1. The plaintiff's primary claim and the conjunctive claim are all dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. 1) On March 17, 2008, the Defendant entered into the instant concession agreement. The Defendant is the Plaintiff’s Ilwon C on March 17, 2008 (a total of approximately 803,000 square meters; hereinafter “instant site”).

(B) the construction and operation of a golf course in B(hereinafter referred to as “instant business”).

(2) On May 6, 2008, E consortium, the representative of E Co., Ltd., submitted the Defendant’s business plan for the above public offering and was selected as the priority negotiation subject of the instant project. On June 19, 2008, the Defendant and the “B golf course construction and operation concession agreement” (hereinafter “instant concession agreement”) concluded with the Defendant.

3) On September 9, 2008, the Plaintiff was established as a juristic person to carry out the instant project under Article 19 of the instant concession agreement, and was wholly succeeded to the rights and obligations under the instant concession agreement with E consortium on September 18, 2008. 4) The Plaintiff and the Defendant amended the instant concession agreement with the content of partly amending the content of the performance guarantee under the instant concession agreement pursuant to Article 46(1) of the instant concession agreement on September 18, 2008.

B. Major contents of the instant concession agreement are as follows.

The purpose of this Convention is to provide for the matters necessary to be performed between Gangnam-si (hereinafter referred to as the defendant; hereinafter the same shall apply) and private business operators (hereinafter the same shall apply) in carrying out the construction and operation projects of golf courses B and private investment projects.

Article 2 (Scope of Application) This Convention shall apply to all the design, construction, management and operation for the development of a golf course B.

Article 4 (Duty of Good Faith in the Convention) (1) Parties to the Convention shall exercise their rights and obligations under this Convention and perform them in good faith.

(2) Parties to the Convention shall observe all the laws and regulations relating to the Project and shall faithfully implement the Convention.