORMATION OF SPECIAL COMMITTEE TO EVALUATE
                  ALTERNATIVES FOR MAXIMIZING SHAREHOLDER VALUE

COMMITTEE URGES GRAVITY TO EXPLORE OPTIONS FOR JAPAN RAGNAROK LICENSE INCLUDING
             THIRD PARTY AUCTION OR CREATION OF JAPANESE SUBSIDIARY

NEW YORK, NY AND SEOUL, KOREA - MAY 24, 2006 -- The Gravity Committee for the
Fair Treatment of Minority Shareholders (the "Committee") today demanded that
Gravity Co., Ltd ("Gravity") (Nasdaq: GRVY) establish a special committee to be
comprised of independent directors and a shareholder representative of the
Committee's choosing to examine alternatives for maximizing the value of
Gravity's popular online game Ragnarok.

Ragnarok, one of the most popular online games in Japan, is currently offered in
the Japanese market under license to GungHo Online Entertainment ("GungHo") (JP:
3765). In August 2006, GungHo's license for Ragnarok will expire. The resulting
license renewal process presents Gravity with the opportunity to maximize the
value of Ragnarok franchise in Japan through an independent, fair process.

The Committee has asked the Board, through a special committee, to examine two
specific scenarios: (1) auction the Japan Ragnarok license for maximum value to
interested third parties including GungHo, or (2) allow the license to expire,
create a Japanese subsidiary to directly offer Ragnarok in Japan, and list the
subsidiary on one of the Japanese stock exchanges. Regardless of which path is
chosen, the Committee believes the Japan Ragnarok franchise is worth
substantially more now than when GungHo signed the original licensing agreement
in 2002.

The Committee expects to discuss this issue with Gravity and will take whatever
steps are necessary to ensure that the value of the Japan Ragnarok franchise is
realized for the benefit of all Gravity shareholders.

The Committee was formed in March 2006 by Moon Capital Management LP and Ramius
Capital Group, L.L.C. to protect the rights of minority shareholders of Gravity
and to maximize shareholder value. The Committee has retained Hannuri Partners
as legal counsel in Korea. Certain members of the Committee have retained
Schulte Roth & Zabel LLP and Chadbourne & Parke LLP as legal counsel in the
United States.

ABOUT RAMIUS CAPITAL GROUP, L.L.C.
Ramius Capital Group is a registered investment advisor that manages assets of
approximately $7.4 billion in a variety of alternative investment strategies.
Ramius Capital Group is headquartered in New York with offices located in
London, Tokyo, Hong Kong, Munich, and Vienna.

ABOUT MOON CAPITAL MANAGEMENT LP
Moon Capital Management LP, on behalf of its affiliated investment funds,
manages more than $1 billion, investing primarily in equity securities in
markets around the world. Headquartered in New York, Moon Capital also has
offices in Singapore.


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The full text of the letter follows:

Dear Mr. Ryu and the Board of Directors of Gravity:

As you know, in August, GungHo's license for Ragnarok will expire. The resulting
license renewal process presents Gravity with the opportunity to maximize the
value of the Japan Ragnarok license and improve Gravity's corporate value. The
Gravity Committee for the Fair Treatment of Minority Shareholders (the
"Committee") believes this opportunity is critical to the success of Gravity and
the interests of all Gravity shareholders. As we explain in detail below, we
believe that the only way to ensure that this value maximization process is
conducted in an appropriate manner is to create a special committee of the
Gravity Board, comprised of independent directors and a shareholder
representative of our choosing, to oversee this process.

Ragnarok continues to be one of the most popular online games in Japan with peak
concurrent users of approximately 105,000. The popularity of the Ragnarok
characters has also reached cult status and we believe Ragnarok 2 is one of the
most awaited games in 2006. With the continued growth of the Japanese market for
online gaming and the strength of the Ragnarok franchise in Japan, the Ragnarok
license commands increased strategic value that the Committee believes should be
realized for all Gravity shareholders.

We urge the board to actively explore ways to maximize the value of the Japan
Ragnarok franchise. Specifically, we ask that the Board, through a special
committee, examine two scenarios: (1) auctioning the Japan Ragnarok license for
maximum value to interested third parties including GungHo, or (2) allowing the
license to expire, creating a Japanese subsidiary to directly offer Ragnarok in
Japan and listing the subsidiary on one of the Japanese stock exchanges.

With respect to soliciting third-party bids for the license, we believe the
Board would create substantial value for Gravity shareholders through an
independent, fair auction process. License fees for established games with a
loyal subscriber base have recently garnered substantially superior terms than
those available at the time GungHo signed the original Ragnarok licensing
agreement in 2002. In addition, many companies based in Korea and Japan have
launched initiatives in the Japanese market and have either listed or plan to
list shares on a Japanese stock market. We believe these companies would be
highly interested in securing the Ragnarok license in Japan, considering that
Ragnarok now has over one million users in that country. The Committee has
compiled a list of many potential licensees that should be solicited.

The Committee also believes that a strategy where Gravity offers Ragnarok
directly in Japan without the participation of a third party licensee could
generate substantial value for Gravity shareholders. The Committee notes that
GungHo's recent enterprise value is approximately $1.1 billion versus Gravity's
recent enterprise value of $148 million. According to GungHo's 2005 financial
statements, substantially all of GungHo's revenue was derived from products
licensed from or sold and licensed to Gravity. We believe that a strategy where
Gravity forms a new Japanese subsidiary to directly offer Ragnarok could
generate a valuation of the Japanese subsidiary that by itself substantially
exceeds Gravity's current enterprise value.

Regardless of which path is chosen by the special committee of the Board, we
believe the Japan Ragnarok franchise is worth substantially more now than when
GungHo signed the original licensing agreement in 2002. The Committee firmly
believes that the best way to maximize the value of the Ragnarok franchise in
Japan is through an independent, fair process. Specifically, we demand that a
special committee be formed (the "Japan License Committee") consisting of
certain of the independent directors and a shareholder representative of our
choosing. The Japan License Committee would explore the alternatives mentioned
above and any other alternatives to maximize the value of the Japan Ragnarok
franchise for the benefit of all Gravity shareholders.


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We expect to have a conversation with you about the formation of the Japan
License Committee shortly and we will take whatever steps are necessary to
ensure that the value of the Japan Ragnarok franchise is realized for the
benefit of all Gravity shareholders.

Yours truly,

The Gravity Committee for the Fair Treatment of Minority Shareholders

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