1. The defendant's appeal is dismissed.

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

Purport of claim and appeal

purport.

1. The reasons for this Court’s acceptance of the judgment of the court of first instance concerning this case are as follows, given that it is identical to the reasons for the judgment of the court of first instance, other than the following sub-paragraph (2).

2. The addition;

A. Although the Defendant’s assertion that the result of the instant commission for appraisal was unreasonable for the following reasons, the first instance judgment assessed the value of the instant real estate on the basis thereof.

(i)the rules on appraisal and assessment (hereinafter referred to as “appraisal rules”);

Article 12(1) provides that an appraisal by subject matter shall be conducted. According to the results of the instant appraisal commission, each of the appraised values of the land and buildings cannot be confirmed. Moreover, an appraisal is conducted by comparing the transaction cases of apartment buildings within the same complex, but did not compare the actual transaction prices of apartment buildings nearby the instant real estate. 2) The appraisal commission did not undergo an appraisal of the market value under Article 12(2) of the Appraisal Regulations, and the reasons for omitting the appraisal are also stated.

3) Although considerable development gains are expected, they are not reflected in the appraised value. The purpose of this Rule is to provide for the principles and criteria to be observed when an appraisal business entity conducts an appraisal pursuant to Article 3(3) of the Act on Appraisal and Certified Appraisers. Article 7 (Principle of Individual Goods, etc.) (1) An appraisal business entity shall conduct an appraisal of each subject matter individually.

1. Cost method: An appraisal method based on the principle of cost involved, such as cost method and accounting method;

2. Comparison Method: Based on the market value principle, such as transaction comparison method and lease comparison method.