Gmarket Inc. (GMKT)

[EZ2]

Press Release

http://yhoo.client.shareholder.com/press/ReleaseDetail.cfm?ReleaseID=199687

Yahoo! to Acquire 10 Percent Stake in Gmarket

SEOUL, South Korea & SUNNYVALE, Calif., Jun 06, 2006 (BUSINESS WIRE) -- Gmarket Inc., a leading e-commerce marketplace provider in Korea, and Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company, today announced that Yahoo! has committed to a strategic investment in Gmarket. Yahoo! has entered into an agreement to acquire a stake of approximately 10 percent in Gmarket from Oak Investment Partners, a multi-stage venture capital firm with $8.4 billion in total assets under management. Oak is the only significant outside institutional investor in Gmarket.

Gmarket Chief Executive Officer, Young Bae Ku commented, "We believe that this strategic investment by Yahoo! is in line with and enhances our strategy to pursue growth opportunities abroad and also complements our continued strategy of providing to our users a comprehensive selling and convenient buying platform. In connection with Yahoo!'s investment, we have agreed with Yahoo! to seek ways to implement various strategic initiatives internationally and in Korea."

Dan Rosensweig, chief operating officer, Yahoo! Inc., said, "Gmarket's strength in e-commerce complements the strong offerings we already provide in the Korean market across communications, content and search through Yahoo! Korea and Overture Korea. Additionally, we look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo!'s leading position in commerce in Asia."

Nakyang Seong, head of Yahoo! Korea, said, "Upon completion of the investment, Yahoo! Korea and Gmarket will actively cooperate to pursue broader opportunities in the Korean market while respecting other partners."

About Gmarket

Gmarket Inc. is a leading e-commerce provider in Korea, providing to consumers an ever-growing selection of products at competitive prices in a convenient buying environment and sellers a cost effective, end-to-end sales and marketing channel. The company facilitates the interaction among a growing number of buyers and sellers and has received numerous awards for its innovative e-commerce business model in Korea.

About Yahoo!

Yahoo! Inc. is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! seeks to provide online products and services essential to users' lives, and offers a full range of tools and marketing solutions for businesses to connect with Internet users around the world. Yahoo! is headquartered in Sunnyvale, California.

About Oak Investment Partners

Established in 1978, Oak Investment Partners is a venture capital firm with a strong investment record and a global presence. Oak's investment focus is on high growth opportunities in consumer internet, new media, semiconductors, communications, software and IT, financial services technology, healthcare services and retail. Oak's team concentrates on building long-term relationships with experienced management to develop successful companies that deliver consistent performance over time. Their portfolio includes internet companies like Aquantive, Fastclick (acquired by ValueClick), IGE, Inktomi (acquired by Yahoo!), Oberon Media, and RazorGator; software and IT companies like Compaq, Parametric Technology Corporation, Seagate Technologies, Sybase, Synopsys and TeleAtlas; and communications companies such as 2Wire, Polycom, Telica (acquired by Lucent) and Wireless Facilities (WFII), etc. For more information, please visit www.oakvc.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. For example, statements of expected synergies and benefits to the investment, industry ranking, among others are all forward-looking statements. Risks, uncertainties and assumptions include the possibility that any benefits of investment by Yahoo! may not materialize and the expected synergistic benefits for both parties may not occur.

Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Gmarket and Yahoo!. Gmarket and Yahoo! assume no obligation and expressly disclaim any duty to update information contained in this news release except as required by law.

SOURCE: Yahoo! Inc.

Yahoo! Inc.
Helena Maus, 408-349-7085
[e-mail]
or
Gmarket Inc.
Paul J. Lee, [phone]
[e-mail]
or
Oak Investment Partners
Ms. Steffanie Ericsson, 203-226-8346
[e-mail]

Copyright Business Wire 2006

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