1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

Basic Facts

The status E Co., Ltd. (hereinafter referred to as the “E”) is the executor of the instant project for the development of the F Golf Course in Hongcheon-gun, Hongcheon-gun (hereinafter referred to as the “instant project”), G Co., Ltd. (hereinafter referred to as the “G”) is the starting project of the instant project, and E is a special purpose corporation of G.

On December 28, 2011, E entered into a loan agreement (hereinafter “instant loan agreement”) with the content that a sum of KRW 25 billion from the National Bank of Korea (hereinafter “National Bank”) and KRW 45 billion from the Defendant is to be loaned on June 28, 2012 for the purpose of carrying out the instant loan project, and G jointly and severally guaranteed the aforementioned loan obligations of Party E.

At the time of the instant loan agreement, “E or G becomes insolvent or when an application is filed for dissolution, liquidation, rehabilitation proceedings, bankruptcy proceedings, etc. under the Debtor Rehabilitation and Bankruptcy Act (hereinafter “ Debtor Rehabilitation Act”) with respect to E or G is filed for the commencement of rehabilitation proceedings, bankruptcy proceedings, etc.”, “E shall immediately compensate the Defendant and the National Bank for the total amount of the loan principal, interest thereon, all expenses and losses, even if no separate urge or notice is given.”

[Article 13(1)(4)]. A Co., Ltd. (hereinafter “A”) entered into the instant monetary supplement agreement (hereinafter “A”) with the Defendant on the same day, and if E is unable to fully repay the principal and interest of loan under the instant loan agreement to the Defendant, A entered into a monetary supplement agreement with the Defendant (hereinafter “instant monetary supplement agreement”).

The main contents thereof are as follows:

[Supplementary money in this paragraph] “A” means “B”, “B” means “B”, “Borrower” means “B”, “B” means the Defendant; and “B” means “B” means “B”, “B” means “B”, “B” means “B”

(iii)each reference is to the definitions of Article 1. For purposes of this Arrangement.