1. Pursuant to the charter contract concluded on September 26, 2016 between the Plaintiff (Counterclaim Defendant) and the Defendant (Counterclaim Plaintiff).

A principal lawsuit and a counterclaim shall be deemed simultaneously.

1. Facts of recognition;

A. The Plaintiff is a company with the objective of marine transportation, tugboat operation, etc., and the Defendant is a company with the purpose of vessel leasing, vessel leasing, etc.

B. (1) On September 2016, the Plaintiff entered into a contract with the Sejong bank, Inc. for the purpose of transporting coal materials generated at the Hadong-gun, Jindo-gun into an agreement with the Defendant for the purpose of cognating the said coal materials to the beng-gun. (2) On September 26, 2016, the Plaintiff entered into a contract with the Defendant on September 26, 2016 for the purpose of transporting the said coal materials with the lease term of 36 months from September 26, 2016 to September 25, 2019, for the lease term of 36 months from the date of the lease to September 26, 2016 and the charterage amounting to 41,800,000 won (including value-added tax).

3) Subsequent to that, the Plaintiff and the Defendant: (a) concluded on September 30, 2016, a special agreement to partially modify the contents of the said charter agreement by reducing the charter period from 36 months to 24 months; and (b) adding a part of the grounds for termination of the contract (hereinafter “instant special agreement”).

(1) The main contents of the charter party are as follows (hereinafter referred to as the “instant charter party”).

(2) A special agreement on a charter agreement applies in preference to a charter agreement entered into between the Plaintiff and the Defendant on September 26, 2016, and the charter agreement entered into between the Plaintiff and the Defendant on September 26, 2016 is confirmed to have been made for the purpose of attracting investment to the investors of the Defendant, and the Defendant promises to implement this special agreement. The charter agreement entered into on September 26, 2016 shall be for 24 months: Provided, That the charter agreement may be terminated in extenuating circumstances, such as business shortage, etc., provided that the charter agreement may be terminated in accordance with Article 4(3) agreement. The guarantee insurance (securities No. 100-00-200-2016 395 and 100-200-200-70999 shall be for convenience for attracting investment by the investors of the Defendant, and the contract period shall actually be three years after the date of the contract.