1. The Intervenor’s appeal is dismissed.

2. The costs of appeal are borne by the Intervenor joining the Defendant.

purport.

1. Basic facts

A. On September 17, 2008, the Plaintiff: (a) on September 17, 2008, the establishment of F Co., Ltd. and the conclusion of trust contracts; and (b) on September 17, 2008, the land in the Namyang-si, the Plaintiff is approximately KRW 3,004,696 square meters

hereinafter referred to as “instant land”).

3) A project to create E, including leisure and recreational facilities, sports facilities, and T on the ground (hereinafter “instant project”).

F Co., Ltd. (hereinafter referred to as “F”) holding all of the shares of the Plaintiff to conduct

(2) On May 11, 2009, the Plaintiff sold the instant land in F with KRW 50 billion, and F borrowed KRW 14 billion from four mutual savings banks, including subsidiary mutual savings banks, etc. (hereinafter “subsidiary mutual savings banks”) for the purpose of raising the said purchase price, and paid to the Plaintiff.

On May 18, 2009, the Plaintiff concluded a real estate security trust agreement for the instant land and its ground buildings (hereinafter “instant trust agreement”) with the lender, the beneficiary, and the debtor as the lender, the beneficiary and the debtor, respectively, on May 18, 2009, with the first trust (hereinafter “the instant trust agreement”) and the first beneficiary changed to the trade name as of April 2, 201.

(3) Article 17(1) of the instant trust agreement provides that even before the expiration of the trust agreement, if a person violates a credit transaction agreement between the lender, who is the first beneficiary, and the debtor, he/she may dispose of the trusted real estate at the request of the first beneficiary. (4) The Plaintiff completed the registration of transfer of ownership in the name of the first trust as to the instant land and its ground buildings in accordance with the instant trust agreement on May 18, 2009.

B. On February 8, 2010, the Plaintiff entered into a joint venture agreement and the Defendant’s incorporation process is between the Intervenor joining the Defendant and the Intervenor.