Translation] Memorandum of Agreement

Exhibit A

[Translation]

Memorandum of Agreement

GungHo Online Entertainment, Inc. (“GOE”) and Heartis Inc. (“Heartis”) mutually confirm that Schedule 1 of the Share Subscription Agreement made and entered into as of February 14, 2008 by and between GOE and Heartis had an error in writing, and that the corrected statement is as follows.

Outline of Newly Issued Shares

1. Number of Newly Issued Shares		24,308 shares of common stock
2. Allocation method		Third party allotment to Heartis
3. Price		166,000 yen per share (4,035,128,000 yen in total)
4. The contributed property is 3,640,619 shares of common stock (value: 4,035,128,000 yen in total) of Gravity Co., Ltd. (address of the main office: Nuritkum Square Business Tower 00X, 0000, Xxxxxx-Xxxx, Xxxx-Xx, Xxxxx, Xxxxx).
5. Amount of capital and capital reserve to be increased		Amount of capital to be increased shall be a rounded-up amount of half of the maximum of capital increase based on a calculation in compliance with the Ordinance of Corporate Accounting, Article 37 (1). Amount of capital reserve to be increased shall be a rounded-down amount of half of the maximum of capital increase based on a calculation in compliance with the Ordinance of Corporate Accounting, Article 37 (1).
6. Contribution Date of the property as stated in 4, above		April 1, 2008 (Tue)
7. Each item above is conditional on the effectiveness of a registration statement with respect to the Newly Issued Shares in accordance with the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948) (as amended).

[Remainder of page intentionally left blank.]

This Memorandum of Agreement is prepared in duplicate, and GOE and Heartis shall each retain one original copy.

March 10, 2008

GOE:		0-0-0 Xxxxxxxxx, Xxxxxxx-xx, Xxxxx
		GungHo Online Entertainment, Inc.
		President & CEO Xxxxxx Xxxxxxxxx [Seal]
Heartis:		0-00 Xxxxxxxxxx, Xxxxxxx-xx, Xxxxx
		Heartis Inc.
		CEO Taizo Son             [Seal]

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