1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. The purpose of this Agreement is to obtain investment from C in part of the initial project cost, such as a land sales contract, in promoting a new construction project of multi-family housing by purchasing the land and determining all the rights and obligations arising from the repayment of principal of the investment and the payment of investment profits.

Article 2 (Investment and Redemption of Funds)

1. C shall invest to the Defendant the amount of KRW 2 billion, which is a part of the initial project costs required for the project set forth above five billion won.

2. The Defendant shall guarantee C’s repayment of principal of the invested money, and shall pay C the principal of the invested money invested by C within one month after the sale rate reaches 80% by selling the above multi-family housing.

3.With respect to C’s investment proceeds, C’s share in the Project shall be 20 per cent.

4. If the business profit after the business mentioned above is less than the amount equivalent to C’s 10% annual interest on the investment deposit, the Defendant shall be liable for the amount equivalent to 10% interest per annum. If not, the Defendant and C shall pay the amount equivalent to the amount allocated according to their shares in the same position as C and the amount equivalent to the amount equivalent to 10% interest per annum on the investment deposit.

The time of payment of business profits shall be within three months from the time of collection and completion in consultation with the contractor.

5. If, for unavoidable reasons, the repayment of principal of the investment under paragraph 2 above and the payment of the investment profits under paragraph 4 above are delayed, the defendant shall pay C interest in arrears equivalent to 12 per annum.

On October 25, 2006, the Defendant entered into an investment agreement with C (Co., Ltd.: D; hereinafter referred to as “C”) on the ground of Pyeongtaek-do ground construction project (hereinafter referred to as “instant investment agreement”), and the main contents are as follows:

Article 1 In order to secure the performance of obligations of C under a credit transaction agreement concluded between C and A around October 2006 for the purpose of the transfer agreement, C is against the defendant under the instant investment agreement entered into between C and the defendant on October 25, 2006.