1. Of the judgment of the court of first instance, the part against the defendant exceeding the following amount ordered to be paid shall be revoked.

1. The reasoning of the judgment of the court of first instance is as follows, with the exception of the reasons stated in this part of the underlying facts.

Defendant B shall be described as “Defendant”, “Defendant C” as “C”, and “Defendants” as “Defendant and C”, respectively.

The second largest part of the judgment of the court of first instance (hereinafter collectively referred to as the “each of the instant beneficiary certificates”) stated “(hereinafter referred to as “F beneficiary certificates” and “B beneficiary certificates” as “each of the instant beneficiary certificates,” and the first and second beneficiary certificates as “each of the instant beneficiary certificates,” and each of the instant investment trusts was “each of the instant investment trusts,” respectively.

2. The reasoning of the judgment of the court in charge of liability for damages is stated in this part, and that of the judgment of the court of first instance, except for the following specifications:

Defendant B shall be described as “Defendant”, “Defendant C” as “C”, and “Defendants” as “Defendant and C”, respectively.

The following shall be added from the fourth step of the first instance judgment to the fourth step:

“C) D Co., Ltd and L working for G Co., Ltd. promised to purchase each of the instant beneficiary certificates to pay 10% interest to the Defendant, guarantee 8-12% interest per annum, guarantee 8-12% interest per annum, not notifying the Defendant at all that it is prohibited to purchase a private model fund with the surplus funds of the ICo. As the Defendant was subject to purchase of each of the instant beneficiary certificates, there was no intention or gross negligence on the part of the Defendant.

'The third date for pleading' of the fifth sentence below the fourth instance judgment of the first instance court shall be changed to 'the third date for pleading of the first instance court'. The following is added from the fifth fifth to the fifth fifth day for the first instance court to the third day for pleading of the defendant. Finally, the evidence submitted by the defendant is alone.