eBay Completes Tender Offer for All Outstanding Common Shares and American Depositary Shares of Gmarket

San Jose, CA, June 15, 2009 -- eBay Inc. (Nasdaq: EBAY) announced today that it has successfully completed its previously announced tender offer for all outstanding common shares and American Depositary Shares (ADSs) of Gmarket Inc. (Nasdaq: GMKT). The tender offer was commenced by eBay KTA (UK) Ltd., a wholly owned subsidiary of eBay, on May 4, 2009, and expired at 12:00 midnight, New York City time, on Friday, June 12, 2009 (which was 1:00 p.m., Seoul time, on Saturday, June 13, 2009).

Based on information provided by Citibank, N.A., the ADS Depositary for the tender offer, and Goodmorning Shinhan Securities Co., Ltd., the Common Share Depositary for the tender offer, a total of 50,496,693 common shares and ADSs, representing approximately 99.2% of the currently outstanding common shares and ADSs, were validly tendered and not withdrawn (including 557,006 common shares and ADSs tendered by guaranteed delivery procedures) in exchange for a purchase price of U.S. $24.00 per common share and per ADS, net to the seller in cash, without interest and less any required withholding taxes. All common shares and ADSs that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the tender offer.

eBay Inc. also announced that it will provide a subsequent offering period of 25 business days for all common shares and ADSs that were not tendered in the initial offering period. The subsequent offering period will expire at 5:00 p.m., New York City time, on Monday, July 20, 2009 (which is 6:00 a.m., Seoul time, on Tuesday, July 21, 2009), unless extended. During the subsequent offering period, holders of common shares and ADSs that were not previously tendered in the offer may tender their common shares and ADSs in exchange for the same purchase price of U.S. $24.00 per common share and per ADS, net to the seller in cash, without interest and less any required withholding taxes, that will be paid for common shares and ADSs tendered in the initial offering period. Any common shares and ADSs that are validly tendered during the subsequent offering period will be immediately accepted for payment. Common shares and ADSs tendered during the subsequent offering period cannot be tendered by guaranteed delivery and may not be withdrawn.

Source: eBay Inc.