(a) Business Approval and Notice - Housing Redevelopment Improvement Project (Dil-gu, Busan Metropolitan Government) - Public Notice E on August 8, 2012, and F of the same Public Notice on April 2, 2014

(b) Project operator: Defendant;

(c) The Busan Metropolitan City Land Tribunal’s adjudication of expropriation and objection by the Central Land Tribunal (hereinafter “each of the instant rulings”) - The appraisal court’s adjudication of compensation for losses and compensation for losses (units): 33/150 shares of 4,455,30,304,576,270 4,616,616,70 B H 15,00 M231,261,238,610,615,950 239,202,70 - The appraisal court’s adjudication of compensation for losses for the Plaintiff’s expropriation subject to compensation for losses and the compensation for losses (units): The purport of the court’s appraisal and compensation for losses as a whole is as follows: (a) the appraisal and assessment number of shares of 3,034/3100 M2 and 155 square meters in M231,261,610, 238, 950, 2014.

2. The assertion and judgment

A. Each compensation price determined in each of the instant rulings regarding each of the objects to be expropriated is considerably low in light of their value, thus seeking an increase in the value of the compensation.

B. 1) Determination 1) In a lawsuit concerning an increase or decrease of land expropriation compensation, in case where both the appraisal and the appraisal and the appraisal by a court appraiser are not illegal in the appraisal methods, and there are different opinions in consideration of the remaining price assessment factors except for the goods, etc., but only with respect to the goods, etc., if there is no evidence to find any error in the appraisal results due to a somewhat different relation, one of them is in the discretion of the court, unless it is contrary to the logical rule and the empirical rule (see, e.g., Supreme Court Decision 2002Du4679, Jan. 28, 2005).