<SEC-DOCUMENT>0001193125-16-445107.txt : 20160311
<SEC-HEADER>0001193125-16-445107.hdr.sgml : 20160311
<ACCEPTANCE-DATETIME>20160201060630
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-445107
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160201

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence</TITLE>
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<IMG SRC="g74821corresp_logo.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Gravity Co. Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">15F, 396, World Cup buk-ro, Mapo-gu </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Seoul 121-270 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Republic of Korea </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;1, 2016 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cecilia Blye, Chief </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Office of Global Security Risk
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Securities and Exchange Commission </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gravity Co. Ltd. (the &#147;Company&#148;)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form
20&#150;F for the Fiscal Year ended December&nbsp;31, 2014</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">File No. 0&#150;51138</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dear Ms.&nbsp;Blye: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the Company&#146;s response to the comments contained in the letter dated December&nbsp;31, 2015 from the staff of the
Securities and Exchange Commission regarding our Form 20-F for fiscal year ended December&nbsp;31, 2014. For ease of reference, we have repeated your comments prior to our responses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment No.&nbsp;1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">You disclosed in your 2011 Form 20-F that you offered Ragnarok Online in countries including Syria and Sudan, under a license agreement which
expired in December 2012. Currently, your CIS/Russia website provides a map for Gravity Worldwide which, under Online Games, indicates operations relating to Syria. Syria and Sudan are designated by the U.S. Department of States as state sponsors of
terrorism, and are subject to U.S. economic sanctions and export controls. Please describe to us the nature and extent of any past, current and anticipated contacts with Syria and Sudan, weather through subsidiaries, affiliates, distributors or
other direct or indirect arrangements. For instance, you disclose on <FONT STYLE="white-space:nowrap">page&nbsp;F-10</FONT> of your current 20-F that LG Electronics is a significant customer. LG Electronics&#146; website provides contact information
for Syria and Sudan. You should describe any products, components, technology or services you have provided into Syria or Sudan, directly or indirectly, and any arrangements, commercial arrangements or other contacts with the governments of those
countries or entities they control. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment No.&nbsp;1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Past Contact or arrangements with Syria and Sudan</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Gravity has not had any contact or direct arrangement with Syria and Sudan in the past. However, there were two of license and distribution
agreements with local licensees which included Syria and Sudan as game service territories which may be seen as indirect arrangements. The details of the indirect arrangements are explained below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">We entered into a license agreement with Sento Enterprises Limited on May&nbsp;2, 2005, which granted Sento Enterprises Limited a right to
service Ragnarok Online in 14 countries, including Syria (but not Sudan). On November&nbsp;4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2005, such license agreement was amended to exclude Syria from the service territories and it was
before Sento Enterprises initiated its game service of Ragnarok Online in Syria. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Additionally, as mentioned in the comment letter, we
entered into a license and distribution agreement with Tahadi Games Ltd, on June&nbsp;20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2011. Tahadi Game Ltd. was allowed to service Ragnarok Online in 20 countries, including Syria and
Sudan. Such agreement was terminated on December&nbsp;14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2012. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Since December
2012, Gravity has not been engaged in any contacts or arrangements with either Syria or Sudan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Current Contact or arrangements with
Syria and Sudan</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Gravity or its subsidiaries, affiliates, distributors are not engaged in any contact or arrangements with either
Syria or Sudan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Anticipated Contacts:</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Gravity is not anticipating any contact with either Syria or Sudan in the future. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Gravity CIS/Russia website</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Gravity CIS/Russia website (http://gravity-cis.ru/), had a map that showed Syria as a service territory, However, Gravity&#146;s games are not
offered in Syria. Although Gravity CIS had been our distributor from October 2006 to June 2010, we had not allowed Gravity CIS to service our game(s) in Syria by any of agreements or arrangements. Also, we have not entered into any kind of license
agreement with Gravity RUS, either. Moreover, Gravity RUS/CIS ceased to be our subsidiaries in August 2012. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">However, the Gravity CIS/Russia website had been containing false information which indicated
Syria as one of the service areas of Gravity&#146;s games. The Company requested Ingamba LLC, who currently owns the domain of Gravity CIS/RUS website to shut down the website as soon as possible. As a result, CIS/Russia website has been closed.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>LG Electronics&#146; website</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">LG Electronics is one of the major customers of our subsidiary, NeoCyon, Inc.(&#147;NeoCyon&#148;). NeoCyon is providing web site/mobile
application development and operation service to LG Electronics. We noted that LG Electronics&#146; English website (http://www.lg.com) is providing contact information for Sudan and Syria for customer service purpose. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">However, NeoCyon&#146;s service provided to LG Electronics has been limited to building and operating websites or mobile applications for
local marketing activities of LG Electronics in Korea. NeoCyon has not been engaged in any kind of service with the above mentioned website. Also, LG Electronics is not our subsidiary, affiliate or distributor. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment No.&nbsp;2 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Please discuss the
materiality of any contacts with Syria or Sudan you describe in response to the comment above, and whether those contacts constitute a material investment risk for your security holders. You should address materiality in quantitative terms,
including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that a reasonable investor
would deem important in making an investment decision, including the potential impact of corporate activities upon a company&#146;s reputation and share value. Various state and municipal governments, universities, and other investors have proposed
or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should address the potential impact of investor sentiment evidenced by such actions directed toward
companies that have operations associated with Syria and Sudan. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment No.&nbsp;2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Materiality in terms of quantitative factors</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Company doesn&#146;t believe that any contacts described above constitute a material investment risk for its security holders. The Company
has no material revenues, assets and liabilities related to contacts with either Syria or Sudan for the last three fiscal years and the subsequent interim period. Details are below. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:20.85pt; font-size:8pt; font-family:Times New Roman">Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="border-bottom:1.00pt solid #000000">Related&nbsp;Revenue*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">%&nbsp;of&nbsp;related<BR>revenue</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="border-bottom:1.00pt solid #000000">Total&nbsp;Revenue&nbsp;of&nbsp;Gravity</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$US</TD>
<TD VALIGN="bottom" ALIGN="right">93,086</TD>
<TD NOWRAP VALIGN="bottom">**&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0017</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$US</TD>
<TD VALIGN="bottom" ALIGN="right">53,343,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">US 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$US</TD>
<TD VALIGN="bottom" ALIGN="right">45,188,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">US 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$US</TD>
<TD VALIGN="bottom" ALIGN="right">36,566,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3Q 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">US 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$US</TD>
<TD VALIGN="bottom" ALIGN="right">23,637,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>*</I></TD>
<TD ALIGN="left" VALIGN="top"><I>There are no related assets or liabilities for the last three fiscal years and the subsequent interim period. </I></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"><I>**</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The amount is royalty revenue from Tahadi Games Ltd. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">In 2012, Tahadi Games Ltd.
distributed Ranarok Online, one of our Online Games, to 20 Middle East and African countries, including Sudan and Syria. Total $US 93,038 of royalty revenue was received from Tahadi Games in 2012. The Company was not able to extract royalty revenues
received based on Tahadi Games&#146; sales in Sudan and Syria only. However, it is reasonable to say that any revenue related with Sudan and Syria was immaterial because even if we assume that all of $US 93,086 of royalty income was received based
on Tahadi Games Ltd.&#146;s sales in Sudan and Syria, it accounts for only 0.0017% of the total revenue of Gravity in the year 2012. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">To
conclude, considering the quantitative immateriality of the related revenue, those contacts described above would not constitute a material investment risk for the Company&#146;s security holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Materiality in terms of qualitative factors</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Company does not believe there are any qualitative factors that would materially impact investor sentiment or would cause material risk
for its security holders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Company doesn&#146;t have any contact with either Syria or Sudan, except for previous indirect game service
through local licensees, as mentioned above, which generated insignificant revenues and discontinued in 2012. Also, Sudan or Syria has never been a strategically important market in the Company&#146;s global game business. In addition,
Gravity&#146;s business plan does not include any future contact with Syria or Sudan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * * * </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby acknowledges that: </P>
<P STYLE="font-size:6pt;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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope the foregoing answers are responsive to your comments. If you have any questions or comments regarding the responses set forth herein or require any
additional information, please contact the undersigned at (82)-2-2132-7800. Thank you in advance for your consideration. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Heung Gon Kim</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Heung Gon Kim</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
