1. The part against the defendant in the judgment of the court of first instance shall be revoked, and the plaintiff's claim corresponding to the revoked part shall be revoked.

1. The following facts may be found either in dispute between the parties or in the entry in Gap evidence 1 to 5, and Eul evidence 1 to 9 (including each number), respectively, as a whole, to the effect of the entire pleadings:

1) On December 6, 2006, the Plaintiff, at the Defendant’s Daegu City Branch on December 6, 2006, is the Korea Ship Fund (hereinafter “instant Fund”).

2) A ship investment company (hereinafter “instant ship investment company”) established in accordance with the Ship Investment Company Act by joining the ship investment company.

2) The Defendant (a securities company, which had been entrusted with the sale of shares at the time of the subscription sale of shares by the instant ship investment company (hereinafter “instant securities company”) is a securities company that received 50% total amount of shares subject to sale for the purpose of acquiring shares from institutional investors and general investors in the position of a joint-managing company and a joint-managing company (hereinafter “joint-managing company”) and allocated shares to the subscribers by public offering after obtaining 50% total amount of shares subject to sale for the purpose of acquiring shares from institutional investors and general investors.

B. 1) The term "ship investment company" means a ship investment company (in this case, before it was amended by Act No. 8223, Jan. 3, 2007).

hereinafter referred to as “the Act” only

A) A stock company established for the purpose of investing its assets in a ship and distributing profits therefrom to its shareholders (Article 2 Subparag. 1 and Article 3(1) of the Act). The investment structure under the foregoing Act is a structure in which the “ship investment company” is established with the funds gathered from investors, and the ship is built or purchased with its capital and borrowings, and the charterer concludes a charter contract with respect to the relevant ship and redeems the principal and interest of the borrowed money with the payment of charterage, and then distributes the remainder to investors. 2) The “ship management company” has a structure in which the ship investment company is entrusted by a ship investment company.