Document:

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                                                                     Exhibit 4.3

English Translation

                        KIDC CO-LOCATION SERVICE CONTRACT

                                     BETWEEN

                                  GMARKET Inc.

                                       AND

                           Korea Internet Data Center

                          CO-LOCATION SERVICE CONTRACT

GMARKET Inc. ("Gmarket") and Korea Internet Data Center ("KIDC") enter into this
Co-Location Service Contract in compliance with the principle of mutual fidelity
and faithfulness.

The parties agree and declare as follows

ARTICLE 1 (PURPOSE)

The purpose of this Contract is to provide for rights and obligations of both
parties between Gmarket and KIDC. Further, KIDC shall provide Gmarket with
co-location service (defined below).

ARTICLE 2 (DEFINITION)

     A.   "Co-Location Service" means services provided by a professional data
          center company to customers such as provision of computer room and the
          related facilities and provision of service relating to network use
          for normal operation of Internet servers under a contract.

<PAGE>

     B.   "Service Charge" means any and all costs incurred to KIDC as required
          in performing this Contract including regular costs such as floor
          service charge and network access charge, etc. and irregular costs
          incurred at a reasonable basis for additional services to be conducted
          upon mutual consent even if such services are not provided otherwise
          by a contract.

ARTICLE 3 (SCOPE OF SERVICES AND KIDC'S OBLIGATIONS)

     A.   In accordance with this Contract, KIDC shall provide Gmarket with each
          of the following computer facilities and the related facilities.

          1.   USP (Uninterrupted Power Supply)

          2.   Access-Flow

          3.   Power facilities

          4.   Emergency generator

          5.   Interior cooler

          6.   Interior self power generator

          7.   Interior fire alert receiving board (DMAX 3000)

          8.   Computer floor

          9.   Thermo-hygrostat

          10.  QDF terminal box (installation cost to be separately imposed)

          11.  Fire fighting facilities (NAF III)

     B.   KIDC shall provide Gmarket with the best optimum installation

<PAGE>

          circumstances to allow the computer facilities to be installed with
          respect to paragraph A.

     C.   KIDC shall be liable to maintain and repair networks and any and all
          facilities provided to Gmarket in accordance with this Article.

     D.   KIDC shall install networks of the computer room to be utilized by
          Gmarket in accordance with this Contract and allow Gmarket's access to
          Internet backbone nets.

     E.   KIDC shall bear each of the following obligations in relation to the
          network system to be provided to Gmarket in accordance with this
          Contract.

          1.   To check up the status of normal operation from time to time
               (Visual checkup).

          2.   To supervise network hindrances and status continuously for 24
               hours per day and 365 days a year through NMS.

          3.   To check up normality of the whole network backbone, implement
               ordinary operation checkup between 05:00 a.m. and 07:00 a.m.,
               Tuesday, every week and notify Gmarket of the details in advance.

          4.   To implement irregular checkup of operation in order to raise the
               efficiency of the whole network backbone or solve Gmarket's
               internal network problems or in case network malfunctions due to
               uncertain causes.

          5.   To conduct administrative duties and works separately agreed by
               Gmarket under this Contract.

ARTICLE 4 (TERM OF THE CONTRACT)

The term of this Contract shall be one year from July 1, 2005 through June 30,
2006. Provided, however, that unless Gmarket expresses an intention to terminate

<PAGE>

the Contract by 30 days prior to the expiration of this Contract, this Contract
shall be deemed extended automatically for another one year from the expiration
of this Contract under the same terms and conditions.

ARTICLE 5 (OPENING OF SERVICES AND INSTALLATION WORKS)

     A.   Gmarket and KIDC shall prepare for system installation in advance, in
          accordance with mutual agreement for installation schedule. KIDC shall
          have an obligation to inform Gmarket of the size and power consumption
          of installed equipment in advance. KIDC shall check up functioning
          status of the final network and then notify Gmarket thereof and when
          Gmarket confirms the notification, the service opening shall be
          completed.

     B.   KIDC shall do works for computer facilities, network facilities and
          any and all related facilities specified under Article 3 of this
          Contract.

     C.   Works for Gmarket's Internet network (Ethernet/optic cable) to be
          installed within the computer room and cable protecting pipes shall be
          conducted directly by Gmarket at its cost.

ARTICLE 6 (NETWORK SERVICE)

     A.   In case general exclusive line is installed within the computer room
          when necessary for Gmarket, optic communication equipment and
          facilities of line carriers (Dacom/KT/ThroughNet/Hanaro) installed
          within KIDC's building may be utilized. Provided, however, that works
          for internal line and separate line terminal box shall be conducted by
          KIDC, who can separately bill Gmarket for the installation costs.

     B.   The exclusive line inlet to KIDC may be utilized for service and
          installation only in case exclusive line service is applied for
          through KIDC. Provided, however, that telephone line level line shall
          be separately agreed upon.

<PAGE>

ARTICLE 7 (POWER)

KIDC shall bear each of the following obligations in connection with power when
KIDC provides Gmarket with Co-Location service in accordance with this Contract:

     A.   To secure 2 sets of power receiving equipment to back up power supply
          at the time of stoppage of power supply and to back up power per bank
          of transformers.

     B.   To supply emergency power per bank through gas turbine generator which
          is much reliable

     C.   To maintain spare system by parallel operation of 2 sets of UPS.

     D.   To secure spare power source with one hour's battery back-up time.

     E.   To supply steady electric pressure by ensuring that there is no
          facility consuming excessive power around.

ARTICLE 8 (PAYMENT OF SERVICE CHARGE)

     A.   Service charge shall be either monthly regular service charge or
          irregular service charge, as listed in Exhibit 1.

     B.   Monthly regular service charge for less than a month shall be
          calculated as "((monthly regular service charge / number of days in a
          month) x number of days for service use)." Provided, the service
          charge according to additional demand by Gmarket beyond the scope of
          Co-Location service under this Contract, may be conducted through
          executing a separate contract.

     C.   Monthly regular service charge and any other irregular service charge
          provided by this Contract shall be billed by KIDC by the 15th date of
          the following month all at once, and Gmarket shall pay in principle
          such billed service charge in cash by the 27th date of the billing
          month.

<PAGE>

     D.   In case service charge is billed to Gmarket excessively or too little,
          Gmarket may demand adjustment of the charge of KIDC. KIDC shall review
          such adjustment demand and then notify Gmarket of the result. The part
          of charge confirmed excessive or too little shall be settled through
          separate agreement.

ARTICLE 9 (NOTIFICATION OF CHANGES )

Gmarket and KIDC shall notify each other of any changes in each of the following
matters with 5 days' prior written notice thereof:

          1.   Change of company name and representative

          2.   Change of address

          3.   Change of service charge payment method and account number

          4.   Change of contact points and responsible persons

          5.   Change of floor service

          6.   Change of network line capacity

          7.   Addition of equipment (additional allotment of IP address is
               needed)

          8.   Any other matters agreed between the parties of which changes are
               to be informed by KIDC to Gmarket or by Gmarket to KIDC.

ARTICLE 10 (TERMINATION)

     A.   In case the other party breaches this Contract, non-breaching party
          shall demand the other party to correct its breaches for a period of
          at least thirty days, and if the other party fails to correct its
          breaches within the period, non-breaching party may terminate this
          Contract.

<PAGE>

     B.   Notwithstanding the preceding provision, if each of the following
          cases takes place to the other party, non-breaching party may
          immediately terminate this Contract without giving any notice or
          demand.

          1.   Disposition of suspension of payment or suspension of bank
               transaction; application for commencement of bankruptcy,
               corporate reorganization and composition procedures; commencement
               of special liquidation or any other similar actions under the
               applicable laws.

          2.   Order of preservative measures such as provisional attachment and
               injunction; decision on attachment or commencement of auction, or
               similar disposition or order which can materially affect
               operation of Company or performance of this Contract.

          3.   Resolution or order of dissolution.

     C.   Either Gmarket or KIDC is subject to the foregoing circumstances and
          the relevant affected party intends to terminate this Contract, the
          party shall pay the other party 50% of an amount (remaining term of
          contract x average monthly service charge for the recent three months)
          as penalty.

ARTICLE 11 (COMPENSATION FOR DAMAGE)

     A.   In case either Gmarket or KIDC fails to perform its respective
          responsibilities and duties during the term of this Contract and as a
          result causes damage to the other party, the party in default shall be
          liable to compensate the other party for such damage commensurate with
          the scope of its responsibility.

     B.   Claim for damage shall be made in writing with stating the reasons and
          amount of claim and basis of such calculation.

<PAGE>

     C.   Claim right for damage shall become null unless being exercised within
          three months from the date the reasons for claim are recognized. This
          is the same in case six months have passed from the date reasons for
          claim took place.

ARTICLE 12 (INDEMNIFICATION)

In case Gmarket's damage is incurred by each of the following subparagraphs,
KIDC shall not be liable to compensate for such damage:

     A.   Act of god, war and any other force majeure

     B.   Gmarket's intention or negligence

     C.   Hindrance in telecommunication service provided by other communication
          operators other than KIDC

     D.   Suspension of service due to national emergency accident or nationwide
          network hindrance

     E.   Unavoidable reasons in the character of telecommunication service,
          which cannot be anticipated by KIDC in normal cases.

ARTICLE 13 (TRANSFER OF RIGHTS AND OBLIGATIONS)

Gmarket and KIDC shall be prohibited from transferring or providing as security
its rights or obligations under this Contract to a third party without a prior
written consent of the other party.

ARTICLE 14 (CONFIDENTIALITY)

     A.   KIDC shall not apply any and all information (business secret,
          know-how, financial, business and technical information, etc.) or
          confidential matters of Gmarket, which came to knowledge of KIDC in
          connection with this Contract, to uses other than the purpose of

<PAGE>

          carrying out this Contract and shall not disclose to a third party
          without a prior written approval by Gmarket before as well as after
          performance of this Contract.

     B.   KIDC shall be responsible for the personnel having access to the
          places where Gmarket's facility is installed and shall not make use of
          or supply to a third party any information relating to Gmarket
          acquired in the course of doing maintenance jobs.

ARTICLE 15 (DISPUTES RESOLUTION)

In case any disputes arise between Gmarket and KIDC relating to this Contract,
both parties shall do their best to resolve the disputes in the principle of
good faith and, if any legal proceeding is to be brought, such proceeding shall
be subject to the jurisdiction of the Seoul Central District Court.

Gmarket and KIDC covenant to perform this Contract faithfully.

IN WITNESSETH WHEREOF, both parties execute two copies of this Contract to which
both parties sign and affix their seals and then keep respectively each copy
hereof.

Date of the Contract: August 11, 2005

Gmarket                                 KIDC

GMARKET Inc.                            Korea Internet Data Center
6th Fl., NamSeoul Bldg., 1304-3         261-1 Nonhyun-Dong, Kangnam-Ku, Seoul
Seocho-Dong, Seocho-Ku, Seoul
Young Bae Koo                           Young Woo Nam
Representative Director (seal)          Representative Director (seal)

(Exhibit 1) Details of the Service Charges

     1.   Monthly Regular Service Charges

<PAGE>

<TABLE>
<CAPTION>
Details                   Unit Price (KRW)  Kind/Capacity                  Sum (KRW/VAT not inclusive)
-------                   ----------------  -------------                  ---------------------------
<S>                       <C>               <C>                            <C>
Floor service charge             4,455,000  Cage Gold/4                    17,820,000
Network service charge-1        19,000,000  Giga/3                         57,000,000
Network service charge-2           900,000  Imposed per 50M/Undetermined.  Imposed flexibly according
                                                                           to used capacity
</TABLE>

*    Network Service Charge Calculation Manner

1)   Network service charge-1: Monthly fixed billing for use of not more than 3G

2)   Network service charge-2: To be billed per 50M with respect to use
     exceeding 3G, separately from paragraph 1)

     2.   Irregular Service Charge

Actual cost incurred for additional services conducted upon mutual agreement
such as internal line opening service, construction, installation costs, etc.
(or one time)

<PAGE>

                     CO-LOCATION SERVICE CHANGE APPLICATION

Dated January 1, 2007

Service Change

<TABLE>
<CAPTION>
                         Before change                After change
                         --------------------------   --------------------------
<S>                      <C>                          <C>
Floor service            Cage Gold * 6EA              Cage Gold * 8EA
Network service          No change
</TABLE>

Service Charge Change

<TABLE>
<CAPTION>
                         Before change                After change
                         --------------------------   --------------------------
<S>                      <C>                          <C>
Floor service charge     W26,730,000 per month        W35,640,000 per month
Network service charge   Imposed flexibly according
                         to used capacity
Difference               +W8,910,000 per month (VAT
                         not included)
</TABLE>

Dated March 30, 2007

Service Change

<TABLE>
<CAPTION>
                         Before change                After change
                         --------------------------   --------------------------
<S>                      <C>                          <C>
Floor service            Cage Gold * 8EA              Cage Gold * 10EA
Network service          No change
</TABLE>

Service Charge Change

<TABLE>
<CAPTION>
                         Before change                After change
                         --------------------------   --------------------------
<S>                      <C>                          <C>
Floor service charge     W35,640,000 per month        W44,550,000 per month

Network service charge   Imposed flexibly according
                         to used capacity
Difference               +W8,910,000 per month (VAT
                         not included)
</TABLE>

<PAGE>

                        10G port service use application

Service Description

<TABLE>
<CAPTION>
                         Bandwidth                    Number of Ports
                         --------------------------   --------------------------
<S>                      <C>                          <C>
Service Type             10Gbps                       two
</TABLE>

Application Date: January 1, 2007

Monthly Cost: W3,000,000 per month (W1,500,000 per month for 10G port)<PAGE>
                                                                     EXHIBIT 4.4
ENGLISH TRANSLATION

         TERMS AND CONDITIONS FOR USE OF THE GMARKET PURCHASING SERVICE
                              (ENGLISH TRANSLATION)

                          Chapter 1 General Provisions

ARTICLE 1 (PURPOSE)

The purpose of these Terms and Conditions is to provide for rights, obligations
and responsibilities between GMARKET Inc. ("Company") on the one part and users
on the other part in users' use of the Real-time EC platform developed and
provided by the Company.

ARTICLE 2 (DEFINITIONS)

1.   The terms used herein shall have the meaning ascribed thereto in these
     Terms and Conditions:

     1)   Gmarket: The Real-time EC platform system provided to users for their
          free transactions of goods or services, the website for operation of
          the system and any other associated sites based upon the system and
          from time to time the businesses operating Gmarket.

     2)   Users: Members or non-members who access or visit Gmarket to use
          services provided by the Company in accordance with these Terms and
          Conditions.

     3)   Members: Those who have provided to the Company their personal
          information to join as members of Gmarket to be entitled to continuous
          use of information and services provided by Gmarket. Members are
          either general members or E-dealers.

          -    General members: Individuals or business operators who may
               purchase but not sell at Gmarket

          -    E-dealers: Individuals or business operators who may not only
               purchase but also sell at Gmarket.

     4)   Non-Members: Those who have not joined as members but only use
          services provided by the Company.

                                       1
<PAGE>

     5)   Members' I.D.: Letters, numbers or combinations of letters and numbers
          as selected by Members and approved by the Company in order to
          identify members and use Gmarket services.

     6)   Password: Letters, numbers or combinations of letters and members as
          registered by Members with the Company in order to verify the identity
          of Members and protect rights, benefits and secrets of Members.

     7)   Operator: A person appointed by the Company to handle general
          management and smooth operation of Gmarket services.

     8)   Purchase Orders: An act by a purchaser of stating and submitting
          quantity and price of purchase at Gmarket in order to purchase goods.

     9)   Sell Orders: An act by a seller of stating and submitting quantity and
          price of sale at Gmarket in order to sell goods.

     10)  Purchasers: Users who filed purchase orders intending to purchase
          goods at Gmarket.

     11)  Sellers: Members who filed sell orders intending to sell goods at
          Gmarket.

     12)  Mileage: Membership points in a certain amount granted to Members in
          case of their purchase of goods at Gmarket.

     13)  G-Cash: Cyber money, which is converted from mileage entitled by
          members at Gmarket, can be purchased by members to use for certain
          services at Gmarket and then withdrawn in cash afterwards.

     14)  GSM: Management system prepared for members who desire to sell goods
          and services by using Gmarket, the real-time EC transaction system,
          under which registration of goods and control of their contents,
          prices and sale/delivery can be freely utilized.

     15)  Gmarket Reporting Center: As for Gmarket, many products are registered
          and traded real-time, and as a result, the rights and benefits of
          third parties could be infringed upon. Therefore, the Gmarket
          Reporting Center was established by the Company to deal with such
          potential issues.

     16)  Payment Protection Service: The Company transmits the payment
          deposited by the purchaser to sellers after (i) completion of delivery
          is evidenced through purchaser's confirmation of receipt or (ii) the
          Company confirms that the invoice numbers recorded with a delivery
          company conform to the invoice numbers entered in GSM after delivery
          of goods. This process is utilized to protect both purchasers and
          sellers in electronic commerce transactions.

     17)  Service Quality Management ("SQM"): In principle, any disputes arising
          from transactions through Gmarket should be resolved between sellers
          and purchasers at their discretion, but SQM is established for the
          purpose of facilitating the resolution of such disputes.

     18)  Seller's Mini Shop (Mini Shop): Cyber shop granted to members who sell
          goods at Gmarket, where members may display and manage goods they are
          selling.

                                       2
<PAGE>

2.   Meaning of the terms under these Terms and Conditions, which are not
     defined under paragraph 1 above shall be in accordance with normal market
     practices.

ARTICLE 3 (TYPE OF GMARKET SERVICES AND LEGAL LIMITATION)

     1.   Services provided by the Company are as follows:

          1)   Services of developing and operating E-Commerce Platform;

               i)   Assistance to sale related matters.

               ii)  Assistance to purchase related matters.

               iii) Assistance of executing a sales contract and protecting sale
                    and purchase.

               iv)  Other electronic commerce transaction related services.

          2)   Gmarket advertisement and promotion service

     2.   The Company shall neither sell goods to users nor purchase goods from
          users, but rather develop and provide users with devices improving
          safety and reliability of transactions between users. Responsibilities
          relating to transactions formed among users and about information
          provided by members shall be borne by the relevant members or users.

     3.   The Company operates, manages and provides a system for free
          transaction of goods and services among users and does not act on
          behalf of users desiring to sell or purchase goods. Also, any act done
          by the Company shall not be deemed as an act on behalf of sellers or
          purchasers.

     4.   The Company does not make any assurances or guarantees regarding any
          aspects of the sale or purchase process, including genuineness,
          quality, completeness, safety, legality, non-infringement of third
          party rights, truth or legality of information and data posted at URL
          linked through the information entered by users, etc. Any and all
          risks and responsibilities are wholly borne by the relevant users.

                                       3
<PAGE>

ARTICLE 4 (STATEMENT, EFFECT AND AMENDMENT OF THE TERMS AND CONDITIONS)

     1.   The Company shall post these Terms and Conditions, its company name,
          location, name of the representative, business registration number and
          contact points (telephone and fax numbers and e-mail address) on the
          Company's homepage.

     2.   These Terms and Conditions are the basis of the Gmarket service use
          contract between the Company and users. The Company may provide for
          and give a public notification of matters ("Individual Conditions")
          applicable to certain services through Gmarket, in advance.

     3.   The Company may amend these Terms and Conditions to the extent they
          are not in violation of the Regulation of Standardized Contracts Act,
          Framework Act on Electronic Commerce, Digital Signature Act, Act on
          Promotion of Information and Communications Network Utilization and
          Information Protection, Etc., Door-to-Door Sales, Etc. Act, Consumer
          Protection Act and any other relevant laws and regulations.

     4.   In case the Company amends these Terms and Conditions, the effective
          date and the reasons of amendment, together with the current Terms and
          Conditions shall be publicly notified through the Company's homepage
          at least seven (7) days prior to the effective date thereof.

ARTICLE 5 (STANDARD REGULATIONS AND THE RELEVANT LAWS AND REGULATIONS OTHER THAN
THESE TERMS AND CONDITIONS)

     1.   Those matters not provided for by these Terms and Conditions shall be
          in accordance with the relevant laws and decrees including the
          Framework Act on Electronic Commerce and the Act on Consumer
          Protection in Electronic Commerce Transactions, Etc. and general
          commercial practices.

     2.   In case transactions are executed through Gmarket service, the
          Door-to-Door Sales Act, the Framework Act on Electronic Commerce and
          the Consumer Protection Act and other relevant laws and decrees shall
          primarily apply to users as the parties to the transactions, and users
          cannot by a provision of these Terms and Conditions argue
          indemnification from their responsibility against other parties.

                                       4
<PAGE>

                     CHAPTER 2 GMARKET SERVICE USE CONTRACT

ARTICLE 6 (EXECUTION OF THE GMARKET SERVICE USE CONTRACT)

     1.   Gmarket Service Use Contract ("Use Contract") is executed upon
          application by a person who desires to use Gmarket Service and
          approval thereof by the Company.

     2.   Anyone who desires to obtain Gmarket membership may use the membership
          admission column of the form provided by the Company on its website.
          Admission to the membership is either as an individual or business
          operator, and each item presented (required items such as real name,
          I.D., resident registration I.D. number, etc.) needs to be submitted.
          Provided, however, that E-dealer shall apply for admission to
          membership online and then complete separate procedures for such
          admission.

     3.   In order to use Gmarket Service as a non-member, the non-member should
          complete non-members' verification procedures separately from the
          manner of applying for use under paragraph 2 above.

     4.   In order to use Gmarket Service, users shall agree that these Terms
          and Conditions form a part of the Use Contract.

ARTICLE 7 (APPROVAL OF APPLICATION FOR USE)

     1.   Application for use is completed by the users' provision of their
          personal information under the admission form prescribed by the
          Company and by the users' agreeing to these Terms and Conditions.
          Admission to the membership is effective at the time when the approval
          of the Company is given to the members. Applications for use are
          handled in the order that the applications are received by the
          Company.

     2.   The Company may withhold its approval of an application for use in
          each of the following cases, among others:

          1)   Facilities have no room;

          2)   Technical hindrance;

          3)   False statement, omission or miswriting in registered contents;

          4)   Reapplication for use within three months from the date when the
               Use Contract has been terminated by the Company; or

          5)   Necessary at the Company's reasonable discretion.

                                       5
<PAGE>

ARTICLE 8 (ALTERATION AND PROTECTION OF PERSONAL INFORMATION)

     1.   In case any of the information stated at the time of application is
          changed, the users shall immediately through the Operator or at the
          website change the relevant information. Provided, however, that name,
          I.D. and resident registration I.D. number cannot be changed.

     2.   In the preceding paragraph, any and all damages caused by delay in
          change of information shall be borne by the relevant user, and the
          Company shall not be held liable for such damage.

     3.   The Company shall not apply users' information to any other uses than
          Gmarket Service or supply the information to a third party without
          consent by users, except the information disclosed through Gmarket
          Service. Provided, however, that this does not apply if disclosure of
          information is required or permitted by the laws and regulations.

ARTICLE 9 (TERMINATION OF THE USE CONTRACT)

     1.   The Use Contract may be immediately terminated either by the Company
          or its members.

     2.   Termination by members: Members may at any time terminate the Use
          Contract by notifying the Company that they have an intention to
          terminate this Contract. Provided, however, that members should
          withdraw or cancel all the orders at least ten (10) days prior to
          giving the termination notice. Provided, the transactions already
          executed cannot be cancelled. Adverse consequences arising from
          cancellation or withdrawal of orders shall be borne by the relevant
          members. If a member, having terminated the Use Contract, desires to
          reuse Gmarket Service, the members shall notify the Company of such
          intent and obtain approval of the Company for reuse of the service.

     3.   Termination by the Company: The Company may terminate the Use Contract
          if any of the following cases takes place or is confirmed:

          1)   A user infringes the rights, reputation, credit or any other
               rightful benefit of any other users or is in breach of the Korean
               laws and regulations or good public order and customs;

                                       6
<PAGE>

          2)   A user hinders or tries to hinder the smooth process of Gmarket
               Service provided by the Company;

          3)   Accumulated credit degree of members pursuant to Article 10
               reaches minus 10 points; or

          4)   The Company deems refusal of service as necessary at its
               reasonable discretion.

          In this case, the Company shall clarify the reasons of termination
          through e-mail, telephone or any other methods and give its intent of
          terminating the Use Contract. The Use Contract shall be terminated at
          the time when the Company notifies the members of its intent of
          termination. In case the Use Contract is terminated at the Company's
          reasonable discretion, the Company may reserve any decision with
          respect to the member's application for reuse.

     4.   Restriction on Services

          The Company may partly restrict members in use of services in case any
          of the following takes place or is confirmed:

          1)   In case a member obtains mileage in an abnormal way, the relevant
               service use may be restricted or cancelled and if deemed
               necessary, mileage may be withdrawn; or

          2)   In case a member purchases by credit card, and the purchase falls
               under the illegal use of credit cards as provided by the
               Specialized Credit Financial Business Act, the member's purchase
               may be restricted, and if the credit card number, password and
               resident registration I.D. number entered by the member are
               inconsistent for three or more consecutive times9, the relevant
               card use on Gmarket may be restricted by the Company.

     5.   Upon termination of the user agreement, the Company may cancel or void
          such user's existing benefits such as mileage, G-stamps and coupons
          that were provided by the Company, and the Company is not responsible
          for any loss or damages caused by termination of the user agreement.

                                       7
<PAGE>

                  CHAPTER 3 REGULATIONS OF GMARKET SERVICE USE

ARTICLE 10 (MEMBERS' CREDIT RATING MANAGEMENT)

1.        The Company may grade members' credit rating to ensure safety and
          reliability of transactions through Gmarket service and may restrict
          service(s) based upon the credit rating. For this purpose, the Company
          may award benefits (e.g., points) or issue sanctions in relation to
          transactions among members.

2.        Members' credit points are evaluated by the standards announced by the
          Company, and the Company may prohibit the members from transaction or
          stop providing the members with benefits when the members' credit
          points do not meet such standards.

ARTICLE10-1 (MANAGEMENT OF MEMBERS)

     1.   Depending on a member's classification, the Company may grant various
          levels of benefits, preferential terms or issue penalties, as the case
          may be, depending on such classification.

     2.   The Company may issue penalties to members in the following cases:

          1)   a member commits any of the actions set forth in the third clause
               of Article 9 above;

          2)   a member intentionally does not act in accordance with the
               intended use of any of the services or functionalities provided
               by the Company;

          3)   a member damages the Company's reputation; and/or

          4)   a member does not exercise good faith in connection with any
               aspects of the transaction process

     3.   Possible penalties regulated in the first clause of Article 10-1
          include the following:

          1)   being banned from using all or part of the Company's services
               permanently or temporarily;

          2)   confiscation of all or part of benefits such as mileage,
               G-stamps, coupons, etc., provided by the Company; and/or

          3)   penalties similar to being prescribed in 1) or 2) above

                                       8
<PAGE>

ARTICLE 11 (PURCHASE OF PRODUCTS)

     1.   Manner of execution

     Transactions are executed when a purchaser indicates his/her acceptance of
     the price for a particular item offered by a seller by placing a purchase
     order.

     2.   Handling of transactions

     A purchaser will receive the result and conditions of transactions from the
     Company by e-mail, telephone or mobile phone (SMS service), upon execution
     of transactions through Gmarket Service.

     3.   Payment

          1)   The manner of payment available to users for purchase of goods
               includes settlement by credit card, bank deposit and real time
               account transfer, etc.

          2)   Credit card may be used only after the card is registered with
               consent from the cardholder..

          3)   If, due to the Company's intent or negligence, a user's payment
               information is disclosed and results in damage to the relevant
               user, the Company shall be liable for such damages.

          4)   In order to purchase products valued higher than a designated
               amount, the purchaser should enter his/her personal information
               such as resident registration I.D. number and password for
               verification purposes.

          5)   In order to purchase products through bank deposit, the payment
               should be deposited with a designated bank account within seven
               (7) days from execution of the relevant transactions.

     4.   Delivery

          1)   The delivery period shall be from the date immediately following
               the date on which an order is executed to the time of delivery by
               E-dealer to the purchaser. The Company may appoint a certain
               delivery period to facilitate the sale and purchase process and
               may demand that E-dealer comply therewith.

          2)   In case of bank deposit, the delivery period shall be calculated
               from the date immediately following the date on which the bank
               deposit is confirmed.

                                       9
<PAGE>

          3)   In calculating the total delivery period, any holidays or other
               non-business days shall be excluded. Also, any days on which
               delivery was impracticable due to force majeure events or any
               other events beyond the seller's control shall be excluded when
               calculating the total delivery period.

          4)   The Company may engage in overseas delivery service through
               business cooperation with a third party. In overseas delivery,
               the domestic delivery portion shall be deemed completed once the
               products have arrived at a logistics center of a third party
               under business cooperation with the Company. The process of
               overseas delivery shall be deemed to have started at the point of
               such arrival.

     5.   Provision on Return/Exchange/Refund

          1)   A purchaser may demand refund or exchange of the purchased goods
               within seven (7) days after receipt of the delivery pursuant to
               Article 17 of the Act on Consumer Protection in Electronic
               Commerce Transactions, Etc. Provided, however, that a purchaser
               shall not be entitled to a refund or exchange if (i) the goods
               are lost or damaged due to causes attributable to the purchaser;
               (ii) the value of the goods is notably deteriorated due to use or
               partial consumption by the purchaser; (iii) the value of products
               is deteriorated to the point where resale of such products is
               difficult due to passage of time; or (iv) the packaging of a
               duplicable media product (e.g., software, CDs, DVDs, etc.) is
               damaged, unless the product itself has an original defect. For
               any refunds or exchanges requested by the purchaser due to change
               of heart, the purchaser shall bear the return delivery cost and
               necessary expenses in connection therewith.

          2)   In case defects in a product are not attributable to a purchaser,
               the seller is liable for refund or exchange upon the purchaser's
               demand. In this case, the return delivery cost and necessary
               expenses are borne by the seller.

          3)   In case the products a purchaser demands are sold out or out of
               stock and thus cannot be delivered, the refunding procedures
               should be taken and the reasons therefor shall be notified to the
               purchaser within three (3) business days from the receipt of the
               payment for products pursuant to the provision of Article 15 of
               the Act on Consumer Protection in Electronic Commerce
               Transactions, Etc.

                                       10
<PAGE>

          4)   Any material or emotional damage suffered by a purchaser arising
               solely from problems in delivery shall be wholly borne by the
               delivery company having caused such damage and the seller having
               designated such delivery company, and the Company shall provide
               the purchaser with necessary information of the seller and
               arbitrate in order to facilitate the resolution of such matters.

          5)   In case of overseas delivery, a purchaser may obtain a
               cancellation, exchange or refund of a purchased item as long as
               such item has not yet been put into a warehouse of a party who
               has an overseas delivery business partnership with the Company.
               However exchange/refund is impossible once the purchased products
               have been put into such warehouse, pursuant to Article 17(2)5 of
               the Act on Consumer Protection in Electronic Commerce
               Transactions, Etc. and Article 21 of its Enforcement Decree.
               However, if the product was originally defective and the Company
               acknowledges the defect, exchange/refund is possible any time,
               regardless of the shipping status.

          6)   To request a refund depending upon the Company's acknowledgement
               as stated above, the purchaser must send the Company sufficient
               evidence to prove the reasons for the exchange/refund, such as a
               defect of the product. The purchaser should pay the cost needed
               for exchange/refund, such as delivery cost. The price of the
               purchased product and the shipping fee will be refunded into the
               purchaser's G-account by the Company.

ARTICLE 12 (ENTITLEMENT TO MILEAGE AND THE STANDARDS)

     1.   In case a Gmarket member purchases products, mileage may accumulate in
          a certain ratio per product. Provided, however, that for any refund
          due to cancellation/return after purchase of the products, the mileage
          accumulated per purchase of products shall be deducted by applying the
          retroactive effect of contract cancellation under the Korean Civil
          Code.

     2.   Gmarket members may use additional services provided by the Company by
          converting accumulated mileage into G-Cash. Provided, however, that in
          the event of any accumulation of mileage in an unfair or inappropriate
          manner or use of accumulated mileage in an unfair or inappropriate
          manner, the Company may restrict use of such members' service pursuant
          to paragraphs (3) and (4) of Article 9.

     3.   Any Gmarket members who have not conducted any transactions for a
          one-year period and whose accumulated mileage is less than 5,000 shall
          be deemed dormant members, and the Company may withdraw the members'
          accumulated mileage.

                                       11
<PAGE>

ARTICLE 13 (G-CASH AND THE STANDARDS)

     1.   G-Cash may be awarded in each of the following cases:

          1)   Converting miles into G-Cash;

          2)   Through purchase of additional G-Cash by using cash or any
               ordinary payment method; or

          3)   Upon the Company's discretion

     2.   Products cannot be purchased using G-Cash, but G-Cash may be converted
          into cash upon demand if certain minimum denominations are met.

ARTICLE 14 (G-PASSBOOK SERVICE)

     1.   G-Passbook is a cyber account service available exclusively at
          Gmarket, which is provided to users by the Company, to allow
          management of an amount to be refunded to users from Gmarket or to be
          additionally deposited by users to Gmarket or mileage or G-Cash
          accumulated to members.

     2.   G-Passbook service consists of cash balance, G-Cash service and
          mileage service.

     3.   Purchasers may use their cash balance to make remittances to Gmarket,
          purchase items from our website up to the amount of the existing cash
          balance and pay for delivery costs or use of paid services. Purchasers
          may also convert their cash balance to G-Cash. In addition, any
          refunds that a purchaser is entitled to shall be deposited into the
          purchaser's cash balance. If a member requests a withdrawal from
          his/her cash balance to a bank account, the Company shall generally
          remit the requested amount to the bank account specified by such
          member within two (2) business days from the date of request, absent
          any special reason not to do so.

     4.   G-Cash is a type of cyber currency used for certain paid services
          provided by the Company. G-Cash may not be used to make purchases, but
          may be converted into the cash balance if the remaining G-Cash reaches
          a certain amount. In the event of converting G-Cash into the cash
          balance, the Company deducts 10% as a conversion fee and deposits the
          remainder into the cash balance..

     5.   Mileage service is provided by the Company to members with respect to
          purchase, confirmation of delivery and preparation of reviews on
          products, and members having a certain points of accumulated mileage
          may convert such accumulated mileage to G-Cash.

                                       12
<PAGE>

ARTICLE 15 (INTERACTIVE CLASSIFIED AD SERVICE)

     1.   The Company provides an interactive classified ad service whereby
          E-dealers in areas such as insurance, tour, automobile sales and other
          services list their advertisements on our website.

     2.   The Company only provides an online platform enabling such E-dealers
          to get in contact with our purchasers. No contracts between such
          E-dealers and purchasers are completed on our website nor are any
          consulting activities conducted on our website.

     3.   The Company is not responsible or liable in any manner for any actions
          taken by the service providers with respect to the handling of any
          personal information provided by our purchasers to such E-dealers in
          connection with the interactive classified ad service.

     4.   The Company is not responsible for any incorrect, false or fraudulent
          information provided by our purchasers to E-dealers in connection with
          the interactive classified ad service, and any purchaser who provides
          such information shall be solely responsible for any damages arising
          from the provision thereof.

ARTICLE16 (GMARKET GIFT CERTIFICATE)

Purchasers may purchase Gmarket-issued gift certificates on our website that may
be used towards making purchases of goods and services available on our website.
Anyone who purchases and/or redeems a Gmarket-issued gift certificate agrees to
abide by the Company's terms and conditions with respect thereto.

                                       13
<PAGE>

ARTICLE17 (G-STAMP)

     1.   G-stamps may be redeemed by purchasers to participate in events and
          enter into random drawing auctions provided by the Company.

     2.   Ownership of G-stamps belongs to the Company, and even though the
          Company may use expressions such as 'G-stamp issuance' with regard to
          the grant of the right to use G-stamp, the Company only grants the
          right to use G-stamp, not the ownership thereof.

     3.   G-stamp may not be used for purchase transactions involving goods or
          services, and may not be exchanged for G-cash or cash.

     4.   Members may obtain the right to use G-stamps by the following methods

          1)   In connection with an applicable purchase

          2)   By winning an event in which G-stamps are awarded

          3)   Convert points provided by a third party that has an affiliate
               partnership with the Company into G-stamps

          4)   Other methods based solely on the Company's discretion

     5.   G-stamps are valid for three years after the date of issue, and
          expired G-stamps are automatically terminated.

     6.   If a purchaser uses or attempts to use G-stamps by improper methods,
          such as having G-stamps issued improperly, pursuant to Article 9
          above, the Company can terminate the contract with or limit the
          service use of such purchaser.

ARTICLE 18 (SELLER'S MAILING AND REJECTION TO RECEIPT)

     1.   Gmarket's sellers may send mails to customers of mini shops or
          purchasers of products only in case the recipients have agreed to
          receive such shopping letters.

     2.   Gmarket shall not provide the sellers with any information of
          purchasers in the course of sending mails. Purchasers may click the
          'rejection to receipt' button in 'my information' or at the bottom
          line of sellers' mails to reject receipt of the shopping letters.

                      Chapter 4 Service and Service Charge

ARTICLE 19 (SERVICE PERIOD AND SUSPENSION)

     1.   The effective period of these Terms and Conditions is one year from
          the date of application for service and shall be automatically
          extended for additional one-year periods unless a written demand for
          amendment of contents of services is given at least two (2) months
          prior to the expiration of the relevant service period.

                                       14
<PAGE>

     2.   The Company may temporarily suspend provision of services in the event
          of repair, inspection, replacement or malfunction of information
          technology and communication facilities including computers or
          communication stoppage, etc. In the event of suspension of services,
          the Company shall provide notification thereof on its homepage, and
          the Company shall not be held liable for damage suffered by users or a
          third party due to temporary suspension of service. Provided, however,
          that this does not apply when the Company contributed to such event by
          willful or gross negligence.

ARTICLE 20 (INFORMATION PROVIDED BY USERS)

     1.   Information provided by users means any and all information (e.g.,
          description, illustrations, photos, etc.) set forth on Gmarket.

     2.   Information provided by users is reflected to Gmarket in real time
          automatically. Therefore, any and all responsibilities for such
          information shall be borne by the relevant user who has provided the
          information. Provided, however, that the Company may delete or amend
          the relevant information upon demand by the rightful owner of such
          information.

ARTICLE 21 (SERVICE CHARGE)

     1.   The Company shall provide necessary services required to facilitate
          free electronic commerce transactions among users and may impose
          service charge on use of the system.

     2.   The Company may, when a transaction is executed at Gmarket, impose on
          members a charge for use of Gmarket system and sale/purchase
          protection system.

     3.   When G-Cash is converted into cash, the Company may deduct conversion
          commission (currently 10%) therefrom.

                                       15
<PAGE>

                           Chapter 5 Indemnification.

ARTICLE 22 (INDEMNIFICATION OF THE COMPANY)

     1.   The Company shall only provide a transaction system based on Gmarket,
          and with respect to any disputes arising in connection with contents
          of transactions utilizing the Gmarket transaction system (e.g., price,
          letters, numbers, pictures and sounds), the relevant parties to the
          transactions shall be responsible.

     2.   In the event that the Company cannot provide Gmarket services due to
          act of God or any similar force majeure event, the Company may
          restrict or temporarily suspend provision of service, and the Company
          shall not be liable for any consequences due to such restriction or
          suspension of service.

     3.   The Company shall not be held liable for hindrances in use of service
          due to reasons attributable to members or other Internet users.

     4.   With respect to damages resulting from reliance on information, data
          and verification of date as posted by users, the Company shall not be
          held responsible for such damages.

     5.   With respect to any damages incurred by users due to their disclosure
          or provision of personal information (e.g., credit card information,
          etc.), the Company shall never be held responsible for such damages.

     6.   Any problem arising due to defects in manufacturing in the course of
          using products purchased by users shall be treated pursuant to the
          Product Liability Act.

ARTICLE 23 (JURISDICTION)

Any legal proceedings, brought in connection with disputes arising between the
Company and users from Gmarket service provided by the Company shall be subject
to jurisdiction of the competent court (currently, the Seoul Central District
Court) having jurisdiction over the location of the head office of the Company.

                                       16
<PAGE>

ARTICLE 24 (OTHERS)

     1.   The Company may, if necessary, amend or suspend certain services
          temporarily or permanently with giving advance notice thereof through
          Gmarket, GSM program, etc.

     2.   The Company and its users cannot transfer the rights and obligations
          under these Terms and Conditions to a third party without prior
          consent of the other party.

     3.   Agreements, memoranda and notices, etc. additionally executed between
          the parties, changes of the Company's policies, enactment and
          amendment of laws and decrees, and public notification by the Company
          through Gmarket or GSM to users pursuant to notification and
          guidelines of public authorities shall constitute a part of these
          Terms and Conditions.

                                    ADDENDUM

ARTICLE 1 (EFFECTIVE DATE)

These Terms and Conditions shall become effective as of September 12, 2006.

                                       17

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