1. The defendant's appeal is dismissed.

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

Purport of claim and appeal

[Claim]

Basic Facts

The plaintiff is a company running wind power generation business, and the defendant is a corporation established by the corporation C (C; hereinafter referred to as "C") located in Chile C (hereinafter referred to as "C") and serves as a registration director from March 4, 201 to October 4, 201, and has served as the chairperson of C's board of directors from March 4, 201 to October 4, 2011.

On March 24, 2012, the Plaintiff entered into an investment agreement (hereinafter “instant investment agreement”) with the Defendant in relation to the operation of D Local wind power complex project (hereinafter “instant project”) (hereinafter “instant project”). The main contents are as follows.

D Agreement on Investment in wind power projects

1. Purpose (1) This Agreement aims to provide stocks and real estate owned by the Defendant to raise funds for the operation of local corporations for the creation of wind power complexes in D area (hereinafter “project”) under mutual agreement between the parties concerned, and to raise loans (referring to USD, 100,000,000,000,000,0000 won, hereinafter “loans”) against the Defendant’s company with the transfer of security (based on the type of transfer as stipulated in the Korean Civil Code) of stocks and real estate provided by the Defendant.

(2) The defendant fully understand that the purpose of the plaintiff is to carry out the EPC in the project, and endeavor for the EPC in the project of the plaintiff.

3. The operation fund provided by the Plaintiff in the form of financing is paid as a loan to the Plaintiff, and is used as site rent, engineering services, authorization and permission expenses, general operating expenses, etc. for the creation of wind power complexes in the area D. In return, the Defendant delegated ownership, voting rights, and disposal rights (hereinafter “entrusted shares”) for 50% out of the 60% share of C owned by the Defendant to the Plaintiff until the loan is repaid, or the loan is converted into a contribution to C.

4. The Defendant, as the representative of C on October 23, 201, shall manage the funds.