A. On February 25, 2008, the Defendant entered into a joint agreement with C&P Co., Ltd. (hereinafter “C&P”) to build Taedo-dong 49-5, Taedo-dong, Taedo-dong, Taedo-dong, Do-do-dong, 49-5, and the main contents of the agreement are as follows:

(Purpose) Article 1 (Purpose) of the Arrangement aims to provide for the basic matters concerning the rights and obligations of Gap and Eul in relation to the design, construction and sale of the penta complex in Thaido-dong 49-5, Thaido-do-dong 49-5.

Article 3 (Principles of Promotion of Projects)

3. No rights and duties under an agreement shall be transferred or succeeded to a third party or provided as an object of security, etc. without a prior written agreement.

Article 4 (Guarantee of Net Profits of Events)

1. The value of land offered by Gap to a joint project shall be KRW 4,192,00,000 per square year on the basis of a single price without distinction between location, use, etc., and the total amount of KRW 1,192,00,000 per square year on the basis of a single price; the two houses shall guarantee the profit at the time of exercising the event as land price of KRW 4,192,00,000, and the construction works shall guarantee Gap’s profit in any case; and

2. The proceeds of land shall be paid 30% of the proceeds at the time of the receipt of the proceeds of land sale to Gap and shall be paid 70% of the proceeds to Eul, and the remaining proceeds of land may be paid as a secured loan by using this case as security after the completion of construction of pents.

(Provided, That the land price shall be paid in full to B within two months after completion) Article 6 (Construction and Construction Period)

1. The execution of a joint project shall be completed at the responsibilities and expenses of Section B, and the contract for the construction project shall, in principle, be concluded separately with Section A by succeeding to the present agreement prior to the commencement of the construction project;

2. The total construction period shall be 210 days from the date of commencement, the commencement of construction shall be May 15, 2008, and the completion thereof shall be made within December 31, 2008.

Article 13 (Continuation of Business)

1. It shall be related to land, such as all construction cost, such as building cost, and sale cost;