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. Basic facts

A. The Defendant recommended the Plaintiff to make a stock investment and received KRW 16 million from the Plaintiff on or around June 2009, and received KRW 16 million from the Plaintiff, and on June 12, 2009:

6. In 15. 397,588,360 won, the company purchased 175,918 shares of Handbags Co., Ltd. (hereinafter “Handbags”).

B. From June 15, 2009, the defendant

8. From February 19, 2010 to December 30, 2012, the Plaintiff sold 163,335 shares of the said hand-on shares and recovered KRW 208,810,534, and paid KRW 17 million to the Plaintiff from February 19, 2010.

The Defendant agreed to guarantee the Plaintiff the full amount of KRW 16 million. However, for the equitable burden of stock investment loss, the Defendant agreed to pay the full amount within the maximum of 10 years from the date of this agreement on the basis that the repayment of principal is an obligation with no fixed deadline.

By this agreement, the defendant paid 17 million won to the plaintiff by the date of this agreement, so the remaining amount is 90 million won.

C. The Plaintiff and the Defendant agreed on January 26, 201 as follows (hereinafter “instant agreement”). D.

From February 15, 2011 to February 20, 2013, the Defendant paid additional KRW 14 million to the Plaintiff. The Defendant paid KRW 9 million in 201, KRW 3 million in 201, KRW 3 million in 2012, and KRW 2 million in 2013.

E. On May 14, 2013, the Plaintiff requested the Defendant to pay the unpaid amount of KRW 85 million out of the instant agreed amount (i.e., KRW 99 million to KRW 14 million), by mail verifying the content of the instant agreement, which is:

5. The defendant was served on 15.

[Ground for Recognition: Facts without dispute, Gap evidence 1, 4, Eul evidence 1, the purport of the whole pleadings]

2. Determination as to the cause of action

A. The Plaintiff asserts that the Defendant’s obligation under the instant agreement is “a debt with no fixed term” and that the Defendant is liable for delay from May 15, 2013 upon receipt of a claim for performance from the Plaintiff.

As to this, the defendant sold 12,583 shares remaining after the sale of the Hand-free shares = 175,918 shares-sale.