Gravity and Shanda Enter Licensing Agreement

Gravity and Shanda Enter Licensing Agreement

Seoul, South Korea - July 11, 2005 - GRAVITY Co., Ltd.
(Nasdaq: GRVY) and Shanda Interactive Entertainment Limited (Nasdaq: SNDA) today announced that they have entered into a licensing agreement. Under this agreement, Gravity has granted
Shanda exclusive licensing rights to operate and service 'Ragnarok Online' in China. Ragnarok Online is a massively multiplayer online role playing game (MMORPG) and is Gravity's principal title.

Ragnarok Online is a popular global MMORPG, which has been commercialized in 20 markets. Shanda replaces Softworld, whose two-year contract with Gravity expires this August.

David Woong-Jin Yoon, CEO of Gravity, announced, "We are excited to partner with Shanda. Through our partnership with Shanda, a leading interactive entertainment media company in China, we believe we can strengthen our presence in China, which is believed to be one of the fastest growing online game markets."

Tianqiao Chen, CEO of Shanda commented, "Ragnarok Online is a popular cartoon franchise in mainland China with a large, active audience base that is in-line with Shanda's core user demographic. This agreement will allow us to combine Ragnarok Online's compelling storyline and dynamic graphics with Shanda's leading distribution network and operating platform. We will be well positioned to offer
richer game experience to the online game community in China."

About Gravity Co., Ltd.
Based in Korea, Gravity is a developer and distributor of online games worldwide. The Company's principal MMORPG, Ragnarok Online, is
currently commercially offered in 21 markets. For more information visit

About Shanda
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is a leading interactive entertainment media company in China. Shanda offers a portfolio of diversified entertainment content including some of the most popular massively multi-player and casual online games in China, along with online chess and board games, a network PC game platform and a variety of cartoons, literature works and music. Shanda's interactive entertainment platform attracts a large and loyal user base, of which an increasing number access Shanda content
from home. Each user can interact with thousands of others and enjoy the interactive entertainment content that Shanda provides. Interaction enriches your life. For more information about
Shanda, please visit

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