1. The defendant (Counterclaim plaintiff) shall dismiss the counterclaim;

2. The Defendant-Counterclaim Plaintiff (Counterclaim Defendant) is KRW 1,145,611,160.

1. Facts of recognition;

A. The defendant is a housing redevelopment project association established for the housing redevelopment improvement project whose project implementation area covers the Seoul Yangcheon-gu Seoul Metropolitan Government D branch.

B. On June 27, 2007, A Co., Ltd. (hereinafter “instant company”) and the Defendant concluded a construction contract for the purpose of housing redevelopment improvement project (hereinafter “instant contract”).

The contents of the above construction contract related to this case are as follows.

Article 1(Purpose)The purpose of this Agreement is to provide for the status, rights, and obligations, etc. of Gap (referring to the defendant; hereinafter the same shall apply) and Eul (referring to the company of this case; hereinafter the same shall apply) with respect to the Yangcheon-gu Seoul Metropolitan Government D Housing Redevelopment Improvement Project, with the successful completion of the said Housing Redevelopment Project.

Article 4 (Method of Implementation of Projects) (1) A shall provide land necessary for the Yangcheon-gu Seoul Metropolitan Government Housing Redevelopment and Improvement Project for Housing Redevelopment owned by Gap and Eul's members, and pay the amount of the construction contract, and Eul shall construct construction facilities in accordance with the design documents and the terms of the contract approved by the head of Yangcheon-gu Office on the land provided by Gap.

(2) Relocation expenses for union members A and project promotion expenses may be borrowed from the financial institutions or the union members of A, and in such cases, the union members of A and the union members of A shall repay the principal and interest of loans, such as relocation expenses borrowed from the financial institutions or B pursuant to Articles 40 and 41, and the principal and interest of the project promotion expenses.

Article 15 (Project Promotion Expenses) ① The items of non-interest-free loans under this Agreement and the items of non-interest-free loans are as follows, and the total project expenses not specified as items of non-interest-free loans to Gap shall be interest-free loans, and the interest rate on interest-free loans shall be the interest-free loans, and the long-term new interest rate for the short-term loans linked with the

Provided, That where Party A wishes, Party A may borrow funds directly from financial institutions by mutual agreement with Party B.

Article 18 (Lending of Operating Expenses of Cooperatives)