Document:

<PAGE>

                                                                    Exhibit 10.1

English Translation

                                 LEASE AGREEMENT

                         Lessor: LG Insurance Co., Ltd.

                              Lessee: Gmarket Inc.

<PAGE>

                                 LEASE AGREEMENT

This Lease Agreement (this "Agreement") is entered into on December 15, 2005 by
and between LG Insurance Co., Ltd. (the "Lessor") and Gmarket Inc. (the
"Lessee") under the following terms and conditions:

Article 1 (Description of Leased Premises)

     (1)  The Lessor intends to lease to the Lessee, and the Lessee intends to
          lease from the Lessor, certain parts of the Building (the "Leased
          Premises") the details of which are described below:

                         Description of Leased Premises

          Location: LG Insurance Co., Ltd. Bldg., 649-11 Yoksam-dong,
          Kangnam-gu, Seoul, Korea

<TABLE>
<S>         <C>      <C>
6th Floor   Number     429.60 pyung (including the common area)
7th Floor   Number     429.60 pyung (including the common area)
8th Floor   Number     429.60 pyung (including the common area)
            Total:   1,288.80 pyung
</TABLE>

                              < Attached Drawing >

     (2)  The Lessee shall use and occupy the Leased Premises for the purpose of
          office space. The Lessee may not use the Premises for any other
          purposes.

Article 2 (Lease Term)

     (1)  The term of lease (the "Lease Term") shall be a period of twelve (12)
          months commencing on February 27, 2006 and ending on February 28,
          2007, provided however, this Agreement shall be extended for a period
          of one (1) year after the initial Lease Term with the increase rate of
          the rent not exceeding 3%.

     (2)  During the Lease Term, this Agreement may be terminated by giving a
          three months' prior written notice of termination to the other party
          and by mutual agreement between the parties. This Agreement shall be
          deemed as having

                                       2

<PAGE>

          terminated three (3) months after the date of such three months' prior
          written notice.

Article 3 (Security Deposit)

     (1)  The Lessee shall deposit to the Lessor the security deposit (the
          "Security Deposit") as follows, and no interest shall accrue on the
          Security Deposit:

<TABLE>
<CAPTION>
 Classification      Amount      Percentage               Payment Due Date
 --------------      ------      ----------               ----------------
<S>               <C>            <C>          <C>
  Down Payment    W 81,194,400       10%                    Signing Date
 Second Payment   W324,777,600       40%      Interior Construction Commencement Date
Balance Payment   W405,972,000       50%                   Moving in Date
     Total        W811,944,000      100%
</TABLE>

     (2)  If the Lessee delays the payment of the Security Deposit, the Lessor
          may immediately terminate this Agreement.

     (3)  If this Agreement is terminated before moving in due to a cause
          attributable to the Lessee, the Down Payment set forth in Paragraph
          (1) above shall be retained by the Lessor unconditionally, and the
          Lessee shall not claim refund thereof.

     (4)  The Lessee may not apply the Security Deposit to the payment of any
          monthly rent or maintenance fee, nor may the Lessee assign, pledge or
          provide as security to a third party its claim for refund of the
          Security Deposit.

     (5)  If the Lessee fails to perform any of its payment obligations set
          forth in this Agreement within the prescribed time period, the Lessor
          may apply the Security Deposit toward the payment of such unpaid
          amount without any procedure to take in advance. In the event that the
          Lessor applies the Security Deposit toward the payment of an unpaid
          amount, the Lessor shall give the Lessee a written notice of such
          application within seven (7) days, and the Lessee shall, within seven
          (7) days from the receipt of such notice, make up the deduction from
          the Security Deposit.

     (6)  If this Agreement terminates upon expiry of the Lease Term or
          termination hereof or otherwise, the Lessor shall refund the Security
          Deposit to the Lessee

                                       3

<PAGE>

          immediately after the surrender of the Leased Premises by the Lessee
          to the Lessor. Provided, however, that the Lessor shall deduct any
          outstanding expenses or debts payable by the Lessee hereunder from the
          Security Deposit to be returned to the Lessee.

Article 4 (Monthly Rent)

     (1)  The Lessee shall pay to the Lessor the sum of W81,194,400
          (W63,000 per pyung, VAT exclusive) by the fifteenth day of each
          month (or the next following business day, if the last day falls on a
          statutory holiday).

     (2)  If the Lease Term begins during a calendar month, the monthly rent
          shall be prorated by days. The same applies if the Lease Term expires
          during a calendar month.

     (3)  Even if the Lessee fails to move in on the commencement date of the
          Lease Term, the rent shall be calculated from the commencement date of
          the Lease Term, provided however, if the Lessor fails to surrender the
          Leased Premises to Lessee on the commencement date of the Lease Term,
          the rent shall be calculated from the date of actual surrender of the
          Leased Premises by the Lessor.

Article 5 (Maintenance Fee)

     (1)  The Lessee shall pay to the Lessor maintenance fee, covering the
          electric charge, water supply and sewage charge, sanitation charge and
          any and all expenses for maintenance and management of the building on
          the fifteenth day of each month (or the next following business day,
          if the last day falls on a statutory holiday), and the maintenance fee
          shall be determined pursuant to the separate agreement prepared after
          the completion of the calculation for maintenance fee by the Lessor.
          Provided however, even during the Lease Term, the Lessor may adjust
          the maintenance fee (VAT exclusive) on first day of April of each year
          by giving one (1) month prior written notice.

     (2)  The Lessee shall separately pay charges for any special facilities
          additionally installed by Lessee for its private needs and any taxes
          and public imposts

                                       4

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          thereon to the building management company.

     (3)  If the Lease Term begins during a calendar month, the maintenance fee
          shall be prorated by days. The same applies if the Lease Term expires
          during a calendar month. Provided however, in the event an interior
          construction is conducted, the calculation for the maintenance fee
          shall be commenced from the date agreed by the parties.

Article 6 (Default Interests)

     (1)  If the Lessee fails to pay the monthly rent, maintenance fee hereunder
          and the taxes and public imposts set forth in Article 8 below, or to
          perform any of its payment obligations set forth in this Agreement
          within the prescribed time period, the Lessee shall pay to the Lessor
          default interests accrued thereon at the rate of 18% per year for the
          period of default until the date of actual payment. In the event that
          Lessor applies the Security Deposit toward the payment of an unpaid
          amount as set forth in Article 3(5) above, the payment shall be deemed
          to be made on the date on which the Lessee actually makes up the
          deducted portion from the Security Deposit.

     (2)  The amount paid under the Lessee's payment obligation shall be applied
          in the following order: default interests, parking fee, maintenance
          fee, monthly rent and the Security Deposit.

     (3)  If the Lessor fails to refund the Security Deposit or to perform any
          of its payment obligations set forth herein within the prescribed time
          period, the Lessor shall pay to the Lessee default interests accrued
          thereon at the rate of 18% per year for the period of default until
          the date of actual payment or refund.

     (4)  The default interest set forth in this Agreement shall accrue on the
          Security Deposit, the monthly rent, the maintenance fee, parking fee,
          damages for delay in vacation of the leased premises, damages for
          early termination, or any other payment obligation, irrespective of
          whether this Agreement is terminated under Article 20 herein or
          expired, until such unpaid amount has been fully paid.

Article 7 (Adjustment of Security Deposit, Monthly Rent and Maintenance Fee)

                                       5

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During the Lease Term, if any of the following events occurs, the Lessor may
give one (1) month's written notice to the Lessee to adjust the amount of the
Security Deposit, the monthly rent and the maintenance fee:

     (1)  In case adjustment is needed to improve or maintain the conditions of
          the Leased Premises, or Changes in taxes or public charges on the
          Leased Premises.

     (2)  Changes in expenses required to maintain the Leased Premises in normal
          operation, including heating & cooling charges, and labor costs for
          cleaning and security services;

     (3)  Changes in cost of living or other economic conditions;

     (4)  The maintenance fee may be adjusted on the first day of April of each
          year by giving one (1) month prior written notice as set forth in
          Article 5 (1).

Article 8 (Use of Special Facilities and Communications)

     (1)  The Lessee shall give a written notice to the Lessor of the cars owned
          by it and shall have free parking spaces for the number of cars
          designated by the Lessor according to the leased area.

     (2)  If the number of the Lessee's cars to be parked in the parking lot
          exceeds the number of cars designated by the Lessor, the Lessor may
          charge parking fees for such exceeding number of cars pursuant to
          separate provisions.

     (3)  The Lessee may install and operate communication facilities after
          obtaining the required approval from the relevant authority, and after
          the installation of the communication facilities, the Lessee shall
          give a notice of such installation to the Lessor. The Lessee shall
          bear all costs of the operation and repair of the communication
          facilities.

Article 9 (Prohibition of Assignment of Rights or Sublease, etc.)

In any event, the Lessee may not transfer, or provide as collateral, its rights
and obligations hereunder to a third party or sublease or use all or any part of
the Leased Premises for purposes other than as set out herein without express
consent of the Lessor.

                                       6

<PAGE>

Article 10 (Use of the Leased Premises)

     (1)  The Lessee shall not establish residence within the Leased Premises or
          use the Leased Premises for any purposes other than the ones set forth
          in Paragraph (2) of Article 1. However, the Lessee may have a night
          watchman with the written consent of the Lessor.

     (2)  In the event that the Lessee desires to use some facilities within the
          Leased Premises, the Lessee shall give the Lessor prior written notice
          thereof and pay all expenses therefor as the Lessor requests.

Article 11 (Safe Management of Properties and Insurance)

     (1)  The Lessee shall be solely responsible for the safe management of its
          private properties within the Leased Premises. The Lessor shall not be
          liable for any loss or damages sustained by the Lessee due to fire,
          theft, or other accidents, unless the Lessee proves that the cause for
          such damage was attributable to the Lessor.

     (2)  The Lessee shall, at its own expense, take out fire insurance for
          facilities installed by it; provided, however, that the Lessor shall,
          at its own expense, take out fire insurance for the leased building.

Article 12 (Prohibited Acts)

The Lessee may not engage in any of the following acts:

     (1)  An act that is unpleasant to the public, unauthorized installation,
          posting, or keeping of signboards, advertising or other materials;

     (2)  Bringing in any inflammables, dangerous goods, goods that may be
          harmful or offensive to the human body or goods that may damage other
          property;

     (3)  Bringing in or using heating or cooling equipment without the Lessor's
          prior approval or consent;

     (4)  Destroying any structure, machinery or other facilities installed by
          the Lessor, or changing any structure, advertisement materials or
          signboards without the Lessor's prior written consent;

                                       7

<PAGE>

     (5)  Manufacture or sale of illegal goods.

Article 13 (Installation of Facilities within the Leased Premises)

     (1)  In the event that the Lessee desires to engage in any of the following
          acts within the Leased Premises at its own expense, the Lessee shall
          obtain prior written consent of the Lessor. In such case, the Lessor
          may restrict or oversee such acts for the purpose of ensuring the
          structural safety and unity of the Leased Premises.

          1)   Installing or remodeling fire walls, partitions, windows, doors,
               etc; or

          2)   Installing, adding or remodeling facilities for electric lights,
               power supply, communication, ventilation, gas, etc.

Article 14 (Repair)

In the event facilities installed within the Leased Premises by the Lessor as of
the date of this Agreement are worn out, faded or broke down, the Lessor shall
bear the cost of repair thereof.

Article 15 (Compensation for Damage)

     (1)  The Lessee shall immediately report to the Lessor all damage,
          destruction or loss of the Leased Premises or other facilities within
          the building arising out of any willful act or negligence by the
          Lessee or its employee or its clients, and shall compensate therefor.

     (2)  If the Lessee fails to report to the Lessor for a substantial period
          any damage caused by any third parties as set forth in Paragraph (1)
          above, such damage shall be deemed to be caused by the Lessee.

     (3)  The amount of damage according to this Article shall be calculated by
          the Lessor based on the price as of the time of compensation.

Article 16 (Restriction on Access)

                                       8

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The Lessor or its employees may access the Leased Premises with third parties
during appropriate hours for the purpose of maintenance inspection, sanitation,
fire and crime prevention, rescue, or showing the Leased Premises to prospective
tenants before the end of the Lease Term with prior notice to the Lessee.

Article 17 (Termination of Agreement)

     (1)  The Lessor may terminate this Agreement within ten (10) days after
          giving a written notice to the Lessee in any of the following cases:

          1)   If the Lessee delays payment of the monthly rent, maintenance fee
               and any other payables hereunder for two or more months;

          2)   If a third party enforces provisional attachment, attachment,
               provisional disposition, or any other compulsory execution on
               Lessee's claim to the Security Deposit, or the Lessee offers the
               claim as a pledge or collateral;

          3)   If the Lessee enters into bankruptcy or insolvency, or an
               application for the commencement of a corporate reorganization
               proceeding has been filed against the Lessee;

          4)   If the Lessee is in breach of any provisions hereof or any
               agreements between the Lessee and the Lessor related to this
               Agreement;

          5)   If the Lessee delays occupation of the Leased Premises for more
               than two months;

          6)   If the Lessee vacates the Leased Premises for more than three
               months without reasonable grounds; or

          7)   If the Lessee is in breach of any other obligations hereof.

     (2)  The Lessee may terminate this Agreement within ten (10) days after
          giving a written notice to the Lessor in any of the following cases:

          1)   If the Lessor fails to deliver the Leased Premises to the Lessee
               or delivers only part of the Leased Premises not enough to
               achieve the purpose of the lease;

          2)   If the Lessor fails to maintain the condition of the Leased
               Premises necessary for the Lessee's use of the Leased Premises in
               violation of Article 623 of the Civil Law; or

          3)   If there is material cause for termination, such as Lessor's
               failure to

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               cooperate with the preservation of claims, or the Lessor is in
               breach of any of its obligations hereof.

Article 18 (Expiration of Agreement)

This Agreement shall expire in any of the following cases:

     (1)  the Lease Term has expired; or

     (2)  this Agreement is terminated in accordance with the provisions hereof.

Article 19 (Vacation of the Leased Premises and Restoration)

     (1)  Upon expiry, prior to the date of expiration of the Lease Term, the
          Lessee shall remove its belongings and property, return the keys and
          the Lessor's property and vacate all of the Leased Premises to the
          Lessor.

     (2)  If the Lessee fails to comply with the Lessor's lawful request for
          vacation, the Lessor may suspend electric power or water supply.

     (3)  In the event that Lessee fails to remove its belongings and property
          or restore the Leased Premises to their original conditions due to a
          cause attributable to the Lessee, the Lessee shall pay Lessor a
          penalty equal to twice the monthly rent and maintenance fee for the
          period beginning from the expiration of the Lease Term and ending on
          the fulfillment of the obligations to vacate and restore the Leased
          Premises.

Article 20 (Force Majeure)

     (1)  The Lessor shall not be liable for any and all damages and
          inconveniences suffered by the Lessee or any third party related to it
          due to an act of God, war, riot, any other force majeure event or any
          other cause beyond reasonable control of the Lessor.

     (2)  Any of the force majeure events stipulated in Paragraph (1) above
          shall not delay the payment obligations that have already accrued
          hereunder.

                                       10

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     (3)  If any of the force majeure events stipulated in Paragraph (1) above
          prevents the Lessee from using the Leased Premises, the Lessee shall
          be exempted from its obligation to pay the monthly rent and
          maintenance fee for the period during which the Lessee can not use the
          Leased Premises.

Article 21 (Modification)

If reasonable and necessary reasons exist, the Lessor and the Lessee may modify
the terms and conditions hereof by mutual agreement in writing prior to the
expiry of the Lease Term.

Article 22 (Guarantor)

If the Lessor deems it necessary, the Lessor may, by agreement with the Lessee,
allow a guarantor to jointly guarantee the Lessee's performance of obligations
hereunder.

Article 23 (Application of General Laws and Others)

Matters which are not specified in this Agreement, or any discrepancy in the
provisions of this Agreement shall be settled in accordance with the relevant
laws and generally accepted lease practices by mutual agreement of the Lessor
and the Lessee.

Article 24 (Jurisdiction)

The competent court for any disputes related to this Agreement shall be the
Seoul Civil District Court.

Article 25 (Management Rules)

The Lessor may enact, enforce or alter management rules and by-laws for the
preservation of the Lessors' property and management of the Lease Premises
pursuant to this Agreement, and the Lessor shall give a notice thereof to the
Lessee and obtain express consent of the Lessee in order to give such management
rules and by-laws force equivalent to that of this Agreement.

                                       11

<PAGE>

IN WITNESS WHEREOF, this Agreement shall be made in two (2) copies and each of
the copies duly executed by both Parties shall be kept by Lessor and Lessee.

December 15, 2005

The Lessor

Address: 85 Da-dong, Joong-gu, Seoul, Korea
         LG Insurance Co., Ltd

Name: Representative Director, President Ki Young LEE [seal]

The Lessee

Address: 6th Fl., Nam Seoul Bldg., 1304-3 Seocho-dong, Seocho-gu, Seoul, Korea
         Gmarket Inc.

Name: Representative Director, Young Bae KU [seal]

                                       12<PAGE>

                                                                    Exhibit 10.2

English Translation

                                SUBLEASE CONTRACT

                        Description of Subleased Premises

5th Floor of Nam Seoul Bldg., 1304-3, 1304-6 Seocho 4-dong, Seocho-gu, Seoul
(Subleased area (Contracted area): 258 pyung; Area for exclusive use: 154.8
pyung)

Sub-lessor:   Interpark Corporation
              Representative: Ki Hyung Lee
              8th Floor, Nam Seoul Bldg., 1304-3, 1304-6, Seocho 4-dong,
              Seocho-gu, Seoul

Sub-lessee:   GMARKET, Inc.
              Representative: Young Bae Ku
              6th Floor, Nam Seoul Bldg., 1304-3, 1304-6, Seocho 4-dong,
              Seocho-gu, Seoul

Sub-lessor and Sub-lessee enter into this Sublease Contract with the consent of
Lessor for the Subleased Premises on the following terms and conditions as of
February 27, 2006. Upon the execution of this Contract, the Sublease Contract
dated April 6, 2005 (for the 5th, 6th and 7th floors) shall be null and void;
provided, that for purposes of the rent and maintenance fee for the subleased
5th floor, the 5th floor shall be deemed to have been continuously used by
Sub-lessee, and thus, be subject to rate increase. Sub-lessor shall refund to
Sub-lessee 153,736,000 Korean Won remaining after deducting the security deposit
for the Subleased Premises from the security deposit (267,256,000 Korean Won)
paid by Sub-lessee:

ARTICLE 1 (TERM OF SUBLEASE)

     1.   The term of this Sublease Contract shall be from February 27, 2006 to
          January 31, 2007.

                                       1

<PAGE>

     2.   Unless Sub-lessee delivers to Sub-lessor a written notice of
          termination or modification of this Sublease Contract by six months
          prior to expiration of the term, this Sublease Contract shall be
          deemed automatically extended for another one year, provided that the
          terms and conditions of the Sublease Contract for the extended period
          shall be determined upon mutual consultation. If a renewal of this
          Sublease Contract is not executed by three months prior to expiration
          of the initial term, this Sublease Contract shall be terminated.

     3.   In case Sub-lessee desires to terminate this Sublease Contract prior
          to expiration of the term hereof, Sub-lessee shall notify the other
          party in writing by six months prior to the date of termination. The
          termination shall be effective after six months from the date of
          receipt of the written termination notice by Sub-lessor.

     4.   If Sub-lessee terminates this Sublease Contract by a written notice
          pursuant to the preceding paragraph during the term hereof, Sub-lessee
          shall pay to Sub-lessor an amount equivalent to one month's sub-rent
          as damages.

ARTICLE 2 (SECURITY DEPOSIT FOR SUBLEASE)

     1.   Sub-lessee shall pay Sub-lessor 113,520,000 Korean Won (440,000 Korean
          Won per Pyung) as security deposit.

ARTICLE 3 (SUB-RENT)

     1.   Sub-lessee shall prepay Sub-lessor 12,487,200 Korean Won (48,400
          Korean Won per Pyung) as monthly rent for the Subleased Premises on
          the 5th day of every month. Sub-lessor shall send a bill for the
          payment of rent to Sub-lessee by the 25th day of the preceding month
          (VAT not inclusive).

     2.   If this Sublease Contract commences or terminates in the middle of a
          month, the rent for the month shall be pro-rated by days.

     3.   If Sub-lessee delays payment of rent, default interest shall accrued
          thereon at the rate of 2% per month, which shall be paid to
          Sub-lessor.

     4.   Sub-rent shall be increased by 10% per Pyung every year following the

                                       2

<PAGE>

          execution hereof, to 48,400 Korean Won/Pyung on the 1st anniversary
          and 53,240 Korean Won/Pyung on the 2nd anniversary (VAT not
          inclusive).

ARTICLE 4 (MAINTENANCE FEES)

     1.   7,110,480 Korean Won (27,560 Korean Won per Pyung) shall be paid in
          advance to Sub-lessor on the 5th day of each month as maintenance fees
          including charges for electricity and water supplied to the Subleased
          Premises, cooling and heating, elevator operation and cleaning, etc.
          Sub-lessor shall send a bill for the maintenance fees to Sub-lessee by
          the 25th day of the preceding month. If this Sublease Contract
          commences or terminates in the middle of a month, the maintenance fees
          for the relevant month shall be prorated by days (VAT not inclusive).

     2.   If Sub-lessee delays payment of the maintenance fees, default interest
          shall accrue thereon at the rate of 2% per month, which shall be paid
          to Sub-lessor.

     3.   The maintenance fees shall be increased by 5% per Pyung every year
          following the execution hereof, to 27,560 Korean Won/Pyung on the 1st
          anniversary and then 28,940 Korean Won/Pyung on the 2nd anniversary
          (VAT not inclusive). In the event of exceptional rise in oil prices or
          electricity causing drastic increase in maintenance fees, Sub-lessor
          and Sub-lessee may adjust the maintenance fees even during the term
          hereof by mutual agreement.

     4.   All costs, charges for electricity, water, taxes and public charges
          relating to special facilities installed for the need of Sub-lessee
          shall be borne by Sub-lessee, in addition to the maintenance fees.

ARTICLE 5 (REMITTANCE OF SUB-RENT AND MAINTENANCE FEES)

Sub-lessee shall remit the sub-rent and the maintenance fees under this Sublease
Contract to a bank account designated by Sub-lessor.

ARTICLE 6 (SUBSEQUENT SUBLEASE)

Sub-lessee may neither transfer its rights under this Sublease Contract nor
sublease all

                                       3

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or any part of the Subleased Premises to a third party, provided that Sub-lessee
may sublease the Subleased Premises to its affiliates or a third party with
written consent of Sub-lessor, and Sub-lessor shall keep the business secrets of
Sub-lessee strictly confidential.

ARTICLE 7 (RESIDENCE AND RESTRICTION ON USE)

     1.   Sub-lessee may use the Subleased Premises as a general office.

     2.   Sub-lessee may not establish a residence within the Subleased
          Premises, provided that Sub-lessee may assign a shift staff on night
          duty with the written consent of Sub-lessor.

     3.   If Sub-lessee uses the Subleased Premises for a time period other than
          working hours (6:00 p.m. ~ 8:00 a.m.) or uses the Subleased Premises
          on holidays, the Sub-lessee shall bear the actual cost of use of any
          facilities that exceeds the ordinary expenses incurred for the
          sublease, as additionally requested by Sub-lessor.

     4.   Goods may be carried in and out of the Sub-leased Premises after 6:00
          p.m. with written consent from Sub-lessor, in principle.

ARTICLE 8 (PROTECTION OF PROPERTY)

The Sub-lessee is solely responsible for its property, and Sub-lessor shall not
be liable for any damage arising within the Subleased Premises, provided that
Sub-lessor shall take proper actions and bear responsibilities as specified in
Article 10 for the purpose of maintaining order and protecting facilities in the
common area of the building.

ARTICLE 9 (PROHIBITED ACTS FOR SUB-LESSEE)

Sub-lessee may not engage in any of the following acts within the building
without prior consent or approval of Sub-lessor, which shall not be unreasonably
withheld, delayed or conditioned:

     a.   install or display signboards or advertising materials that may be

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          unpleasant to the public or likely to obstruct any other common
          facilities;

     b.   bring in or keep explosives, dangerous goods or goods harmful to human
          body, unpleasant to others or likely to be destructive;

     c.   arbitrarily bring in cooling/heating devices other than subsidiary air
          conditioning equipment which has not an adverse effect on the function
          of the building's air conditioning system;

     d.   damage or destroy structures, devices or facilities installed by
          Sub-lessor or modify the structures without Sub-lessor's consent or
          approval;

     e.   sell or drink alcoholic beverages;

     f.   manufacture, market and sell materials in violation of laws;

     g.   use the Subleased Premises for purposes other than those permitted
          under this Sublease Contract;

     h.   use fuel for the purpose of heating other than oil, gas and electric
          heaters, etc. as supplied by Sub-lessor; or

     i.   install and sell by automatic vending machines, etc.

ARTICLE 10 (SCOPE OF MAINTENANCE)

Sub-lessor shall faithfully carry out each of the following to allow Sub-lessee
the enjoyment of normal use of the Subleased Premises as permitted under this
Sublease Contract; provided that Sub-lessee shall be responsible for
installation and maintenance of fire extinguishers required per room pursuant to
the amended Fire Services Act, at its own expense:

     a.   Security and Guide

<TABLE>
<CAPTION>
Section               Details
-------               -------
<S>                   <C>
Control/Monitoring    -    Classify controlled and restricted areas and maintain
                           security of entrances/exits.

                      -    Regularly monitor the disaster prevention system.

                      -    Patrol and perform personal monitoring

Entrance /Exit/       -    Control opening and closing of entrances
Guidance
                      -    Escort and usher visitors according to their classes
                           (VIP, commercial and general visitors)

                      -    Check in and out goods

                      -    Maintain keys
</TABLE>

                                        5

<PAGE>

<TABLE>
<S>                   <C>
Crime prevention      -    Perform field inspection and take immediate action
                           upon detection of abnormality in the course of
                           disaster prevention monitoring

                      -    Regular inspection of crime preventing facilities

                      -    Check and control incoming/outgoing persons

                      -    Take immediate action against theft and trespassers

                      -    Maintain lost articles' management system

Safety control        -    Pre-examine causes of fire or safety risk and To
                           inspect and take immediate measure upon occurrence of
                           fire or accident.

Others                -    deliver mail and newspapers
</TABLE>

     b.   Beautification

<TABLE>
<CAPTION>
Section               Details                                 Implementing Cycle
-------               -------                                 ------------------
<S>                   <C>                                     <C>
Daily cleaning        -    Clean floor (dry and wet mop)      Daily or from time
                                                              to time
                      -    Clear waste baskets

                      -    Dust window frames and clean
                           windows

                      -    Clean rest rooms

                      -    Fill toilet papers

                      -    Clean foot boards

                      -    Maintain clean outer wall of the
                           building

Regular cleaning      -    Scrub floor                        Every week and
                                                              every month
                      -    Wax floor

                      -    Polish metal parts of the
                           building

                      -    Wipe windows and panes

Special cleaning      -    Clean outer walls of the           Quarterly
                           building

                      -    Clean lamps

                      -    Clean windows and sashes

                      -    Clean the ventilator exterior

Others                -    Special cleaning work other than
                           regular cleaning.
</TABLE>

     c.   Facility Maintenance

<TABLE>
<CAPTION>
Section               Details                                 Cycle
-------               -------                                 -----
<S>                   <C>                                     <C>
Machine               -    Operate, inspect and take          From time to time
                           emergency measure for boilers      and regularly
                           and heat-exchangers.
</TABLE>

                                       6

<PAGE>

<TABLE>
<S>                   <C>                                     <C>
                      -    Operate, inspect, and take
                           emergency actions for chiller &
                           cooling towers.

                      -    Operate, inspect, and take
                           emergency actions for FCUs.

                      -    Operate, inspect, and take
                           emergency actions for pumps and
                           blowers.

                      -    Inspect water supply and
                           sanitary facilities

                      -    Operate, inspect, and take
                           emergency actions for water
                           purifier tanks

                      -    Maintain and repair pipes and
                           ducts.

Electricity           -    Operate, inspect, and take         From time to time
                           emergency actions for power        and regularly
                           receiver and transformers.

                      -    Operate, inspect, and take
                           emergency actions for power
                           equipment.

                      -    Operate and maintain indoor
                           wiring facilities.

                      -    Operate and maintain
                           power-generating facilities.

Disaster Prevention   -    Operate and inspection             From time to time
                           disaster prevention center.        and regularly

                      -    Manage fire prevention program.

                      -    Maintain and repair
                           fire-extinguishing facilities.

                      -    Maintain and repair automatic
                           fire detection equipment and
                           broadcasting facilities.

                      -    Maintain and repair of gas
                           facilities.

                      -    Maintain and repair smoke
                           removing facilities.

Construction          -    Maintain and repair basic          From time to time
                           construction (ceiling, TEX,        and regularly
                           floor, outer wall and painting,
                           etc.)

                      -    Maintain and repair doors and
                           windows (windows, entrances and
                           shutters, etc.) and handle
                           irregularities.

                      -    Maintain and repair plastering
                           and waterproof works
</TABLE>

ARTICLE 11 (COOLING AND HEATING)

Sub-lessor shall operate cooling and heating facilities to maintain proper
temperature within the Subleased Premises as follows:

     a.   Cooling: Indoor temperature of at lest 26 degrees c +/- 2 degrees c
          for summer

     b.   Heating: Indoor temperature of at most 22 degrees c +/- 2 degrees c
          for winter

                                       7

<PAGE>

ARTICLE 12 (REMODELING AND INSTALLATION OF FACILITIES WITHIN THE SUBLEASED
PREMISES)

In case Sub-lessee desires to do any of the following, Sub-lessee shall obtain
prior written consent from Sub-lessor regarding any structural changes and
perform such work at Sub-lessee's cost; provided that even in such case,
Sub-lessor may give direction and supervision of works. Notwithstanding the
foregoing provision, Sub-lessee shall have sole authority to employee
sub-contractors for conducting the work on the Subleased Premises. Any consent
pursuant to this Article requested by Sub-lessee to Sub-lessor shall not be
unreasonably withheld, delayed or conditioned.

     1.   Any remodeling, new installation or alteration of partitions, windows
          and doors, etc. within the Subleased Premises;

     2.   New installation and relocation of power sources for lamps,
          installation of telephones, new or additional installation,
          relocation,, and alteration of water supply, drainage facilities, and
          gas supply facilities; or

     3.   Carrying in and fixing heavy articles including safe boxes.

ARTICLE 13 (REPAIR)

     1.   All expenses required to repair walls, ceilings and floors as part of
          interior works conducted by Sub-lessee within the Subleased Premises
          (including painting expenses) shall, in principle, be borne by
          Sub-lessee, but any other repairs (including repair of building
          structure or painting of ceiling naturally discolored) shall be borne
          by Sub-lessor.

     2.   Sub-lessee shall promptly notify Sub-lessor of a place needing repair
          and shall consult with Sub-lessee, even if Sub-lessee repairs

ARTICLE 14 (DAMAGES)

     1.   If either party breaches this Sublease Contract or causes any damage
          to the other party due to reasons attributable to the party itself,
          its employee or a person subcontracted or authorized to perform its
          duties on its behalf, the responsible party shall compensate the other
          party for all damage.

                                       8

<PAGE>

     2.   If Sub-lessee or its employees or customers have damaged the Subleased
          Premises by intent or negligence, Sub-lessee shall notify Sub-lessor
          thereof without delay and shall compensate Sub-lessor for the damage
          incurred to Sub-lessor.

     3.   Damages shall be determined based upon the market price at the time of
          compensation.

ARTICLE 15 (FORCE MAJEURE)

     1.   Sub-lessor shall not be responsible for property damage and property
          loss caused by fire, theft, natural disasters, earthquake, etc., and
          suffered by Sub-lessee. Sub-lessee shall install fire fighting
          equipment and facilities within the Subleased Premises.

     2.   Sub-lessor shall not be responsible for any service shortage or
          suspension of use of common areas, arising from Sub-lessor's repair,
          alteration or renovation.

     3.   Sub-lessee shall be responsible for accidents such as fire and theft,
          etc. that occurred within the Subleased Premises, irrespective of
          intent or negligence on the part of Sub-lessee, and Sub-lessor shall
          not be responsible therefor.

     4.   In the event either party is incapable of performing its obligations
          due to any force majeure event under the preceding paragraph, the
          period for performance of obligation may be extended only if the
          non-performing party provides evidence of absence of intent or
          negligence.

ARTICLE 16 (ACCESS TO THE SUBLEASED PREMISES)

Sub-lessor or its employee may at any time with prior notice enter or exit from
the Subleased Premises in order to inspect the maintenance status of the
building, to take emergency actions for hygiene, fire prevention, crime
prevention and rescue purposes, etc. or to show the property to other candidates
for sub-lease during six months prior to expiration of this Sublease Contract.
Sub-lessee may not reject such entrance or exit by Sub-lessor. Notwithstanding
anything contrary in this Article, except in emergency situations requiring
immediate entrance/exit by Sub-lessor, a) unless Sub-lessor directly

                                       9

<PAGE>

gives written notice to Sub-lessee prior to close of business of the immediately
preceding business day, and the representative of Sub-lessee is allowed to
accompany Sub-lessor, its employee, subcontractor or agent, Sub-lessor or its
employee, subcontractor and agent are not authorized to enter/exit from the
Subleased Premises and b) such entrance/exit shall be made at a reasonable time.

ARTICLE 17 (SUB-LESSOR'S RIGHT OF TERMINATION)

     1.   In case Sub-lessee does any of the following, Sub-lessor may terminate
          this Sublease Contract by thirty (30) days' prior written notice:

          a.   Sub-lessee has defaulted in payment of the sub-rent and
               maintenance fees for two months or more from the respective due
               dates thereof;

          b.   Sub-lessee has breached any of the provisions of this Sublease
               Contract and has failed to correct such breach within two (2)
               weeks from receipt of a written notice from Sub-lessor, and this
               situation has repeated for three times or more; or

          c.   Sub-lessee is bankrupt or insolvent or subject to corporate
               reorganization proceedings filed against Sub-lessee.

     2.   In the foregoing cases, Sub-lessor shall be at any time be entitled to
          terminate this Sublease Contract, evacuate Sub-lessee or take legal
          action.

     3.   Sub-lessor may terminate this Sublease Contract by thirty (30) days'
          prior written notice in order to collect defaulted sub-rent and
          maintenance fees and retains the right to take proper action such as
          evacuation of the Subleased Premises.

ARTICLE 18 (SUB-LESSEE'S RIGHT OF TERMINATION)

     1.   In the event Sub-lessor does any of the following, Sub-lessee may
          terminate this Sublease Contract by thirty (30) days' prior written
          notice, in which case, Sub-lessee's obligations provided in Article 1,
          Paragraph 4 and Article 18, Paragraph 3 of this Sublease Contract
          shall not be applicable. In the event of

                                       10

<PAGE>

          termination due to causes attributable to Sub-lessor, Sub-lessor shall
          reimburse Sub-lessee for the cost of removing facilities approved by
          Sub-lessor and installed by Sub-lessee.

          a.   If Sub-lessor or its actions has substantially harmed
               Sub-lessee's reputation or has infringed on Sub-lessee's rights,
               so as to adversely affect Sub-lessee's business;

          b.   If Sub-lessor has breached any of the provisions of this Sublease
               Contract and has failed to correct such breach within two (2)
               weeks from receipt of a written notice from Sub-lessee, and this
               situation has repeated for three times or more; or

          c.   If Sub-lessor becomes bankrupt or insolvent.

     2.   In the foregoing cases, Sub-lessee may at any time terminate this
          Sublease Contract and is entitled to take legal actions against
          Sub-lessor.

ARTICLE 19 (TERMINATION OF CONTRACT)

     1.   This Sublease Contract shall terminate in each of the following cases:

          a.   Upon expiration of its term; or

          b.   Upon Sub-lessee's termination pursuant to Article 1 hereof.

     2.   Sub-lessee may not claim for cost of improvement or transfer or any
          other amount against Sub-lessor.

ARTICLE 20 (SURRENDER AND RESTORATION)

     1.   Upon expiration or termination of this Sublease Contract, Sub-lessee
          shall remove its belongings and property from the Subleased Premises
          by the date of expiration or termination, and return to Sub-lessor all
          keys and Sub-lessor's property.

     2.   Upon expiration or termination of this Sublease Contract, Sub-lessee
          shall

                                       11

<PAGE>

          restore the Subleased Premises to their original state as of the time
          of execution of this Sublease Contract, by removing, at its own cost,
          any facilities, partitions, structurally altered facilities or other
          altered facilities installed by Sub-lessee, provided, however, that
          those which are excluded by written consent from Sub-lessor or
          affected by normal wear and tear and decrepitude shall be excluded
          from the restoration. Sub-lessor may conduct the restoration work on
          behalf of Sub-lessee at Sub-lessee's cost upon Sub-lessee's request.

     3.   In case Sub-lessee fails to remove its belongings and property or
          restore the Subleased Premises to their original state, Sub-lessee
          shall pay to Sub-lessor, as conclusive compensation for damages, an
          amount equivalent to double the ordinary sub-rent and maintenance fees
          for the period from the date of expiration or termination of the
          Sublease Contract to the date of surrender or restoration.

ARTICLE 21 (COMPULSORY SURRENDER)

     1.   In case Sub-lessee fails to surrender the Subleased Premises even
          after expiration or termination of this Sublease Contract, Sub-lessor
          may, at the responsibility and expense of Sub-lessee, remove property
          owned by Sub-lessee to a proper place.

     2.   The provisions of Article 21, Paragraph 3 shall be mutatis mutandis
          applicable in the case of paragraph 1 of this Article.

ARTICLE 22 (PARKING)

     1.   Sub-lessor shall grant to Sub-lessee free fixed parking spaces for two
          vehicles, at the rate of one vehicle per 50 Pyung of the subleased
          area and permit charged parking to visitors, to the extent spaces are
          available.

     2.   The running time of car lifts shall be as follows:

     Business days:       7:00 a.m. ~ 10:00 p.m.
     Saturday:            7:00 a.m. ~ 5:00 p.m.
     Sunday and Holidays: Not operated.

                                       12

<PAGE>

ARTICLE 23 (INTERPRETATION)

This Sublease Contract shall be interpreted in accordance with Korean laws and
practices effective in Seoul, Korea.

ARTICLE 24 (JURISDICTION)

Any legal proceedings arising in connection with this Sublease Contract shall be
subject to the jurisdiction of the Seoul Central District Court.

ARTICLE 25 (VALUE ADDED TAX)

Any value added tax imposed on the sub-rent and deemed sub-rent for maintenance
fees payable by Sub-lessee to Sub-lessor pursuant to this Sublease Contract
shall be borne by Sub-lessee.

IN WITNESSETH WHEREOF, Sub-lessor and Sub-lessee shall execute two (2) copies of
this Sublease Contract, and hereunto affix their signatures and seals, and then
respectively keep one copy hereof.

                                February 17, 2006

Sub-lessor   Interpark Corporation
             Representative Director: Ki Hyung Lee (seal)
             8th Floor, NamSeoul Bldg., 1304-3, 1304-6, Seocho-dong, Seocho-gu,
             Seoul

Sub-lessee   GMARKET Inc.
             Representative Director: Young Bae Ku (seal)
             6th Floor, NamSeoul Bldg., 1304-3, 1304-6, Seocho-dong, Seocho-gu,
             Seoul

                                       13

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