1. Revocation of a judgment of the first instance;

2. Insurance money to the defendant of Seoul Guarantee Insurance Co., Ltd. among the lawsuit of this case

1. Facts of recognition;

A. On July 7, 2010, the Defendant: (a) announced a public invitation to select a private business entity and selected a priority bidder; and (b) on July 7, 2010, the Defendant used the proceeds from developing tourism and recreation facilities, lodging and commercial facilities, sports and entertainment facilities, public facilities, etc. in the area of 1,947,00 square meters from the Sindo to the Yado Section 1,50 square meters (around 150 square meters), which is a multifunctional site within the Saemangeum Sea Embankment 3, Saemangeum Lake (hereinafter “instant development project”) as financial resources necessary for the maintenance of agricultural infrastructure.

2) The public offering notice to select a private business entity was given, and the key contents of the public offering guidelines are as follows (hereinafter “instant public offering guidelines”).

(4) The type of project promotion is as follows: (1) The project refers to a foreign-capital invested company (foreign-capital invested company defined in Article 2(1)1 of the Foreign Investment Promotion Act).

SPC (including a corporation which is established or scheduled to be established by forming a consortium) shall be promoted through the establishment of a SPC (including a corporation which is established or scheduled to be established by forming a consortium) for the project as a special purpose corporation. When a foreign-capital invested company establishes SPC, it may, if possible, be established as a project financial investment company provided for in Article 51-2(1)6 of the Corporate Tax Act. 2. Foreign-capital invested companies and SPCs, etc. shall be established and operated by equity investment in the private business entity (including foreigners/corporates). ① An applicant shall meet the requirements of a foreign-capital invested company capable of conducting the project, and if a foreign-capital investment company fails to meet the requirements of a foreign-capital investment company, a foreign-capital investment company for the project shall be established within 90 days (within the business day of the Central Bank) from the date of conclusion of the business agreement.

Provided, That the reasons for the establishment of foreign-capital invested companies shall be the project implementer.