A. On October 13, 2005, the Plaintiff deposited 30,000,000 won into the E’s account under the pretext of investment in land C and D (hereinafter “each of the instant lands”, and each of the land is specified as a lot of land).

B. On November 16, 2005, the registration of transfer of E’s ownership was completed with respect to each of the instant land.

C. On December 22, 2005, the Plaintiff entered into a joint investment agreement with Defendant and E on each of the instant land as follows.

(hereinafter “instant agreement”). For the purchase and development of each land of this case, E, the Defendant (A) and the Plaintiff (B) enter into a joint investment agreement with the following contents:

Article 3

2.The term of this Agreement shall be from the date of conclusion to the end of the project concerned.

project termination means the time of the sale of each land in this case and the completion of a development project;

Article 4

1.The ratio of investment shares in B of this project shall be 14 per cent.

2. The time of investment shall be the investment key in accordance with the respective equity ratio, and the time of investment shall be determined by consultation with A and B.

Article 5 Use of Investment Amount

1.The use of the amount invested for the Project shall be used for the purchase of the land for the Development Project in question and for the promotion of the Project in question, interest on the loan and other expenses incidental to the Project in question.

2. After the use of the invested amount, A shall present to B documentary evidence proving the spending of the invested amount.

Article 6 Settlement of Investment Shares

1. After the expiration of the duration of this Arrangement, Gap and Eul shall settle their accounts and pay 14 per cent (14%) of net profit to Eul in cash within 30 (30) days.

2. If the undeveloped and un disposed land occurs, A and B shall jointly own the un disposed land in accordance with the previous investment shares.

Article 10 Section A and B shall be in question after the completion of the project as well as the project period.