The Defendant is a minority shareholder of D Co., Ltd. (hereinafter referred to as “D”), a stock-listed corporation, and is appointed as a minority shareholder at the D regular general shareholders’ meeting around March 26, 2015 with delegation of voting rights, etc. related to shareholders’ proposal under the Commercial Act from other minority shareholders.

1. A person who holds stocks, etc. of a stock-listed corporation in a large quantity (referring to cases where the total number of stocks, etc. held by him/her and any specially related person is at least 5/100 of the total number of such stocks, etc.) in violation of the duty to report on holding stocks, etc. of a large number of stocks, etc. shall report the status of holding, purpose of holding, details of major contracts, etc. on the stocks, etc. held, to the Financial Services Commission and the Exchange within five days from the date of such change, and where the total number of stocks, etc. held is changed by at least 1/100

A. On January 7, 2015, when the Defendant had held 10 shares issued D issuance, the Defendant requested 18 D shareholders, such as E, to hold 14,276 shares held by the Defendant and 10,340 shares owned by the Defendant and 10,344,276 shares owned by the Defendant, with the delegation of 33,926 shares and 333,926 shares owned by the Defendant and 10,344,276 shares (the total number of D issued shares 5,75,160 shares and 96% of May 96, 160).

Nevertheless, the Defendant did not report to the Financial Services Commission and the Exchange after the lapse of five days from January 7, 2015, on which a large volume of shares was held as above.

B. The Defendant around January 13, 2015 attached Form D.