1. All appeals filed by the plaintiffs are dismissed.

2. The costs of appeal are assessed against the Plaintiffs.

Purport of claim and appeal

1.

1. Basic facts

A. 1) The Plaintiffs are the R of Defendant Educational Foundation (hereinafter “Defendant R&A”) around 2013.

(2) The following courses were taken in the curriculum organized by the S Education Center, which is an affiliated organization, or organized by the U.S. department store culture center in around 2012 and organized by the Defendant RR University S Education Center (hereinafter referred to as the “instant curriculum”).

2) The Defendant P used the position of a consultant in the above curriculum to use the position of Nonparty X (hereinafter referred to as “X”) and give lectures, Defendant P used the position of a major professor in the above curriculum, and Defendant RR University is an educational foundation with the aim of higher education and general education.

B. The Plaintiffs’ money investment 1) during the period from June 17, 2013 to October 17, 2013, the Plaintiffs paid the said money to X as indicated in the Plaintiffs’ assertion in attached Table 1 (hereinafter “instant money”).

(2) After receiving the instant money and other investments, X committed suicide on October 22, 2013, and on November 8, 2013, after which it committed suicide. The Plaintiffs did not use the said money for non-performing loans (hereinafter “NPL”) investments.

C. Contents 1 of the T Programs related to the instant curriculum is a curriculum with a view to discharging an auction expert through a case study on the ability to analyze the rights of real estate located in the court auction market, relevant legal principles, dividend practice, etc. 2) The instant curriculum is operated twice a year with the registration of approximately 40 students for each semester, and its operation period is about three months.

In addition, according to the lecture plan, the instructors (professional professors) commissioned by the Defendant R&A from outside.