GRAVITY Co., Ltd.

Gravity Co., Ltd. is a company incorporated in Korea on April 4, 2000. Its ADSs have been traded on the NASDAQ Global Market under the symbol "GRVY" since February 8, 2005, except for the period from November 26, 2014, through August 27, 2018, when they traded on the NASDAQ Capital Market. Each ADS currently represents one share of common stock, effective August 27, 2018. Gravity develops and distributes mobile and web games. In January 2015, Gravity entered into a development agreement with Dream Square to develop and distribute two mobile games based on Ragnarok Online content in China. This agreement was amended on March 25, 2016, granting Dream Square exclusive rights to develop mobile and web games based on Ragnarok Online content and distribute them in China for five years from the amendment date. Gravity retained distribution rights in certain territories outside China and has a right to collect royalties exceeding a minimum guaranteed advance payment. Following this agreement, six mobile games based on Ragnarok Online content were launched: RO: Idle Poring (September 2017), Ragnarok R (February 2017), Ragnarok M: Eternal Love (October 2017), Ragnarok H5 (September 2019), Ragnarok Origin (July 2020), and Ragnarok X: Next Generation (October 2020). These games were launched in various markets including Taiwan, Korea, Japan, Europe, the United States and Canada, Southeast Asia, North, Central and South America, Oceania, and China. In July 2017, Gravity also entered into a publishing and technical support agreement with Dream Square for technical assistance and profit sharing.