SEOUL, SOUTH KOREA -- (Marketwire) -- 01/30/09 -- Gmarket Inc. (NASDAQ: GMKT) ("Gmarket") announced today that its gross merchandise value ("GMV") totaled 1,107 billion Won for the fourth quarter of 2008, representing a 14% increase over the fourth quarter of 2007. Gmarket's full-year 2008 GMV totaled 3,986 billion Won, representing a 23% increase over full-year 2007. GMV is defined as the total value of all items sold on our e-commerce marketplace.

                4Q 2008         4Q 2007         YoY
             -------------   -------------     ----
GMV (Won)    1,107 billion     970 billion     +14%

               2008 Total      2007 Total       YoY
             -------------   -------------     ----
GMV (Won)    3,986 billion   3,249 billion     +23%

The Company's top three product categories in terms of percentage of fourth quarter 2008 GMV were as follows: (1) food and lifestyle products: 37% (compared to 40% in the previous quarter and 33% in fourth quarter 2007); (2) clothing and accessories: 30% (compared to 26% in the previous quarter and 33% in fourth quarter 2007); and (3) computers and electronics: 29% (compared to 32% in both the previous quarter and fourth quarter 2007).

"Gmarket ended 2008 on a very positive note by setting a new record high for quarterly GMV," said Young Bae Ku, Chief Executive Officer of Gmarket. "We also expect to see strong growth in net income despite the significantly adverse macroeconomic pressures that picked up during the fourth quarter. Although Gmarket is certainly not immune to such pressures, we are pleased that our active and loyal user base continued to make Gmarket the undisputed market leader in the Korean e-commerce industry."

The Company plans to report its fourth quarter and full-year 2008 results and to hold a conference call with investors and analysts to discuss the fourth quarter and full-year 2008 results after the NASDAQ stock market closes on February 24, 2009 in New York (Wednesday, February 25, 2009 in Seoul).

Note: GMV should not be construed as an alternative to operating income or any other measure of performance determined in accordance with U.S. GAAP. Other companies may determine GMV differently 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.