1. Of the judgment of the court of first instance, the Co-Defendant D of the first instance trial against the defendant and the plaintiff A of the first instance judgment amounting to 34,062,00 won, and the plaintiff B of the first instance judgment as to the defendant.

1. Facts of recognition;

A. D and the Defendant’s co-defendant D (hereinafter “D”) entered into an agreement with multiple investors on March 30, 2007 through June 2, 2008 that “to receive investment money and invest in securities, funds, etc., but to guarantee the principal of the investment, and to pay a profit equivalent to 50% of the principal of the investment within three months,” and received the investment money. (2) The Defendant, around March 2008, agreed that D and the Defendant shall invite investors, and D shall manage the investment money and pay the profit therefrom to the investors recruited by the Defendant.

B. On April 18, 2008, Plaintiff C entered into an investment agreement with the Defendant as follows (hereinafter “instant investment agreement”), and invested KRW 14,850,000 to D. The Plaintiff A invested KRW 48,660,000 in total on April 23 and 24, 2008, and Plaintiff B invested KRW 27,920,000 on April 25, 2008, respectively.

First, D receives investment funds from investors and operate them in stocks, etc.

Second, the investment period shall be three months from the date of investment, and the revenue shall be the amount equivalent to 50% of the principal of the investment.

Third, D shall pay to investors the principal and profits of the invested amount on the date when the investment period expires, and shall guarantee the repayment of principal of the invested amount.

Fourth, even after the expiration of the investment period, the investor can renew the contract without receiving all or part of the principal of the investment amount and its profits.

Fifth, in the case of renewal of a contract as referred to in the preceding paragraph, the amount of investment after renewal shall be the amount of the principal of the investment before renewal and its profits which the investor has not actually paid, the period of investment shall be from the date of renewal to the time when the investor expresses his/her intention to terminate the contract, and the amount of profits after renewal shall be the amount calculated at the rate of

Sixth, when an investor prepares investment funds, the defendant arrange for a loan from a financial institution.