GRAVITY Co Ltd

Unless the context otherwise requires, references in this annual report on Form 20‑F (this “Annual Report”) to:

•“ADRs” are to the American depositary receipts that evidence our ADSs;

•“ADSs” are to our American depositary shares, each of which represents one share of our common stock;

•“China” or the “PRC” are to the People’s Republic of China (excluding, for the purposes of this Annual Report, Taiwan, Hong Kong, and Macau, unless specifically indicated otherwise);

•“Chinese Yuan” are to the currency of China;

•“EUR” or “Euro” are to the currency of the Eurozone consisting of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain;

•“Gravity,” “the Company,” “we,” “us,” “our,” or “our company” are to Gravity Co., Ltd. and our subsidiaries, except as otherwise indicated or required by context;

•“Hong Kong” are to the Hong Kong Special Administrative Region of the PRC;

•“Indonesian Rupiah” are to the currency of the Republic of Indonesia;

•“Japanese Yen” or “JPY” are to the currency of Japan;

•“Korea” are to the Republic of Korea;

•“Macau” are to the Macau Special Administrative Region of the PRC;

•“NT dollar” or “NT$” are to the currency of Taiwan;

•“Philippine Peso” are to the currency of the Republic of the Philippines;

•“SGD” or “S$” are to the currency of Singapore;

•“Taiwan” are to Taiwan, the Republic of China;

•“Thai Baht” or “THB฿” are to the currency of the Kingdom of Thailand;

•“US$,” “U.S. dollar,” or “Dollar” are to the currency of the United States of America; and

•“Won,” “Korean Won,” or “W” are to the currency of Korea.

For your convenience, and unless otherwise stated, this Annual Report contains translations of certain Won amounts into U.S. dollars at the noon buying rate in New York City for cable transfers in Korean Won as certified by the Federal Reserve Bank of New York for customs purposes in effect on December 29, 2023, which was Won 1,290.97 to US$ 1.00. No assurance is given that any Won or Dollar amounts could have been or may now be converted into Dollars or Won, as the case may be, at such rate, or any other rate, or at all.

Discrepancies in tables between totals and sums of the amounts listed are due to rounding.