On Wednesday April 15, 2009, eBay Inc. (Nasdaq: EBAY; “eBay”) and Gmarket Inc. (Nasdaq: GMKT; “Gmarket”) jointly announced a definitive agreement for eBay to combine Gmarket, Korea’s leading e-commerce business, with eBay’s existing online marketplace in Korea, Internet Auction Co. (“IAC”). Under the terms of the agreement, eBay will make a cash tender offer of $24.00 per share for all outstanding Gmarket common shares and American Depositary Shares, for a total purchase price of up to approximately $1.2 billion assuming all outstanding shares are tendered.

“The combination of Gmarket and IAC establishes an exceptionally strong leadership position for eBay in one of the world’s largest, most dynamic and innovative e-commerce markets,” said John Donahoe, eBay’s president and chief executive officer. “This deal creates strong operational synergies between the two market leaders, offers more opportunities for sellers and enhances our ability to serve complementary consumer segments.”

“We welcome eBay’s investment in Gmarket,” said Young Bae Ku, Gmarket’s president and chief executive officer. “This transaction will provide us an excellent opportunity for our next growth stage in Korea and will also help accelerate our expansion strategies beyond Korea. We look forward to teaming up with eBay’s leadership both locally and globally to drive our future growth and expansion.”

Through the combined businesses, eBay will be able to offer benefits for both Gmarket and IAC sellers, such as tools for quick, simultaneous listings across both platforms, and enhanced experiences for buyers through improved selection, incentives and loyalty programs. Gmarket’s focus on fashion-oriented categories and IAC’s focus on computers, electronics and sports give the two platforms core strengths in complementary consumer segments. eBay also expects the combination with Gmarket to provide a potential platform for further expansion within Asia. Jooman Park, president of IAC and Young Bae Ku, president of Gmarket will jointly lead the combination of IAC and Gmarket and will manage the integration of the two-e-commerce companies.

The transaction, which is conditioned on the tender of a majority of the outstanding shares and the American Depositary Shares of Gmarket on a fully diluted basis, final Korean antitrust clearance and other customary closing conditions, is expected to close in the second quarter of 2009. Following the completion of the tender offer, shares of Gmarket not purchased by eBay will remain outstanding and will be delisted from The NASDAQ Stock Market.

______________________________________________________________________________________

This material is a product of the Investment Banking Department of Cowen and Company, LLC. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the Investment Banking Department. This material is provided for information only. This transmission is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument and is not intended as a recommendation as to the merits of or a proxy solicitation with respect to any transaction referenced herein. The information contained herein is as of the date and time referenced above and Cowen does not undertake any obligation to update such information. Cowen and Company is a member of FINRA, NYSE and SIPC. Copyright 2008 Cowen and Company, LLC. All rights reserved.