1. The Korean Commercial Arbitration Board (Korean Commercial Arbitration Board) regarding the case No. 1611-008 (Korean Commercial Arbitration Board) between the Plaintiff and the Defendants.

1. Facts of recognition;

A. As of December 22, 2014, the Defendants: “Defendant B and C shall borrow KRW 100,000,000 from the Plaintiff, but if the Plaintiff wishes to pay its principal, it shall be paid within 7 days and 30% per annum, and if delay is made, delay damages shall be paid at the rate of 1,00,000 per annum; and Defendant D shall settle and pay each share of KRW 1,00,00 per annum out of the proceeds from long-term sales; and Defendant D shall be a joint and several surety for the above obligation (hereinafter “instant monetary loan contract”); accordingly, the Plaintiff deposited KRW 10,00,000 with the Defendant C’s account on December 22, 2014.

B. Since then, the Plaintiff filed an application with the KCAB for arbitration seeking payment of money related to the instant monetary loan agreement with the KCAB as prescribed by Article 1611-008, and the KCAB made an arbitral award with the same content as the attached Form on May 2, 2016 (hereinafter “instant arbitral award”).

[Ground of recognition] Defendant B, D: Each entry of evidence Nos. 1, 3, and 4, as a whole, Defendant C: The purport of the entire pleading is as follows: deemed confession (Articles 208(3)2 and 150(3) of the Civil Procedure Act)

2. The enforcement of a judgment on the cause of a claim shall be carried out by the judgment of execution by a court, and an arbitral award made in the Republic of Korea shall be carried out unless there is a ground under Article 36(2) of the Arbitration Act (Articles 37 and 38 of the Arbitration Act). Therefore, compulsory execution based on the instant arbitral award should be permitted unless there are special circumstances.

3. Judgment on the defendants' assertion

A. Defendant D is a matter between the Plaintiff and Defendant B, and there is no relationship with Defendant D. However, an appeal against an arbitral award may be filed only by means of filing a lawsuit seeking the revocation of the arbitral award. The arbitral award has the same effect as a final and conclusive judgment between both parties (Article 35 of the Arbitration Act). The arbitral award is recognized unless there exists no ground for revocation under Article 36(2) of the Arbitration Act.