Gmarket Inc. (Gmarket), incorporated on April 7, 2000, is a retail e-commerce marketplace in Korea offering buyers a selection of products and sellers a flexible sales solution. The Company's commerce marketplace facilitates the sale of products in small or large quantities to a large number of potential buyers. Gmarket derives its revenues primarily from transaction fees on the sale of products on its Website, as well as from advertising fees and others. The Company's e-commerce marketplace is located at www.gmarket.co.kr. Sellers are offered flexible listing options utilizing Gmarket's five trading platforms and other services, including its Gmarket Sales Manager software program (GSM program), training and customer support and delivery services. Products listed for sale on the Company's Website include apparel, beauty products, computers, electronics, furniture and jewelry and are coupled with product information, including pictures, product descriptions and customer reviews and commentary. The Company's Website is available around-the-clock. As of April 30, 2006, Gmarket had over 8.6 million registered users. The Company's Website is organized into various product groupings and categories. Products listed for sale are accompanied by photographs in multiple sizes, summary descriptions, user ratings, customer comments and reviews, together with discounts or other promotions offered on the products, if any. Gmarket's Website also has a search engine, which allows customers to find specific products. The Company offer an online magazine, Shopping Webzine, where its users and other members of the Internet community can publish their reviews regarding sellers and products, and contribute general interest articles or other commentary regarding fashion and other topics. Gmarket's GSM program, which is available for download on its Website, is the backbone of its sales solutions. Using this software program, sellers can manage the entire sales process online in one central location, from listing products, monitoring inventory levels, tracking delivery status and returned products, managing customer contact/ communication, requesting pick up from delivery providers, among others. For certain of the Company's larger sellers, the GSM program allows a direct link to their inventory management programs, so that such sellers can monitor their inventory levels as sales occur. In addition, using the GSM program, sellers can purchase keyword search terms and other premium listing services. Sellers receive up-to-date news and information from Gmarket on new services and product categories, among others. Sellers can view frequently asked questions and other helpful articles posted by the Company and others on the selling process, including information on credit card payments and tax statements. The Company offers value-added services, such as Seller's Shop, Star Shop, donation shopping and sales promotion service. The Seller's Shop service provides a variety of ready-to-use Web pages that allows sellers to establish an online storefront within its Website. These ready-to-use web pages can be modified, updated and personalized by sellers. Sellers can also add other features to their store, such as allowing buyers to send e-mails directly to the seller and offering coupons, which may be used for purchases from the seller. Gmarket facilitates the pooling of various products from many sellers in one endorsement or advertisement. Sellers may elect to donate a portion of the sales proceeds to a specified charitable organization. The Company gives these products priority placement on its Website. Gmarket's Web and graphic designers are available to assist sellers in the sale and marketing process for a fee. The Company charges sellers for graphic and Website design, photography and other artwork. Gmarket competes with eBay Inc. (Internet Auction Co., Ltd. subsidiary), Daum Corporation, Interpark and GS Home Shopping.

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