MercadoLibre, Inc. Appoints Pablo Setuain as Vice President, Advertising

BUENOS AIRES, Argentina, Oct. 23, 2008 (GLOBE NEWSWIRE) -- MercadoLibre, Inc.
(Nasdaq:MELI) (http://www.mercadolibre.com), the largest e-commerce platform in
Latin America, announced that Pablo Setuain has joined the Company as Vice
President, Advertising, in which he will work to advance MercadoLibre.com's
advertising business. Most recently, Mr. Setuain was the Director of Finance of
Amazon.com at its worldwide headquarters in Seattle and held several financial
management positions over the course of the past eight years. He initially
oversaw the retail and marketplace business for Electronics & General
Merchandise categories, and later on, led the Worldwide Business and Corporate
Development finance team. Importantly, Mr. Setuain was closely involved with the
launch of the online advertising initiatives at Amazon.com.

In his new position, Mr. Setuain will be responsible for leading and developing
MercadoLibre's advertising business. Along with his team, Mr. Setuain will work
to capitalize on the potential of the MercadoLibre platform, which currently has
more than 28 million unique visitors per month, more than 28 million registered
users, and is the fourth most trafficked site in the region.

Mr. Setuain's appointment will allow MercadoLibre to continue to effectively
respond to strong demand for advertising on MercadoLibre. The site's advertising
platform has increasingly become a sought-after option for brand manufacturers
and retailers, as MercadoLibre is where millions of customers make purchasing
decisions on a monthly basis. Mr. Setuain holds a Bachelor's degree in Business
Administration from Universidad Catolica Argentina and an MBA from The Wharton
School.

About MercadoLibre

MercadoLibre is the largest e-commerce platform in Latin America. We are market
leaders in e-commerce in each of Argentina, Brazil, Chile, Colombia, Ecuador,
Mexico, Peru, Uruguay and Venezuela, based on unique visitors and page views
during 2007. Additionally, we have recently launched online trading platforms in
Costa Rica, the Dominican Republic and Panama. With a market of over 550 million
people and a region with one of the world's fastest-growing Internet penetration
rates, we provide buyers and sellers a robust online trading environment that
fosters the development of a large and growing e-commerce community. We offer a
technological and commercial solution that addresses the distinctive cultural
and geographic challenges of operating an online trading platform in Latin
America.

The MercadoLibre, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4193

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CONTACT: MercadoLibre, Inc.
Investor Relations Contact:
Pedro Arnt
investor@mercadolibre.com
Media Relations Contact:
Lorena Diaz Quijano
+54 (11) 5352 8026
lorena.diazquijano@mercadolibre.com