Revenues Increased to Won 70.0 Billion ($66.9 Million), Up 26% Year-Over-Year; Operating Income Increased to Won 13.2 Billion ($12.6 Million), Up 74% Year-Over-Year; Net Income Increased to Won 16.1 Billion ($15.4 Million), Up 91% Year-Over-Year

Gmarket reported total revenues of Won 70.0 billion ($66.9 million) for the second quarter of 2008, representing a 26% increase from total revenues of Won 55.6 billion for the second quarter of 2007.

The Company's gross merchandise value ("GMV"), which represents the total value of all items sold on Gmarket's website, increased by 25% to Won 971.1 billion ($927.7 million) for the second quarter of 2008 compared to Won 780.0 billion for the same period in 2007. Transaction fee revenues for the second quarter of 2008 were Won 37.4 billion ($35.7 million), representing a 16% increase from Won 32.1 billion for the second quarter in 2007. Advertising and other non-transaction revenues for the second quarter of 2008 were Won 32.6 billion ($31.2 million), representing a 39% increase from Won 23.4 billion for the same period in 2007.

Operating income for the second quarter of 2008 was Won 13.2 billion ($12.6 million), representing a 74% increase from Won 7.6 billion for the same period in 2007.

Net income for the second quarter of 2008 was Won 16.1 billion ($15.4 million), representing a 91% increase from Won 8.4 billion for the same period in 2007. Earnings per diluted share for the second quarter of 2008 increased to Won 317 or $0.30, up from Won 167 for the same period in 2007.

"We are pleased with our second quarter performance and the progress with our initiatives. We are continuing to strengthen our growth drivers by focusing on emerging categories including food and lifestyle products and developing categories for future opportunities," said Young Bae Ku, Chief Executive Officer of Gmarket. "Through improved operational efficiency and expanding advertising revenue streams, we are continuously increasing our profitability."

During the second quarter of 2008, the Company's registered user base grew to approximately 14.7 million from 14.3 million registered users at the end of the first quarter of 2008. In addition, the Company averaged 18.7 million monthly unique visitors in the second quarter of 2008, compared to 17.6 million unique visitors during the second quarter of 2007.

On June 27, 2008, the Company was granted renewal of its status as an eligible venture Company under the Special Tax Treatment Control Law of Korea. This renewal entitles the Company to a reduced tax rate of 13.75%, which is 50% of the statutory tax rate, for taxable income directly generated from operations, effective until 2008. This discounted tax rate was not applied in the first quarter 2008 as the Company had deemed that renewal of the 13.75% rate was not probable at that time.

Investor Conference Call / Webcast Details

The Company's management will review detailed second quarter 2008 results on Tuesday, July 29, 2008 at 6:00 p.m. U.S. Eastern Time (7:00 a.m., July 30, 2008 in Seoul, South Korea). A live webcast of the conference call will be available on Gmarket's website at www.gmarket.co.kr/IR/.

Dial-in details for the conference call are as follows:
      US: +1 800 884 5695 or +1 617 786 2960
      Hong Kong: +852 3002 1672
      Singapore: +65 6823 2164
      U.K.: +44 207 365 8426
      Korea: +82 00 308 13 1153
      Password for all regions: Gmarket

A replay of the call will be available beginning July 29 at 8:00 p.m. U.S. Eastern Time (9:00 a.m., July 30, 2008 in Seoul) at www.gmarket.co.kr/IR/ and by telephone at +1 888 286 8010 or +1 617 801 6888 with passcode 92291558 (telephone replay available through 10:59 a.m. on August 6, 2008 U.S. Eastern Time (11:59 p.m., August 6, 2008 in Seoul)).

Notes: (1) The Dollar amounts provided in this release are based on an exchange rate of Won 1,046.80 to US$1.00, which is the noon buying rate in effect on June 30, 2008 as quoted by the Federal Reserve Bank of New York. (2) GMV should not be construed as an alternative to revenues or any other measure of performance determined in accordance with U.S. GAAP. Other companies may determine GMV in a different manner than Gmarket does.

About Gmarket

Gmarket Inc. is a leading retail e-commerce marketplace in Korea, offering buyers a wide selection of products at competitive prices and sellers a comprehensive and flexible sales solution. Gmarket's e-commerce marketplace is highly scalable and facilitates the sale of products in small or large quantities to a large number of potential buyers in a convenient, cost effective and secure manner. Gmarket's e-commerce marketplace is located primarily at www.gmarket.co.kr.

Safe Harbor Under the Private Securities Litigation Reform Act of 1995

Certain statements in this filing on Form 6-K may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," "continue," "plan" or "predict" or the negative thereof or other similar words, although not all forward-looking statements will contain these words. These forward-looking statements are based on the Company's current assumptions, expectations and projections about future events. All forward-looking statements involve risks and uncertainties that may cause the Company's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements, including, but not limited to, the Company's ability to diversify revenues; the Company's ability to compete effectively in a highly competitive industry; the Company's ability to anticipate and access technological developments in the Company's industry; the Company's ability to recruit and retain quality employees as the Company grows; the Company's ability to implement the Company's growth strategies; and economic and political conditions in and outside of Korea. Investors should consider the information contained in the Company's submissions and filings with the SEC, including the Company's registration statement on Form F-1, as amended, together with such other documents as the Company may submit to or file with the SEC from time to time, including on Forms 20-F and 6-K.