GRVY Gravity Co Ltd

Seoul, South Korea – August 27, 2018 – Gravity Co., Ltd. (NasdaqCM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, announced that it will effect a ratio change of its American Depositary Share (“ADS”) previously approved by the company’s board of directors at a meeting held on July 27, 2018. The company is changing the ratio of its ADS to common shares from one ADS to two common shares (1:2) to one ADS to one common share (1:1), effective at the start of trading on Tuesday, August 28, 2018. The ratio change will have the same effect as a 2-for-1 split of its ADSs.As a result of this ratio change, the total number of ADSs outstanding will be increased from 1,644,852 to approximately 3,289,704 and there will be no change to its common shares.

About GRAVITY Co., Ltd.Based in Korea, Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 81 markets and countries. For more information about Gravity, please visit http://www.gravity.co.kr.

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 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 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 annual report for the fiscal year ended December 31, 2017 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, 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:

Mr. Heung Gon Kim Chief Financial Officer Gravity Co., Ltd. Email: kheung@gravity.co.kr

Ms. Sang Eun Sung IR Manager Gravity Co., Ltd. Email: ir@gravity.co.kr Telephone: +82-2-2132-7800