Exhibit 99.2

2015 Annual Business Report

Table of Contents

1. Business Overview

(1) Business Results and Financial Statements for the Past Three Fiscal Years (2013 – 2015)

2. Company Overview

(1) Registered Purpose of the Company

(2) Description of Primary Business

(3) Problems Confronting the Company

(4) Business Offices and Game Development Facilities

(5) Stock

(6) Debenture

(7) Major Shareholders

(8) Investment in Other Companies

(9) Directors Holding Concurrent Positions

(10) Material Transactions with Related Parties

(11) Significant Creditors

(12) Employees

(13) Directors and Auditors

(14) Material Events after the End of Fiscal Year 2015

3. Non-Consolidated Financial Statements as of and for the fiscal years ended December 31, 2015 and 2014

(1) Balance Sheets

(2) Income Statements

(3) Statements of Disposition of Accumulated Deficit

(4) Statements of Changes in Equity

(5) Statements of Cash Flows

(6) Notes to Non-Consolidated Financial Statements

1. Business Overview

(1) Business Results and Financial Statements for the Past Three Fiscal Years (2013 — 2015)

(In Korean Won)

Category	2015			2014			2013
Current assets		38,763,539,126			43,125,471,781			47,505,633,406
• Quick assets		38,763,539,126			43,125,471,781			47,505,633,406
Non-current assets		4,999,247,501			16,984,379,227			35,940,889,480
• Investment asset		3,458,637,535			6,465,572,045			10,391,266,236
• Tangible asset		353,333,606			474,922,737			651,534,949
• Intangible asset		225,643,240			8,906,509,785			13,573,210,684
• Other non-current asset		961,633,120			1,137,374,660			11,324,877,611
Total assets		43,762,786,627			60,109,851,008			83,446,522,886
Current liabilities		4,216,026,056			5,835,639,084			7,914,388,543
Non-current liabilities		6,861,637,783			5,535,434,654			6,725,211,896
Total liabilities		11,077,663,839			11,371,073,738			14,639,600,439
Common stock		3,474,450,000			3,474,450,000			3,474,450,000
Additional paid-in capital		43,930,773,576			63,960,606,495			75,380,209,013
Retained earnings (Accumulated deficit)		(15,726,107,896	)		(20,029,832,919	)		(11,419,602,518	)
Accumulated other comprehensive income and loss		1,006,007,108			1,333,553,694			1,371,865,952
Total equity		32,685,122,788			48,738,777,270			68,806,922,447
Revenues		16,282,357,147			17,339,523,031			26,257,395,408
Operating income (loss)		(8,711,508,289	)		(9,000,124,182	)		(7,952,560,429	)
Income (loss) before income tax		(14,461,283,852	)		(12,572,306,743	)		(12,175,488,665	)
Net income (loss)		(15,726,107,896	)		(20,029,832,919	)		(17,954,693,331	)

2. Company Overview

(1) Registered Purpose of the Company

1) Software consulting, development and supply

2) Development and sales of software and CD

3) Information-technology-related software development

4) Production, development, distribution, sales and consulting of digital contents, including game software, as well as corresponding licensing

5) Online network game services

6) Applied package-related software development

7) Production and sales of computer programs

8) Import and export of software

9) E-commerce

10) Character development business

11) Animation business

12) Real estate leasing

13) Service-area restaurant business

14) Media-related business

15) Printing and publication

16) Record & video production and distribution

17) Any other businesses incidental to the above businesses

(2) Description of Primary Business

Gravity Co., Ltd. (the “Company”) is the developer of Ragnarok Online, an MMORPG, which was launched in August 2002 and is commercially offered in 83 markets worldwide, including Korea, Japan, Taiwan, Thailand, Southeast Asia, the United States and Europe as of December 31, 2015. Requiem, which was commercially launched in October 2007, is currently serviced worldwide including the United States and Russia. In March 2012, the Company released Ragnarok Online II, which is currently serviced worldwide except Japan and China.

Having strong global network and success from Ragnarok Online, the Company is expanding its business areas from online game development and publishing to cultural contents business based on various platforms, such as development of games for smartphones, console and IPTV, and animation and game character merchandising.

In addition, in order to strengthen its presence in the overseas markets, the Company has subsidiaries in the United States and Japan. The Company also has subsidiaries in Korea, such as NeoCyon, Inc. and Gravity Games Corp.

(3) Problems Confronting the Company

Since the Company operates in a highly competitive industry, the Company is making every effort to enhance its development capacity and to maintain and increase its market share in overseas markets to preserve its competitive advantage.

Due to its high dependence on Ragnarok Online, the Company is in need of diversified revenue structure, global market expansion and new business initiatives for sustainable revenue growth. The Company is doing its best to build its next game line-up through enhancing mobile game business.

(4) Business Offices and Game Development Facilities

Classification	Location
Head Office	(Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
Game Development Facilities	(Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea

(5) Stock

1) Total number of shares

(As of December 31, 2015)

Total number of shares authorized	Total number of shares issued	Total number of shares unissued
40,000,000 shares	6,948,900 shares	33,051,100 shares

2) Type of Stock issued (Par value per share: KRW 500)

(As of December 31,2015)

Type	Number of shares	Total par value	%
Registered common stock	6,948,900 shares	KRW 3,474,450,000	100%

(6) Debenture: None.

(7) Major Shareholders

(As of December 31, 2015)

Shareholder	Shares owned		%		Transaction with the Company
GungHo Online Entertainment, Inc.		4,121,737		59.31		*
Others		2,827,163		40.69		—
Total		6,948,900		100.00		—

* Refer to “(10) Material Transactions with Related Parties.”

(8) Investment in Other Companies

(As of December 31, 2015)

Companies					Relationship with the Company
Name	Location	Common Stock		Main business	Shares owned		%			Relationship
Gravity Interactive, Inc.	California, US	USD	5,040,000	Gaming Service		100,000		100.00	%	Subsidiary
Gravity Entertainment Corp.	Tokyo, Japan	JPY	167,850,000	Animation making/service		1,000		100.00	%	Subsidiary
NeoCyon, Inc.	Seoul, Korea	KRW	964,005,000	Mobile game development		185,301		96.11	%	Subsidiary
Gravity Games Corp.	Seoul, Korea	KRW	1,134,730,000	Online game development		194,035		85.50	%	Subsidiary

* The liquidation of Gravity Middle East & Africa FZ-LLC was completed in November, 2015.

(9) Directors Holding Concurrent Positions

Name	Company
	Name	Position	Responsibility
Hyun Chul Park	Gravity Co., Ltd.	CEO	Overall management
	NeoCyon, Inc.	Executive Director	Chief Operating Officer
	Gravity Games Corp.	Executive Director	—
	Gravity Interactive, Inc.	Executive Director	—
	Gravity Co., Ltd.	Executive Director	Chief Operating Officer
	Gravity Interactive, Inc.	CEO	Overall management
Yoshinori Kitamura	Gravity Entertainment Corp.	CEO	Overall management
	NeoCyon, Inc.	CEO	Overall management
	Gravity Games Corp.	Executive Director	—

(10) Material Transactions with Related Parties

①  Sales and purchases

(In thousands of Korean Won)

Nature	Related companies	2015				2014
		Sales		Purchases		Sales		Purchase
Parent company	GungHo Online Entertainment, Inc.		6,815,604		5,991		7,989,416		8,060
Subsidiaries	Gravity Interactive, Inc.		688,866		684		629,959		12,157
	NeoCyon. Inc.		539,996		615,390		874,208		696,000
	Gravity Games Corp.		22,871		—		790		—
Equity-method investee	Gravity EU SAS		—		—		237,383		—
	Total		8,067,337		622,065		9,731,756		716,217

②  Receivables and Payables

- 2015

(In thousands of Korean Won)

Nature	Related companies	Receivables						Payables
		Accounts receivable		Loans		Other receivable		Accounts payable		Other payable
Parent company	GungHo Online Entertainment, Inc.		759,032		—		37,375		2,880		4,699,300
Subsidiaries*	Gravity Interactive, Inc.		2,274,997		2,381,300		9,000		6		—
	NeoCyon. Inc.		42,598		—		79,869		61,600		120,535
	Gravity Games Corp.		68		1,972,000		1,900,930		—		—
	Total		3,076,695		4,353,300		2,027,174		64,486		4,819,835

*Gravity Middle East & Africa FZ-LLC has been excluded from related companies as a result of its completion of liquidation in November 2015.

- 2014

(In thousands of Korean Won)

Nature	Related companies	Receivables						Payables
		Accounts receivable		Loans		Other receivable		Accounts payable		Other payable
Parent company	GungHo Online Entertainment, Inc.		845,871		—		39,495		48,749		4,997,593
Subsidiaries	Gravity Interactive, Inc.		1,611,192		1,823,140		966		1,572		—
	Gravity Middle East & Africa FZ-LLC		—		—		—		—		1,550,301
	NeoCyon. Inc.		248,901		—		74,053		44,000		117,799
	Gravity Games Corp.		755		1,972,000		1,949,033		—		—
	Total		2,706,719		3,795,140		2,063,547		94,321		6,665,693

(11) Significant Creditors: The Company had no significant creditors as of December 31, 2015.

(12) Employees

(As of December 31, 2015)

Category	Directors & Officers	Developers	Marketing/Operating	Finance/Administration	Total
Employees	8	163	32	12	215

(13) Directors and Auditors

Name	Position	Main work	Transaction with the Company
Hyun Chul Park	CEO	Chief Executive Officer	—
Yoshinori Kitamura	Executive Director	Chief Operating Officer	—
Kazuki Morishita	Executive Director	—	—
Kazuya Sakai	Executive Director	—	—
Jong Gyu Hwang	Independent Director	Member of audit committee	—
Doo Hyun Ryu	Independent Director	Member of audit committee	—
Jung Yoo	Independent Director	Member of audit committee	—

(14) Material Events after the end of fiscal year 2015

Our Board of Directors approved a termination of license and distribution agreement for Ragnarok Online II with GungHo Online Entertainment, Inc. at a meeting held on January 26, 2016. As part of the termination, US$5 million of initial payments received from Gungho will be returned over four equal installments by the end of December 2017.

3. Non-Consolidated Financial Statements as of and for the fiscal year ended December 31, 2015 and 2014

(1) Balance Sheets

GRAVITY CO., LTD.						(In Korean Won)
	2015				2014
Assets
Current Assets				38,763,539,126				43,125,471,781
Quick assets				38,763,539,126				43,125,471,781
Cash and cash equivalents		22,153,897,708				24,095,204,019
Short-term financial instruments		11,500,000,000				14,500,000,000
Accounts receivable		5,379,025,009				3,689,662,083
Allowance for doubtful accounts		(1,737,852,201	)			(1,067,768,505	)
Short-term loans		2,222,216				223,156,640
Allowance for doubtful accounts		—				(216,490,000	)
Other accounts receivable		485,106,688				877,424,293
Allowance for doubtful accounts		(332,509,371	)			(387,613,070	)
Accrued income		217,538,745				287,460,877
Allowance for doubtful accounts		(115,151,736	)			(115,151,736	)
Advance payments		1,509,926,000				1,517,756,390
Allowance for doubtful accounts		(1,500,000,000	)			(1,500,000,000	)
Prepaid expenses		563,874,851				525,915,880
Prepaid income taxes		559,024,361				576,091,803
Refund of income taxes receivable		78,436,856				119,823,107
Non-current Assets				4,999,247,501				16,984,379,227
Investment assets				3,458,637,535				6,465,572,045
Equity method investments		3,458,637,535				6,463,349,829
Long-term loans		5,553,300,000				4,780,872,216
Allowance for doubtful accounts		(5,553,300,000	)			(4,778,650,000	)
Tangible assets				353,333,606				474,922,737
Computer and equipment		5,567,224,307				6,211,357,366
Accumulated depreciation		(5,381,652,836	)			(5,963,376,445	)
Vehicles		—				28,110,738
Accumulated depreciation		—				(28,110,738	)
Furniture and fixtures		619,614,408				623,970,901
Accumulated depreciation		(609,411,025	)			(609,020,337	)
Leasehold improvements		963,697,319				963,697,319
Accumulated depreciation		(806,138,567	)			(751,706,067	)
Intangible assets				225,643,240				8,906,509,785
Capitalized R&D cost, net		—				8,552,983,690
Software		116,917,359				187,240,575
Other intangible assets, net		108,725,881				166,285,520
Other non-current assets				961,633,120				1,137,374,660
Leasehold deposits		923,243,120				907,548,000
Long-term prepaid expenses		10,000,000				201,436,660
Other non-current assets		28,390,000				28,390,000
Total assets				43,762,786,627				60,109,851,008
Liabilities
Current liabilities				4,216,026,056				5,835,639,084
Accounts payable		1,804,350,812				1,681,817,693
Advances received		98,061				1,550,367,450
Withholdings		112,606,500				109,907,259
Deferred income		2,179,175,863				2,380,805,176
Income tax payable		119,794,820				112,741,506
Non-current liabilities				6,861,637,783				5,535,434,654
Long-term deferred income		6,530,813,083				5,207,345,165
Asset retirement obligation		210,290,000				210,290,000
Leasehold deposit received		120,534,700				117,799,489
Total liabilities				11,077,663,839				11,371,073,738
Equity
Common stock				3,474,450,000				3,474,450,000
Common stock		3,474,450,000				3,474,450,000
Capital surplus				43,930,773,576				63,960,606,495
Additional paid-in capital		41,805,637,190				61,835,470,109
Other capital surplus		2,125,136,386				2,125,136,386
Accumulated other comprehensive income and loss				1,006,007,108				1,333,553,694
Net accumulated comprehensive income of equity method investees		1,180,435,364				1,528,483,564
Net accumulated comprehensive loss of equity method investees		(174,428,256	)			(194,929,870	)
Accumulated deficit				15,726,107,896				20,029,832,919
Undisposed accumulated deficit		(15,726,107,896	)			(20,029,832,919	)
Total equity				32,685,122,788				48,738,777,270
Total liabilities and equity				43,762,786,627				60,109,851,008

(2) Income Statements

GRAVITY CO., LTD.						(In Korean Won)
	2015				2014
Revenues				16,282,357,147			17,339,523,031
Online games-subscription revenue		3,674,550,704				3,319,956,905
Online games-royalties and license fees		11,577,677,453				13,095,522,110
Mobile games		882,522,716				704,961,958
Character merchandising, animation and other revenue		147,606,274				219,082,058
Cost of revenues				13,707,528,886			15,385,860,543
Cost of revenues-games		13,707,528,886				15,385,860,543
Gross profit				2,574,828,261			1,953,662,488
Selling and administrative expenses				11,286,336,550			10,953,786,670
Salaries		2,936,738,260				3,500,423,472
Severance benefits		196,631,640				374,430,415
Employee benefits		542,938,212				654,394,148
Transportation		100,047,366				136,341,995
Entertainment		43,194,142				24,158,510
Communication		75,974,439				78,013,415
Taxes and dues		181,755,974				186,401,020
Depreciation		114,679,595				124,160,648
Rent		377,097,066				530,588,891
Insurance premium		107,741,431				111,967,002
Vehicles maintenance		4,391,000				3,806,000
Freight expenses		1,873,643				2,358,063
Repairs expenses		3,350,000				4,803,273
Training expenses		1,315,000				920,000
Books & subscription		1,923,569				4,018,160
Office supplies		24,568,942				23,062,935
Commission paid		2,165,509,531				2,547,340,990
Advertising		1,342,772,644				172,393,007
Research and development		3,073,669,887				2,137,844,423
Bad debt		(84,557,335	)			248,472,921
Amortization on intangible assets		74,721,544				87,887,382
Operating loss				8,711,508,289			9,000,124,182
Non-operating income				2,240,847,859			1,894,337,555
Interest income		718,659,176				1,077,731,762
Gain on foreign currency translation		139,522,983				78,583,779
Gain on foreign exchange transactions		402,788,878				237,037,481
Gain on valuation of equity-method investments				—		4,316,588
Gain on disposal of property and equipment		6,529,170				4,874,645
Gain on disposal of securities under equity method		624,043,873				122,705,442
Other income		349,303,779				369,087,858
Non-operating expenses				7,990,623,422			5,466,520,116
Loss on foreign currency translation		186,390,178				260,698,377
Loss on foreign exchange transactions		128,900,533				193,904,370
Loss on valuation of equity-method investments		3,008,605,907				5,004,999,290
Loss on disposal of tangible assets				—		20,836
Loss on impairment of intangible assets		4,638,954,929					—
Other losses		27,771,875				6,897,243
Loss before income tax				14,461,283,852			12,572,306,743
Income tax expense				1,264,824,044			7,457,526,176
Net loss				15,726,107,896			20,029,832,919
Loss per share*
Basic and diluted				2,263			2,882

* Each ADS represents two shares of our common stock. Therefore, loss per ADS is two loss per share.

(3) Statements of Disposition of Accumulated Deficit

GRAVITY CO., LTD.					(In Korean Won)
	2015				2014
	Confirmed disposition date: March 25, 2016				Confirmed appropriation date: March 27, 2015
Accumulated deficit before disposition (retained earnings before appreciation)				15,726,017,896				20,029,832,919
Unappropriated retained earnings carried over from prior year		—				—
Net loss		(15,726,017,896	)			(20,029,832,919	)
Disposition of accumulated deficit				15,726,017,896				20,029,832,919
Transfer from capital surplus		15,726,017,896				20,029,832,919
Undisposed accumulated deficit (unappropriated retained earnings) carried forwards to subsequent year				—				—

(4) Statements of Changes in Equity

GRAVITY CO., LTD.									(In Korean Won)
	Capital Stock		Capital Surplus			Accumulated Other Comprehensive Income and Loss			Retained Earnings			Total
Balance at January 1, 2014		3,474,450,000		75,380,209,013			1,371,865,952			(11,419,602,518	)		68,806,922,447
Net loss		—		—			—			(20,029,832,919	)		(20,029,832,919	)
Disposition of accumulated deficit		—		(11,419,602,518	)		—			11,419,602,518			—
Changes in equity-method investees with accumulated comprehensive income		—		—			(3,718,577	)		—			(3,718,577	)
Changes in equity-method investees with accumulated comprehensive loss		—		—			(34,593,681	)		—			(34,593,681	)
Balance at December 31, 2014		3,474,450,000		63,960,606,495			1,333,553,694			(20,029,832,919	)		48,738,777,270
Balance at January 1, 2015		3,474,450,000		63,960,606,495			1,333,553,694			(20,029,832,919	)		48,738,777,270
Net loss		—		—			—			(15,726,107,896	)		(15,726,107,896	)
Disposition of accumulated deficit		—		(20,029,832,919	)		—			20,029,832,919			—
Changes in equity-method investees with accumulated comprehensive income		—		—			(622,306,435	)		—			(622,306,435	)
Changes in equity-method investees with accumulated comprehensive loss		—		—			294,759,849			—			294,759,849
Balance at December 31, 2015		3,474,450,000		43,930,773,576			1,006,007,108			(15,726,107,896	)		32,685,122,788

(5) Statements of Cash Flows

GRAVITY CO., LTD.						(In Korean Won)
	2015					2014
Cash flows from operating activities				(4,149,181,974	)				(2,834,681,650	)
Net loss		(15,726,107,896	)				(20,029,832,919	)
Addition of expenses not involving cash outflows		11,980,914,145					10,425,383,477
Depreciation		256,604,158					411,252,533
Amortization on intangible assets		4,144,303,761					4,743,949,757
Bad debt (reversal of bad debt)		(84,557,335	)				248,472,921
Loss on foreign currency translation		17,002,725					16,688,140
Loss on valuation of equity-method investments		3,008,605,907					5,004,999,290
Loss on disposal of tangible assets		—					20,836
Loss on impairment of intangible assets		4,638,954,929					—
Deduction of revenues not involving cash inflows		(768,463,333	)				(210,480,454	)
Gain on foreign currency translation		137,890,290					78,583,779
Gain on valuation of equity-method investments		—					4,316,588
Gain on disposal of property and equipment		6,529,170					4,874,645
Gain on disposal of securities under equity method		624,043,873					122,705,442
Changes in assets and liabilities arising from operating activities		364,475,110					6,980,248,246
Decrease (increase) in trade accounts receivable		(1,568,321,290	)				147,395,030
Decrease (increase) in other accounts receivable		392,317,605					(311,870,940	)
Decrease in accrued income		69,922,132					72,208,065
Decrease in advance payments		1,888,245					264,761,424
Increase in prepaid expenses		(28,292,311	)				(192,598,292	)
Decrease in current portion of deferred tax assets		—					366,000,000
Decrease in prepaid income taxes		17,067,442					118,466,804
Decrease in refund of income taxes receivable		41,386,251					38,054,947
Decrease (increase) in long-term prepaid expenses		181,770,000					(181,770,000	)
Decrease in non-current deferred tax assets		—					5,796,000,000
Decrease in other non-current assets		—					4,269,654,397
Increase (decrease) in accounts payable		122,379,048					(1,063,079,211	)
Increase (decrease) in withholdings		2,699,241					(21,401,359	)
Decrease in deferred income		(1,070,674,868	)				(1,388,119,127	)
Increase (decrease) in income tax payable		7,053,314					(33,642,231	)
Increase (decrease) in long-term deferred income		2,192,513,473					(467,922,353	)
Increase (decrease) in leasehold deposits received		2,735,211					(33,180,370	)
Increase (decrease) in advances received		31,617					(369,998,538	)
Decrease in other non-current liabilities		—					(28,710,000	)
Cash flows from investing activities				2,207,875,663					3,527,493,774
Cash inflows from investing activities		52,013,299,641					45,391,064,153
Proceeds from disposal of short-term financial instruments		52,000,000,000					45,000,000,000
Collection of short-term loans receivable		6,666,640					36,250,032
Proceeds from disposal of securities under equity method		—					1,356
Collection of long-term loans receivable		—					1,388,908
Proceeds from disposal of computer and equipment		4,542,091					7,166,307
Proceeds from disposal of vehicles		2,090,910					—
Proceeds from disposal of furniture and fixtures		—					3,639,000
Decrease in leasehold deposits		—					342,618,550
Cash outflows from investing activities		(49,805,423,978	)				(41,863,570,379	)
Increase in short-term financial instruments		49,000,000,000					41,500,000,000
Increase in short-term loans receivable		328,110,000					216,490,000
Increase in long-term loans receivable		230,050,000					—
Acquisition of computer and equipment		133,367,631					11,548,181
Acquisition of furniture and fixtures		1,751,227					11,313,638
Acquisition of leasehold improvement		—					77,730,000
Acquisition of software		96,450,000					46,488,560
Increase in leasehold improvement		15,695,120					—
Cash flows from financing activities				—					—
Cash inflows from financing activities		—					—
Cash outflows from financing activities		—					—
Increase (decrease) in cash				(1,941,306,311	)				692,812,124
Cash at beginning of year				24,095,204,019					23,402,391,895
Cash at end of year				22,153,897,708					24,095,204,019

(6) Notes to Non-Consolidated Financial Statements

* For the notes to the non-consolidated financial statements, please refer to the condensed English translation version of the Company’s KAS-NPE non-consolidated financial statements as of and for the years ended December 31, 2015 and 2014 and the independent auditor’s report to be submitted to the United States Securities and Exchange Commission on Form 6-K on April 5, 2016.