<SEC-DOCUMENT>0001193125-16-565990.txt : 20160429
<SEC-HEADER>0001193125-16-565990.hdr.sgml : 20160429
<ACCEPTANCE-DATETIME>20160429070336
ACCESSION NUMBER:		0001193125-16-565990
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160429
DATE AS OF CHANGE:		20160429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAVITY Co., Ltd.
		CENTRAL INDEX KEY:			0001313310
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			M5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51138
		FILM NUMBER:		161602443

	BUSINESS ADDRESS:	
		STREET 1:		15F, 396 WORLD CUP BUK-RO
		STREET 2:		MAPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			121-795
		BUSINESS PHONE:		82-2-2132-7800

	MAIL ADDRESS:	
		STREET 1:		15F, 396 WORLD CUP BUK-RO
		STREET 2:		MAPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			121-795
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>d188473d20fa.htm
<DESCRIPTION>AMENDMENT NO.1 TO FORM 20-F
<TEXT>
<HTML><HEAD>
<TITLE>AMENDMENT NO.1 TO FORM 20-F</TITLE>
</HEAD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">Form&nbsp;20-F/A</FONT> </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>(Mark One) </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>REGISTRATION STATEMENT PURSUANT TO SECTION&nbsp;12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>or </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>For the fiscal year ended December&nbsp;31, 2015 </B></P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>or </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>or </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">000-51138</FONT> </B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>GRAVITY&nbsp;CO.,&nbsp;LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" ALIGN="center"><B>N/A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The Republic of Korea</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Translation of registrant&#146;s name into English)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Jurisdiction of incorporation or organization)</B></TD></TR>
</TABLE> <P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>15F, 396 World Cup <FONT STYLE="white-space:nowrap">buk-ro,</FONT>
<FONT STYLE="white-space:nowrap">Mapo-gu,</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Seoul <FONT STYLE="white-space:nowrap">121-795,</FONT> Korea </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Heung Gon Kim </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Financial Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>15F, 396 World Cup <FONT STYLE="white-space:nowrap">buk-ro,</FONT> <FONT STYLE="white-space:nowrap">Mapo-gu,</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Seoul <FONT STYLE="white-space:nowrap">121-795,</FONT> Korea </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Telephone:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">82-2-2132-7000</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Fax: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">82-2-2132-7070</FONT></FONT></FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Telephone, <FONT STYLE="white-space:nowrap">E-mail</FONT> and/or Facsimile number and Address of Company Contact Person)
</B></P> <P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act: </B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:64.15pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:156.85pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of Each Exchange on Which
Registered</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Common stock, par value Won&nbsp;500 per share*</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>American depositary shares, each representing two shares of common stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The NASDAQ Capital Market</B></TD></TR>
</TABLE> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Not for trading, but only in connection with the listing of American depositary shares on the NASDAQ Capital Market pursuant to the requirements of the Securities and Exchange Commission. </B></TD></TR></TABLE>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: None </B></P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: None </B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered
by the annual report: Shares, par value Won&nbsp;500: 6,948,900 </P> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicated by check mark if the registrant is a <FONT
STYLE="white-space:nowrap">well-known</FONT> seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is
not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing
requirements for the past 90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule&nbsp;405 of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T</FONT> (&#167;&nbsp;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the
registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act. (Check one): </P>
<P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Large accelerated
filer&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated
filer&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>
</P> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: </P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="72%"></TD>
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<TD WIDTH="8%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S.&nbsp;GAAP&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">International Financial Reporting Standards as issued</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">by the International Accounting Standards Board&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Other&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow.&nbsp;&nbsp;Item&nbsp;&nbsp;17&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;
Item&nbsp;&nbsp;18&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:1pt; margin-bottom:0pt; text-indent:3%; font-size:9pt; font-family:Times New Roman">If this is an annual report, indicate by check mark whether
the registrant is a shell company (as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act).&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Explanatory Note </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This annual report on Form 20-F/A (&#147;Form 20-F/A&#148;) is being filed by Gravity Co., LTD. (the &#147;Registrant&#148;) as an amendment to the
Registrant&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2015 (&#147;Form 20-F&#148;) solely for the purpose of amending Item&nbsp;16 F. CHANGES IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT in our Form 20-F to reflect
the change in accountant occurred less than 30 days prior to its filing in April&nbsp;20, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No other changes have been made to the Form 20-F. The
Form 20-F, as amended by this Form 20-F/A, speaks as of the original filing date of the Form 20-F, is not intended to reflect events that may have occurred subsequent to the original filing date of the Form 20-F, and is not intended to update in any
ways the disclosures made in the Form 20-F. </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
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<TD VALIGN="top"><I>ITEM&nbsp;16.F.</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#toc188473_1">CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>ITEM&nbsp;19.</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#toc188473_2">EXHIBITS</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>

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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc188473_1"></A>ITEM&nbsp;16.F.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;20, 2016, Our Audit
Committee appointed Samil PricewaterhouseCoopers (&#147;PwC&#148;), the Korean member firm of PricewaterhouseCoopers, as the Company&#146;s independent registered public accounting firm for the year ending December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the Company&#146;s fiscal years ended December&nbsp;31, 2015 and December&nbsp;31, 2014 and through the subsequent interim period on or
prior to April&nbsp;20, 2016, neither the Company nor anyone on its behalf consulted with PwC on either (i)&nbsp;the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company&#146;s financial statements, and neither a written report nor oral advice was provided to the Company that PwC concluded was an important factor considered by the Company in reaching a decision as to any accounting,
auditing or financial reporting issue; or (ii)&nbsp;any matter that was either the subject of a disagreement, as that term is defined in Item&nbsp;16F(a)(1)(iv) of Form 20-F (and the related instructions thereto), or a reportable event as set forth
in Item&nbsp;16F(a)(1)(v) of Form 20-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Simultaneously with the engagement of PwC, the Company dismissed Deloitte Anjin LLC
(&#147;Deloitte&#148;) as the Company&#146;s independent registered public accounting firm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The report of Deloitte on the Company&#146;s
consolidated financial statements as of and for the years ended December&nbsp;31, 2015 and 2014 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting
principles. In connection with the audits of the Company&#146;s consolidated financial statements for the fiscal years ended December&nbsp;31, 2015 and 2014 and in the subsequent interim period through April&nbsp;20, 2016, there were (i)&nbsp;no
disagreements between the Company and Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have
caused Deloitte to make reference to the subject matter of the disagreements in its audit reports; and there were also (ii)&nbsp;no reportable events as set forth in Item&nbsp;16F(a)(1)(v) of Form 20-F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has provided Deloitte with a copy of this Form 20-F/A and requested that Deloitte provide the Company with a letter addressed to
the Securities and Exchange Commission stating whether it agrees with the above statements. A copy of Deloitte&#146;s letter, dated April&nbsp;29, 2016, is attached as Exhibit 16.1 to this Form 20-F/A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc188473_2"></A>ITEM&nbsp;19.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>EXHIBITS </I></B><B> </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Articles of Incorporation, amended as of March&nbsp;27, 2012 (English translation, incorporated by reference to Exhibit&nbsp;1.1 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT
STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 2012)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Stock Certificate of Registrant&#146;s common stock, par value Won&nbsp;500 per share (incorporated by reference to Exhibit&nbsp;4.1 of our Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT>
(file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;2.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Deposit Agreement among Registrant, The Bank of New York Mellon, formerly known as The Bank of New York, as depositary, and all holders and beneficial owners of American Depositary Shares evidenced by American Depositary
Receipts, including the form of American depositary receipt (incorporated by reference to Exhibit&nbsp;1 of our Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-6</FONT> (file
<FONT STYLE="white-space:nowrap">no.&nbsp;333-122160)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement on the Development of Ragnarok Online, dated June&nbsp;26, 2000, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;10.1 of our
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement on the Exclusive License of Copyright Regarding Ragnarok Game Services, dated June&nbsp;26, 2000, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by
reference to Exhibit&nbsp;10.2 of our Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on
January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cooperation Agreement on Ragnarok Game Services, dated May&nbsp;31, 2002, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;10.3 of our
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement on Factual Matters, dated November&nbsp;19, 2002, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;10.4 of our Registration
Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement on Ragnarok Game Services and Related Matters, dated January&nbsp;22, 2003, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to
Exhibit&nbsp;10.5 of our Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20,
2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement, dated June&nbsp;3, 2003, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;10.6 of our Registration Statement on <FONT
STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement, dated October&nbsp;27, 2004, between <FONT STYLE="white-space:nowrap">Myoung-Jin</FONT> Lee and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;10.7 of our Registration Statement on <FONT
STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-</FONT> 122159) filed with the Securities and Exchange Commission on January&nbsp;20,
2005)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ragnarok License and Distribution Agreement, dated July&nbsp;24, 2002, between GungHo Online Entertainment,&nbsp;Inc. (formerly OnSale Japan K.K.) (licensee in Japan) and Registrant (incorporated by reference to Exhibit&nbsp;10.11
of our Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment to Ragnarok License and Distribution Agreement, dated September&nbsp;23, 2004, between GungHo Online Entertainment,&nbsp;Inc. (licensee in Japan) and Registrant (incorporated by reference to Exhibit&nbsp;10.12 of our
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Joint Project Agreement for TV Animation &#147;Ragnarok the Animation,&#148; dated October&nbsp;1, 2004, among Gravity Entertainment Corporation, formerly RO&nbsp;Production&nbsp;Ltd., GDH&nbsp;Co.,&nbsp;Ltd., TV Tokyo
Medianet&nbsp;Co.,&nbsp;Ltd., Amuse Soft Entertainment&nbsp;Co.,&nbsp;Ltd. and G&amp;G Entertainment Inc. (translation in English, incorporated by reference to Exhibit&nbsp;10.35 of our Registration Statement on
<FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;333-122159)</FONT> filed with the Securities and Exchange Commission on January&nbsp;20, 2005)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2nd&nbsp;Renewal of Ragnarok License and Distribution Agreement dated September&nbsp;29, 2006 between GungHo Online Entertainment,&nbsp;Inc. (licensee in Japan) and Registrant (incorporated by reference to Exhibit&nbsp;4.45 of our
annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;29, 2007)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok Online 2 License and Distribution Agreement dated October&nbsp;15, 2007, between PT. Lyto Datarindo Fortuna (licensee in Indonesia) and Registrant (incorporated by reference to Exhibit&nbsp;4.51 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;27, 2008)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Second Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated January&nbsp;1, 2008, between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.55 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;27, 2008)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok Online 2 Authorization to Use and Distribute Software Agreement dated January&nbsp;21, 2008, between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant (incorporated by reference to
Exhibit&nbsp;4.56 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;27, 2008)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Requiem Online License and Distribution Agreement dated February&nbsp;21, 2008, between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.59 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-</FONT> F (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;27, 2008)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok License and Distribution Agreement dated September&nbsp;1, 2008, between Level Up!&nbsp;Inc. (licensee in the Philippines) and Registrant (incorporated by reference to Exhibit&nbsp;4.68 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;30, 2009)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated January&nbsp;1, 2009, between Gravity Interactive,&nbsp;Inc., and Registrant (incorporated by reference to Exhibit&nbsp;4.70 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;30, 2009)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok Authorization and Distribution Agreement dated March&nbsp;2, 2009, between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant (incorporated by reference to Exhibit&nbsp;4.73 of our annual report
on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;30,
2009)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Employment Agreement with Director and Senior Management (incorporated by reference to Exhibit&nbsp;4.75 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file
<FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;30, 2009)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated September&nbsp;1, 2009 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.76 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment to the 2nd&nbsp;Renewal of Ragnarok License and Distribution Agreement dated September&nbsp;29, 2009 between GungHo Online Entertainment,&nbsp;Inc. (licensee in Japan) and Registrant (incorporated by reference to
Exhibit&nbsp;4.77 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated October&nbsp;1, 2009 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.78 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ragnarok Online Exclusive Game License Agreement dated October&nbsp;22, 2009 between Game Flier International Corporation (licensee in Taiwan, Hong Kong and Macau) and Registrant (incorporated by reference to Exhibit&nbsp;4.80 of
our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to the Exclusive Requiem Online License and Distribution Agreement dated December&nbsp;1, 2009 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.81 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ragnarok Online Game License Agreement dated February&nbsp;27, 2010 between PT. Lyto Datarindo Fortuna (licensee in Indonesia) and Registrant (incorporated by reference to Exhibit&nbsp;4.85 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Second Amendment to the Exclusive Requiem Online License and Distribution Agreement dated March&nbsp;1, 2010 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.86 of our annual report
on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok Online License and Distribution Agreement dated March&nbsp;5, 2010 between AsiaSoft Corporation Public&nbsp;Co.,&nbsp;Ltd., (licensee in Thailand) and Registrant (incorporated by reference to Exhibit&nbsp;4.88 of
our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;1, 2010)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to Exclusive Ragnarok Online 2 Authorization to Use and Distribute Software Agreement dated June&nbsp;2, 2010 between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant (incorporated by reference to
Exhibit&nbsp;4.89 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;29, 2011)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to Exclusive Ragnarok License and Distribution Agreement dated August&nbsp;31, 2010 between Level Up!&nbsp;Inc. (licensee in the Philippines) and Registrant (incorporated by reference to Exhibit&nbsp;4.90 of our
annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;29,
2011)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sixth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated January&nbsp;1, 2011 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.93 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;29, 2011)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to Exclusive Ragnarok Authorization and Distribution Agreement dated January&nbsp;17, 2011 between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant (incorporated by reference to Exhibit&nbsp;4.94
of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;29, 2011)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amendment to the Exclusive Requiem Online License and Distribution Agreement dated June&nbsp;16, 2011 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.95 of our annual report
on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 2012)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to Ragnarok Online Exclusive Game License Agreement dated October&nbsp;22, 2011 between Game Flier International Corporation (licensee in Taiwan, Hong Kong and Macau) and Registrant (incorporated by reference to
Exhibit&nbsp;4.97 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 2012)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to the Exclusive Requiem Online License and Distribution Agreement dated October&nbsp;26, 2011 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.98 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 2012)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Second Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated March&nbsp;5, 2012 between AsiaSoft Corporation Public&nbsp;Co.,&nbsp;Ltd. (licensee in Thailand) and Registrant (incorporated by reference
to Exhibit&nbsp;4.99 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 2012)</TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to the Exclusive Requiem Online License and Distribution Agreement dated August&nbsp;1, 2012 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.43 of our annual report
on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">7<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;Amendment to the 2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP>&nbsp;Renewal of Ragnarok License and Distribution Agreement dated September&nbsp;29, 2012
between GungHo Online Entertainment,&nbsp;Inc. (licensee in Japan) and Registrant (incorporated by reference to Exhibit&nbsp;4.44 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file
<FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amendment to Exclusive Ragnarok Authorization and Distribution Agreement dated October&nbsp;29, 2012 between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant (incorporated by reference to Exhibit&nbsp;4.45
of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok License and Distribution Agreement dated January&nbsp;1, 2013 between Level Up!&nbsp;Inc. (licensee in the Philippines) and Registrant (incorporated by reference to Exhibit&nbsp;4.46 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Seventh Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated January&nbsp;1, 2013 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.47 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lease Agreement dated January&nbsp;3, 2013, between National IT Industry Promotion Agency and Registrant (translation in English, incorporated by reference to Exhibit&nbsp;4.48 of our annual report on
<FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26,
2013)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Second Amendment to the Ragnarok Online Game License Agreement dated February&nbsp;27, 2013 between PT. Lyto Datarindo Fortuna (licensee in Indonesia) and Registrant (incorporated by reference to Exhibit&nbsp;4.49 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated March&nbsp;5, 2013 between AsiaSoft Corporation Public&nbsp;Co.,&nbsp;Ltd. (licensee in Thailand) and Registrant (incorporated by reference to
Exhibit&nbsp;4.50 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment to Lease Agreement dated May&nbsp;1, 2013 between National IT Industry Promotion Agency and Registrant (translation in English) (incorporated by reference to Exhibit&nbsp;4.44 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sixth Amendment to the Exclusive Requiem Online License and Distribution Agreement dated May&nbsp;7, 2013 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.45 of our annual report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to Ragnarok Online Exclusive Game License Agreement dated October&nbsp;22, 2013 between Game Flier International Corporation (licensee in Taiwan, Hong Kong and Macau) and Registrant (incorporated by reference to
Exhibit&nbsp;4.46 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eighth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated October&nbsp;24, 2013 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.47 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.48</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Seventh Amendment to the Exclusive Requiem Online License and Distribution Agreement dated December&nbsp;1, 2013 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit&nbsp;4.48 of our annual
report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.49</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to the Exclusive Ragnarok Online 2 License and Distribution Agreement dated January&nbsp;1, 2014 between PT. Lyto Datarindo Fortuna (licensee in Indonesia) and Registrant (incorporated by reference to
Exhibit&nbsp;4.49 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.50</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to Exclusive Ragnarok Authorization and Distribution Agreement dated March&nbsp;2, 2014 between Level Up! Interactive&nbsp;S.A. (licensee in Brazil) and Registrant(incorporated by reference to Exhibit&nbsp;4.50 of
our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file <FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on April&nbsp;30, 2014)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.51</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lease Agreement dated December&nbsp;31, 2014 between National IT Industry Promotion Agency and Registrant (incorporated by reference to Exhibit 4.51 of our annual report on Form 20-F (file no.&nbsp;000-51138) filed with the
Securities and Exchange Commission on April 27, 2015)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.52</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ninth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated January 1, 2015 between Gravity Interactive,&nbsp;Inc. and Registrant (incorporated by reference to Exhibit 4.52 of our annual report on Form
20-F (file no. 000-51138) filed with the Securities and Exchange Commission on April 27, 2015)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ragnarok Online 2 Online Game License Agreement dated January 15, 2015, between Shanghai The Dream Network Technology Co., Ltd. and Registrant (incorporated by reference to Exhibit 4.53 of our annual report on Form 20-F (file no.
000-51138) filed with the Securities and Exchange Commission on April 27, 2015)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.54</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amendment to the Ragnarok Online Game License Agreement dated February&nbsp;27, 2015 between PT. Lyto Datarindo Fortuna and Registrant (incorporated by reference to Exhibit 4.54 of our annual report on Form 20-F (file no.
000-51138) filed with the Securities and Exchange Commission on April 27, 2015)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.55*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated March 5, 2015 between AsiaSoft Corporation Public Co., Ltd. and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.56*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supplemental Agreement to Ragnarok Online 2 Online Game License Agreement dated August&nbsp;15, 2015 between Shanghai The Dream Network Technology Co., Ltd. and Registrant</TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.57*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amendment to the Ragnarok Online Game License Agreement dated August&nbsp;27, 2015 between PT. Lyto Datarindo Fortuna and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.58*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8th Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement dated September&nbsp;29, 2015 between GungHo Online Entertainment, Inc. and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.59*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tenth Amendment to the Exclusive Ragnarok Online License and Distribution Agreement dated November 16, 2015 between Gravity Interactive, Inc., and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.60*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to the Exclusive Ragnarok Authorization and Distribution Agreement dated March 2, 2016 between LevelUp! Interactive Ltd. and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;4.61*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Ragnarok Online License and Distribution Agreement dated April&nbsp;1, 2016 between Electronics Extreme Ltd., and Registrant</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;8.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of Registrant&#146;s subsidiaries</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;11.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Registrant&#146;s Code of Ethics (amended, incorporated by reference to Exhibit&nbsp;11.1 of our annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> (file
<FONT STYLE="white-space:nowrap">no.&nbsp;000-51138)</FONT> filed with the Securities and Exchange Commission on June&nbsp;30, 2006)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;12.1**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CEO Certification Pursuant to Section&nbsp;302 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;12.2**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CFO Certification Pursuant to Section&nbsp;302 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;13.1**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CEO Certification Pursuant to Section&nbsp;906 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;13.2**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CFO Certification Pursuant to Section&nbsp;906 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;16.1**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The former Accountant&#146;s Letter</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.INS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Instance Document</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.SCH</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Schema Document</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.CAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Calculation Linkbase Document</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.DEF</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Definition Linkbase Document</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.LAB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Label Linkbase Document</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.PRE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Presentation Linkbase Document</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">Previously filed as an Exhibit to Registrant&#146;s Form 20-F on April 20, 2016 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">Filed herewith </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GRAVITY CO., LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;29, 2016 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>d188473dex121.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION OF CHIEF EXECUTIVE OFFICER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I, Hyun Chul Park, certify that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;I have reviewed this annual report on Form 20-F of Gravity Co., Ltd. (this &#147;report&#148;), as amended by this Amendment on Form
20-F/A; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the Company and have: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&#146;s auditors and the audit committee of the Company&#146;s board of directors (or persons performing the equivalent functions): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s
internal control over financial reporting. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;29, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Hyun Chul Park</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name: Hyun Chul Park</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>d188473dex122.htm
<DESCRIPTION>EX-12.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION OF CHIEF FINANCIAL OFFICER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I, Heung Gon Kim, certify that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;I have reviewed this annual report on Form 20-F of Gravity Co., Ltd. (this &#147;report&#148;), as amended by this Amendment on Form
20-F/A; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the Company and have: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&#146;s auditors and the audit committee of the Company&#146;s board of directors (or persons performing the equivalent functions): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s
internal control over financial reporting. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;29, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name: Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV>
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<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>d188473dex131.htm
<DESCRIPTION>EX-13.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION OF CHIEF EXECUTIVE OFFICER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PURSUANT TO 18 U.S.C. SECTION&nbsp;1350 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the accompanying Form 20-F/A to amend Annual Report on Form 20-F of Gravity Co., Ltd. (the &#147;Company&#148;) for the
annual period ended December&nbsp;31, 2015 (the &#147;Periodic Report&#148;), I, Hyun Chul Park, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge, the Periodic Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the &#147;Securities Exchange
Act&#148;), and that information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;29, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Hyun Chul Park</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name: Hyun Chul Park</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing certification is being furnished solely to accompany the Periodic Report pursuant to 18
U.S.C. Section&nbsp;1350, and is not deemed to be &#147;filed&#148; for purposes of section&nbsp;18 of the Securities Exchange Act or otherwise subject to the liability of that section, and is not to be incorporated by reference into any filing of
the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. </P>
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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>5
<FILENAME>d188473dex132.htm
<DESCRIPTION>EX-13.2
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<TITLE>EX-13.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION OF CHIEF FINANCIAL OFFICER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PURSUANT TO 18 U.S.C. SECTION&nbsp;1350 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the accompanying Form 20-F/A to amend Annual Report on Form 20-F of Gravity Co., Ltd. (the &#147;Company&#148;) for the
annual period ended December&nbsp;31, 2015 (the &#147;Periodic Report&#148;), I, Heung Gon Kim, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge, the Periodic Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the &#147;Securities Exchange
Act&#148;), and that information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;29, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name: Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing certification is being furnished solely to accompany the Periodic Report pursuant to 18
U.S.C. Section&nbsp;1350, and is not deemed to be &#147;filed&#148; for purposes of section&nbsp;18 of the Securities Exchange Act or otherwise subject to the liability of that section, and is not to be incorporated by reference into any filing of
the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. </P>
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<DOCUMENT>
<TYPE>EX-16.1
<SEQUENCE>6
<FILENAME>d188473dex161.htm
<DESCRIPTION>EX-16.1
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<TITLE>EX-16.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 16.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2016 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7561 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs/Madams: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have read the information required by
Item&nbsp;16. F. of an amendment to the annual report of Gravity Co., Ltd. (the &#147;Registrant&#148;) for the fiscal year ended December&nbsp;31, 2015 on Form 20-F /A to be filed with the Securities Commission on or about April&nbsp;29, 2016, and
confirm as to the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">We agree with the statements made in the fourth and fifth paragraphs under Item&nbsp;16.F. &#147;Change in Registrant&#146;s Certifying Accountant&#148; on page 1 of Form 20-F/A. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">We have no basis on which to agree or disagree with other statements of the Registrant contained therein. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Deloitte Anjin LLC </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seoul, Korea </P>
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