See Attached List of Plaintiffs (Law Firm Lee & Lee, et al., Counsel for the plaintiff-appellant)

Plaintiffs and Plaintiff 45 Law Firm Hannuri (Attorney Park Im-soo et al., Counsel for the plaintiff-appellant)

Modern Securities Co., Ltd. (Attorneys Yellow-dae et al., Counsel for the plaintiff-appellant)

July 10, 2013

1. The defendant shall pay to the plaintiffs and the succeeding intervenors of plaintiffs 45 and to the succeeding intervenors 20% interest per annum from January 26, 2011 to September 6, 2013, 5% interest per annum from the next day to September 6, 2013, and 20% interest per annum from the next day to the date of full payment.

2. The plaintiffs and the plaintiff 45's successor's primary claims and the remainder of the conjunctive claims are all dismissed.

3. Of the costs of lawsuit, 40% of the costs of lawsuit are assessed against the plaintiffs and the successors to the plaintiffs 45 litigants, and the remainder are assessed against the defendant.

4. Paragraph 1 can be provisionally executed.

The defendant shall pay to the plaintiffs and the successor intervenors of plaintiffs 45 (hereinafter referred to as "the plaintiffs") - 5% interest per annum from January 26, 2011 to the service date of a copy of the application for modification of the purport of the claim and the cause of the claim in this case, and 20% interest per annum from the next day to the day of full payment.

1. Basic facts

다음의 사실은 당사자 사이에 다툼이 없거나, 갑 제1호증[증권신고서(2010. 11. 22.자)], 갑 제13호증(회생개시신청서), 갑 제15호증의 1(회생계획안 본문), 갑 제15호증의 2[회생계획안 별첨(일부)], 갑 제17호증의 1[계좌과거거래원장(원고 1)], 갑 제17호증의 2[서면질의응답서(원고 1)], 갑 제18호증의 1[계좌과거거래원장(원고 2)], 갑 제18호증의 2[서면질의응답서(원고 2)], 갑 제19호증의 1[계좌과거거래원장(원고 3)], 갑 제19호증의 2[서면질의응답서(원고 3)], 갑 제20호증의 1[계좌과거거래원장(원고 4)], 갑 제20호증의 2[서면질의응답서(원고 4)], 갑 제21호증의 1[계좌과거거래원장(원고 5)], 갑 제21호증의 2[서면질의응답서(원고 5)], 갑 제22호증의 1[계좌과거거래원장(원고 6)], 갑 제22호증의 2[서면질의응답서(원고 6)], 갑 제23호증의 1[계좌과거거래원장(원고 7)], 갑 제23호증의 2[서면질의응답서(원고 7)], 갑 제24호증의 1[계좌과거거래원장(원고 8)], 갑 제24호증의 2[계좌과거거래원장(원고 8)], 갑 제24호증의 3[서면질의응답서(원고 8)], 갑 제25호증의 1[계좌과거거래원장(원고 10)], 갑 제25호증의 2[서면질의응답서(원고 10)], 갑 제26호증의 1[계좌과거거래원장(원고 11)], 갑 제26호증의 2[서면질의응답서(원고 11)], 갑 제27호증의 1[계좌과거거래원장(원고 12)], 갑 제27호증의 2[서면질의응답서(원고 12)], 갑 제28호증의 1[계좌과거거래원장(원고 13)], 갑 제28호증의 2[서면질의응답서(원고 13)], 갑 제29호증의 1[계좌과거거래원장(원고 14)], 갑 제29호증의 2[서면질의응답서(원고 14)], 갑 제30호증의 1[계좌과거거래원장(원고 15)], 갑 제30호증의 2[서면질의응답서(원고 15)], 갑 제31호증의 1[계좌과거거래원장(원고 16)], 갑 제31호증의 2[서면질의응답서(원고 16)], 갑 제32호증의 1[계좌과거거래원장(원고 17)], 갑 제32호증의 2[서면질의응답서(원고 17)], 갑 제33호증의 1[계좌과거거래원장(원고 18)], 갑 제33호증의 2[서면질의응답서(원고 18)], 갑 제34호증의 1[계좌과거거래원장(원고 19)], 갑 제34호증의 2[서면질의응답서(원고 19)], 갑 제35호증의 1[계좌과거거래원장(원고 20)], 갑 제35호증의 2[계좌과거거래원장(원고 20)], 갑 제35호증의 3[서면질의응답서(원고 20)], 갑 제36호증의 1[계좌과거거래원장(원고 21)], 갑 제36호증의 2[서면질의응답서(원고 21)], 갑 제37호증의 1[계좌과거거래원장(원고 22)], 갑 제37호증의 2[서면질의응답서(원고 22)], 갑 제38호증의 1[계좌과거거래원장(원고 23)], 갑 제38호증의 2[서면질의응답서(원고 23)], 갑 제39호증의 1[계좌과거거래원장(원고 24)], 갑 제39호증의 2[서면질의응답서(원고 24)], 갑 제40호증의 1[계좌과거거래원장(원고 25)], 갑 제40호증의 2[서면질의응답서(원고 25)], 갑 제41호증의 1[계좌과거거래원장(원고 26)], 갑 제41호증의 2[서면질의응답서(원고 26)], 갑 제42호증의 1[계좌과거거래원장(원고 27)], 갑 제42호증의 2[서면질의응답서(원고 27)], 갑 제43호증의 1[계좌과거거래원장(원고 28)], 갑 제43호증의 2[계좌과거거래원장(원고 28)], 갑 제43호증의 3[서면질의응답서(원고 28)], 갑 제44호증의 1[[계좌과거거래원장(원고 29)], 갑 제44호증의 2[계좌과거거래원장(원고 29)], 갑 제44호증의 3[서면질의응답서(원고 29)], 갑 제45호증의 1[계좌과거거래원장(원고 30)], 갑 제45호증의 2[계좌과거거래원장(원고 39)], 갑 제45호증의 3[서면질의응답서(원고 30)], 갑 제45호증의 4[서면질의응답서(원고 39)], 갑 제46호증의 1[계좌과거거래원장(원고 31)], 갑 제46호증의 2[서면질의응답서(원고 31)], 갑 제47호증의 1[계좌과거거래원장(원고 32)], 갑 제47호증의 2[서면질의응답서(원고 32)], 갑 제48호증의 1[계좌과거거래원장(원고 33)], 갑 제48호증의 2[서면질의응답서(원고 33)], 갑 제49호증의 1[계좌과거거래원장(원고 34)], 갑 제49호증의 2[서면질의응답서(원고 34)], 갑 제50호증의 1[계좌과거거래원장(원고 35)], 갑 제50호증의 2[서면질의응답서(원고 35)], 갑 제51호증의 1[계좌과거거래원장(원고 36)], 갑 제51호증의 2[서면질의응답서(원고 36)], 갑 제52호증의 1[계좌과거거래원장(원고 37)], 갑 제52호증의 2[서면질의응답서(원고 37)], 갑 제53호증의 1[계좌과거거래원장(원고 38)], 갑 제53호증의 2[서면질의응답서(원고 38)], 갑 제54호증의 1[계좌과거거래원장(원고 40)], 갑 제54호증의 2[서면질의응답서(원고 40)], 갑 제55호증의 1[계좌과거거래원장(원고 41)], 갑 제55호증의 2[서면질의응답서(원고 41)], 갑 제56호증의 1[계좌과거거래원장(원고 42)], 갑 제56호증의 2[서면질의응답서(원고 42)], 갑 제57호증의 1[계좌과거거래원장(원고 43)], 갑 제57호증의 2[서면질의응답서(원고 43)], 갑 제58호증의 1[계좌과거거래원장(원고 44)], 갑 제58호증의 2[서면질의응답서(원고 44)], 갑 제59호증의 1[계좌과거거래원장(원고 45)], 갑 제59호증의 2[서면질의응답서(원고 45)], 갑 제60호증의 1[계좌과거거래원장(원고 46)], 갑 제60호증의 2[서면질의응답서(원고 46)], 갑 제61호증의 1[계좌과거거래원장(원고 47)], 갑 제61호증의 2[계좌과거거래원장(원고 58)], 갑 제61호증의 3[서면질의응답서(원고 47)], 갑 제61호증의 4[서면질의응답서(원고 58)], 갑 제62호증의 1[계좌과거거래원장(원고 49)], 갑 제62호증의 2[서면질의응답서(원고 49)], 갑 제63호증의 1[계좌과거거래원장(원고 50)], 갑 제63호증의 2[서면질의응답서(원고 50)], 갑 제64호증의 1[계좌과거거래원장(원고 51)], 갑 제64호증의 2[서면질의응답서(원고 51)], 갑 제65호증의 1[계좌과거거래원장(원고 52)], 갑 제65호증의 2[서면질의응답서(원고 52)], 갑 제66호증의 1[계좌과거거래원장(원고 53)], 갑 제66호증의 2[서면질의응답서(원고 53)], 갑 제67호증의 1[계좌과거거래원장(원고 54)], 갑 제67호증의 2[서면질의응답서(원고 54)], 갑 제68호증의 1[계좌과거거래원장(원고 56)], 갑 제68호증의 2[서면질의응답서(원고 56)], 갑 제69호증의 1[계좌과거거래원장(원고 57)], 갑 제69호증의 2[서면질의응답서(원고 57)], 갑 제70호증의 1[계좌과거거래원장(원고 59)], 갑 제70호증의 2[서면질의응답서(원고 59)], 갑 제70호증의 3[[투자자정보 확인서(원고 59)], 갑 제71호증의 1[계좌과거거래원장(원고 60)], 갑 제71호증의 2[서면질의응답서(원고 60)], 갑 제72호증의 1, 2[각 계좌과거거래원장(원고 61)], 갑 제72호증의 3[서면질의응답서(원고 61)], 갑 제72호증의 4[투자자정보 확인서(원고 61)], 갑 제73호증의 1[계좌과거거래원장(원고 62)], 갑 제73호증의 2[서면질의응답서(원고 62)], 갑 제74호증의 1[계좌과거거래원장(원고 63)], 갑 제74호증의 2[서면질의응답서(원고 63)], 갑 제76호증의 1[계좌과거거래원장(원고 65)], 갑 제76호증의 2[서면질의응답서(원고 65)], 갑 제77호증의 1[계좌과거거래원장(원고 66)], 갑 제77호증의 2[서면질의응답서(원고 66)], 갑 제78호증의 1[계좌과거거래원장(원고 67)], 갑 제78호증의 2[서면질의응답서(원고 67)], 갑 제79호증의 1[계좌과거거래원장(원고 68)], 갑 제79호증의 2[서면질의응답서(원고 68)], 갑 제80호증의 1[계좌과거거래원장(원고 69)], 갑 제80호증의 2[서면질의응답서(원고 69)], 갑 제81호증의 1[계좌과거거래원장(원고 70)], 갑 제81호증의 2[서면질의응답서(원고 70)], 갑 제82호증의 1[계좌과거거래원장(원고 71)], 갑 제82호증의 2[서면질의응답서(원고 71)], 갑 제83호증의 1[계좌과거거래원장(원고 72)], 갑 제83호증의 2[계좌과거거래원장(원고 77)], 갑 제83호증의 3[서면질의응답서(원고 72)], 갑 제83호증의 4[서면질의응답서(원고 77)], 갑 제84호증의 1[계좌과거거래원장(원고 73)], 갑 제84호증의 2[서면질의응답서(원고 73)], 갑 제85호증의 1[계좌과거거래원장(원고 74)], 갑 제85호증의 2[서면질의응답서(원고 74)], 갑 제86호증의 1[계좌과거거래원장(원고 75)], 갑 제86호증의 2[서면질의응답서(원고 75)], 갑 제87호증의 1[계좌과거거래원장(원고 76)], 갑 제87호증의 2[서면질의응답서(원고 76)], 갑 제88호증의 1[계좌과거거래원장(원고 78)], 갑 제88호증의 2[서면질의응답서(원고 78)], 갑 제89호증의 1[계좌과거거래원장(원고 79)], 갑 제89호증의 2[서면질의응답서(원고 79)], 갑 제90호증의 1[계좌과거거래원장(원고 80)], 갑 제90호증의 2[서면질의응답서(원고 80)], 갑 제91호증의 1[계좌과거거래원장(원고 81)], 갑 제91호증의 2[서면질의응답서(원고 81)], 갑 제92호증의 1[계좌과거거래원장(원고 82)], 갑 제92호증의 2[서면질의응답서(원고 82)], 갑 제93호증의 1[계좌과거거래원장(원고 83)], 갑 제93호증의 2[서면질의응답서(원고 83)], 갑 제94호증의 1[계좌과거거래원장(원고 84)], 갑 제94호증의 2[서면질의응답서(원고 84)], 갑 제95호증의 1[계좌과거거래원장(원고 85)], 갑 제95호증의 2[서면질의응답서(원고 85)], 갑 제96호증의 1[계좌과거거래원장(원고 86)], 갑 제96호증의 2[서면질의응답서(원고 86)], 갑 제97호증의 1[계좌과거거래원장(원고 87)], 갑 제97호증의 2[서면질의응답서(원고 87)], 갑 제98호증의 1[계좌과거거래원장(원고 88)], 갑 제98호증의 2[서면질의응답서(원고 88)], 갑 제99호증의 1[이메일(원고 89)], 갑 제99호증의 2[계좌과거거래원장(원고 89)], 갑 제99호증의 3[서면질의응답서(원고 89)], 갑 제100호증의 1[계좌과거거래원장(원고 90)], 갑 제100호증의 2[서면질의응답서(원고 90)], 갑 제101호증의 1[계좌과거거래원장(원고 91)], 갑 제101호증의 2[서면질의응답서(원고 91)], 갑 제102호증의 1[계좌과거거래원장(원고 92)], 갑 제102호증의 2[서면질의응답서(원고 92)], 갑 제103호증의 1[계좌과거거래원장(원고 93)], 갑 제103호증의 2[서면질의응답서(원고 93)], 갑 제104호증의 1[계좌과거거래원장(원고 94)], 갑 제104호증의 2[서면질의응답서(원고 94)], 갑 제105호증의 1[계좌과거거래원장(원고 95)], 갑 제105호증의 2[서면질의응답서(원고 95)], 갑 제106호증의 1[계좌과거거래원장(원고 96)], 갑 제106호증의 2[서면질의응답서(원고 96)], 갑 제107호증의 1[계좌과거거래원장(원고 97)], 갑 제107호증의 2[서면질의응답서(원고 97)], 갑 제108호증의 1[계좌과거거래원장(원고 98)], 갑 제108호증의 2[서면질의응답서(원고 98)], 갑 제109호증의 1[계좌과거거래원장(원고 99)], 갑 제109호증의 2[서면질의응답서(원고 99)], 갑 제110호증의 1[계좌과거거래원장(원고 100)], 갑 제110호증의 2[계좌과거거래원장(원고 101)], 갑 제110호증의 3[서면질의응답서(원고 100)], 갑 제110호증의 4[서면질의응답서(원고 101)], 갑 제111호증의 1[계좌과거거래원장(원고 102)], 갑 제111호증의 2[서면질의응답서(원고 102)], 갑 제112호증의 1[계좌과거거래원장(원고 103)], 갑 제112호증의 2[서면질의응답서(원고 103)], 갑 제113호증의 1[계좌과거거래원장(원고 104)], 갑 제113호증의 2[서면질의응답서(원고 104)], 갑 제114호증의 1[계좌과거거래원장(원고 105)], 갑 제114호증의 2[서면질의응답서(원고 105)], 갑 제115호증의 1[계좌과거거래원장(원고 106)], 갑 제115호증의 2[서면질의응답서(원고 106)], 갑 제116호증의 1[계좌과거거래원장(원고 107)], 갑 제116호증의 2[서면질의응답서(원고 107)], 갑 제117호증의 1[계좌과거거래원장(원고 108)], 갑 제117호증의 2[서면질의응답서(원고 108)], 갑 제118호증의 1[계좌과거거래원장(원고 109)], 갑 제118호증의 2[투자자정보 확인서(원고 109)], 갑 제118호증의 3[서면질의응답서(원고 109)], 갑 제119호증의 1[계좌과거거래원장(원고 110)], 갑 제119호증의 2[서면질의응답서(원고 110)], 갑 제120호증의 1[계좌과거거래원장(원고 111)], 갑 제120호증의 2[서면질의응답서(원고 111)], 갑 제121호증의 1[계좌과거거래원장(원고 112)], 갑 제121호증의 2[서면질의응답서(원고 112)], 갑 제122호증의 1[계좌과거거래원장(원고 113)], 갑 제122호증의 2[서면질의응답서(원고 113)], 갑 제123호증의 1[계좌과거거래원장(원고 114)], 갑 제123호증의 2[서면질의응답서(원고 114)], 갑 제124호증의 1[계좌과거거래원장(원고 115)], 갑 제124호증의 2[서면질의응답서(원고 115)], 갑 제125호증의 1[계좌과거거래원장(원고 116)], 갑 제125호증의 2[서면질의응답서(원고 116)], 갑 제126호증의 1[계좌과거거래원장(원고 117)], 갑 제126호증의 2[서면질의응답서(원고 117)], 갑 제127호증의 1[계좌과거거래원장(원고 118)], 갑 제127호증의 2[서면질의응답서(원고 118)], 갑 제128호증의 1[계좌과거거래원장(원고 119)], 갑 제128호증의 2[서면질의응답서(원고 119)], 갑 제129호증의 1[계좌과거거래원장(원고 120)], 갑 제129호증의 2[서면질의응답서(원고 120)], 갑 제130호증의 1[계좌과거거래원장(원고 121)], 갑 제130호증의 2[서면질의응답서(원고 121)], 갑 제131호증의 1[계과거거래원장(원고 122)], 갑 제131호증의 2[서면질의응답서(원고 122)], 갑 제132호증의 1[계좌과거거래원장(원고 123)], 갑 제132호증의 2[서면질의응답서(원고 123)], 갑 제133호증의 1[계좌과거거래원장(원고 124)], 갑 제133호증의 2[서면질의응답서(원고 124)], 갑 제134호증의 1[계좌과거거래원장(원고 125)], 갑 제134호증의 2[서면질의응답서(원고 125)], 갑 제134호증의 4[투자자정보 확인서(원고 125)], 갑 제135호증의 1[계좌과거거래원장(원고 126)], 갑 제135호증의 2[서면질의응답서(원고 126)], 갑 제136호증의 1[계좌과거거래원장(원고 127)], 갑 제136호증의 2[서면질의응답서(원고 127)], 갑 제137호증의 1[계좌과거거래원장(원고 128)], 갑 제137호증의 2[서면질의응답서(원고 128)], 갑 제138호증의 1[계좌과거거래원장(원고 129)], 갑 제138호증의 2[서면질의응답서(원고 129)], 갑 제139호증의 1[계좌과거거래원장(원고 130)], 갑 제139호증의 2[서면질의응답서(원고 130)], 갑 제140호증의 1[계좌과거거래원장(원고 131)], 갑 제140호증의 2[서면질의응답서(원고 131)], 갑 제141호증의 1[계좌과거거래원장(원고 132)], 갑 제141호증의 2[서면질의응답서(원고 132)], 갑 제142호증의 1[계좌과거거래원장(원고 9)], 갑 제142호증의 2[계좌과거거래원장(원고 48)], 갑 제142호증의 3[계좌과거거래원장(원고 55)], 갑 제143호증의 1 내지 132[각 계좌거래내역(잔고증명서)], 갑 제144호증의 1 내지 6(계좌과거거래원장), 갑 제146호증[투자설명서 일부(2010. 11. 5.자 정정)], 갑 제147호증[증권신고서(2010. 11. 16.자 정정)], 갑 제148호증(이 사건 회사채의 투자설명서), 갑 제164호증의 1(회생계획안), 갑 제164호증의 2(대법원 나의 사건 검색)의 각 기재에 변론 전체의 취지를 종합하면 이를 인정할 수 있다.

A. On November 22, 2010, the Korea Shipping Co., Ltd. (hereinafter “Korea Shipping Co., Ltd.”) published a registration statement and an investment prospectus (hereinafter “instant registration statement and investment prospectus”) with the content that the Korea Shipping Co., Ltd. (hereinafter “Korea Shipping Co., Ltd.”) shall publicly offer the bonds with non-guaranteed interest rate of 6.8% in total 40 billion won on the electronic publication website of the Financial Services Commission (hereinafter “instant bonds”).

B. The Defendant is a representative underwriter of the corporate bonds of this case and is a financial investment business entity that received an amount equivalent to KRW 20 billion out of the above corporate bonds and sold to the Plaintiffs.

C. The Plaintiffs purchased each of the corporate bonds of this case corresponding to the amount indicated in the column for the entry of the subscription amount in the list of the cited amount in the attached sheet from the Defendant, as ordinary investors as prescribed by the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”).

D. On January 25, 2011, Korea Shipping filed an application for rehabilitation with the Seoul Central District Court 201 Ma14, 2011, and received a decision to commence rehabilitation procedures from the above court on February 15, 2011, and the rehabilitation plan approval plan on October 14, 201. According to this, the plaintiffs are paid 40% of the above subscription amount in cash for 10 years, and the remaining 60% shall be converted into equity investment at the rate of 10,000 won per share. However, on March 28, 2013, the above rehabilitation plan was amended, and the remaining 90% of the cash repayment amount, excluding the amount repaid in 2012, was converted into equity investment at the rate of 10,000 won per share, 10% was paid in cash for 9 years. The detailed statement in the attached Form is as follows.

E. The content of the statutes pertaining to the instant case is as indicated in the relevant statutes.

2. Judgment on the plaintiffs' primary assertion

A. The plaintiffs' assertion

The registration statement on the corporate bonds of this case and the investment prospectus are important matters to be entered in the registration statement and the investment prospectus; ① the time of conclusion of charter and charter contract and the duration of contract of Korea Shipping; ② the entry or explanation of the BDI index, which was rapidly rejected as of November 22, 2010, the date of issuance of the above corporate bonds; ③ the detailed matters concerning the serious financial standing, including what impact the business losses occurred during the first half of 209 and 2010 had on the financial status of Korea Shipping; ④ the detailed matters concerning the investment in new vessel, such as the ability and strategy, etc., and ④ the detailed matters related to the borrowing of vessel financing, and thus the Defendant is liable for damages under Article 125(1)5 of the Financial Investment Services and Capital Markets Act as the underwriter’s corporate bonds of this case.

B. Determination

1) General theory

According to Article 125(1)5 of the Financial Investment Services and Capital Markets Act, in cases where any purchaser of securities sustains damage due to a false description or failure to state any material fact in the registration statement and its accompanying documents and the investment prospectus, the underwriter of the securities is liable to compensate for such damage: Provided, That the registration statement and the investment prospectus do not require all information related to the investment company with a view to providing information so that investors can make reasonable decisions on investment. Thus, the following is to determine whether the registration statement, etc. contains information that may have a significant impact on investors’ decisions on investment.

2) Review by issue

A) Facts of recognition

According to the above evidence, the following facts can be acknowledged in the registration statement of the corporate bonds of this case and the documents attached thereto, and the investment prospectus.

○ Registration Statement, Investment Prospectus

General matters concerning public offering and sale of Part I

Ⅲ Investment risks;

1. Risk of business;

A. Our country accounts for more than 70% of the vessel operation portion through charters with major domestic cream lines, and can cope with the situation at a certain level through the reduction of charterage in the event of a decline in the fare due to the yellow dust. However, the cost adjustment through the adjustment of the size of charter units, etc. is ordinarily showing a decline in the business performance at the time of the decline in the fare due to the implementation of the yellow dust, and therefore, the trend of the cream freight and the business performance of the cream company show a positive correlation.

(1) Since the rapid increase in the freight rate in 2006 after the rapid increase in 2003 to 2004, the rate index of the penalty vessels appeared to have ever fallen since the average of 10,274pt (BDI) in April 2007, it was changed to the average of 1,123 pt in the quarter of 2008. The background of the rapid decrease in the rate of the penalty vessels is that, in addition to the difference in the actual demand for vessels due to the rapid decrease in the volume of the water, it is analyzed that there has been a significant impact on the decrease in the speculative demand for vessels which have been towed significantly.

(2) Since 2009, the cream freight, which had been seen as a progressive recovery based on the recovery of water volume, was at least three times the average of 2010 BDI on the quarterly average of 4,527 p.m. in the quarter of 2010. However, as of the average of 7 and August 2010, the bDI rate from January 201 to August, 200 still has not shown a significant trend of recovery of cargo rates, such as having shown a 2,165 p.m. In addition, the bDI average rate level from January 20 to August 201, which was at approximately 34% of the same period prior to the yellow dust, is still at a very low level.

(3) In the case of a scheduled liner vessel, the cost of the vessel is fixed through a private vessel or a long-term charter, and the trend of the fare has a sensitive impact on the business performance of the vessel. However, in the case of a non-scheduled liner vessel, the width of the fare and the change of business performance may vary depending on the type of vessel procurement and operation.

(4) Our country accounts for more than 70% of the vessel operation ratio through charters with major domestic cream lines, and can cope with the situation at a certain level through the reduction of charterage when freight drops due to yellow erosion. However, the cost adjustment through the adjustment of the size of charter units, etc. is ordinarily showing a decline in the business performance at the time of the decline of freight rate due to the implementation of the yellow situation, and therefore, it shows the correlation between the trend of the freight rate and the business performance of the cream company.

(5) In estimating future trends in cargo rates, CLARKON is expecting to recover steel products exports and continuously promote infrastructure construction on the surface of demand, and in 2010, continuously raising the expected increase rate of increase in water capacity. From the supply side, CAPE/PMX new vessels are being at a rapid increase rate, and according to mI prospects, 20% of the new vessels scheduled for construction in 2010 are expected to be cancelled and 35% of delivery delay. In addition, the remaining rate of order in comparison with existing vessels is 80%, PMX57%, HMX4%, and HMX4%. Although there is a possibility of decrease in demand, but there is a relatively low uncertainty in major cargo (e.g., coal r., steel r., coal r., etc.) and if there is an increase in the 208-year average supply of new vessels without due consideration, it still seems that there is an end of 208-year average supply without consideration.

A person shall be appointed.

A person shall be appointed.

C. Maritime transportation services have characteristics that are greatly affected by the global market fluctuations. While the world competition has been somewhat recovered in 2010, it is expected that considerable time will be needed up to the level of before the economic crisis.

(3) In the case of us, which accounts for a high percentage of the sales cost of the substitute vessel with 59% (209 as of 2009), the market price of the substitute vessel was lower than the competitor in the middle half of 2008, but the market price was lower compared to the competitor in the middle half of 2008. However, after the third quarter of 2008, the market price of the substitute vessel was significantly reduced due to the reduction of demand for the substitute vessel due to the decline in market dust and the fault of business partners.

한편, 각 선사별 선박의 조달시점, 용선 선박의 경우 용선기간 등도 조달 선박의 원가에 영향을 미치고 있습니다. STX팬오션(주)는 단기 위주의 용선 선박 조달로 용선료 수준이 최근까지의 운임 수준에 연동되고 있어 시황 호기시 영업수익성 개선 폭에 제약을 받고 있으나, 불황기에는 선대 규모 축소가 용이해 시황 대응능력이 양호한 장점을 보유하고 있습니다. 한편 당사는 중장기 위주의 용선조로 용선료 수준이 상당기간 고정됩니다. 이에 선박 조달 기간과 운영 기간(대선 또는 운송계약 기간)을 매칭시키는 중장기 조달 및 중장기 운용형태의 보수적인 영업과 중장기 조달 및 단기 운용 형태의 공격적인 영업을 병행하고 있습니다.

한편 당사의 영업수익성은 운임 회복에 힘입어 최근 분기 기준으로 STX팬오션(주)의 수익성을 소폭 상회하고 있으나 용선료 등 고정비 부담이 존재하는 가운데 해운 불황 이후 기 체결한 장기 대선계약 중 상당수가 단기로 조정되면서 향후 운임에 대한 실적 민감도가 큰 수준을 보일 전망입니다.

2. Risk of the company;

A. We have a sensitive profit structure to change the market environment where operating profit change is changed due to the fluctuation of the depression due to the high ratio of sales structure, etc.

(1) The sales amount as of the third quarter of 2010 accounts for more than 87.5% of the total sales amount of 2010, and other LNG ships and tank companies account for more than 6.6% of the sales amount, respectively.

(2) Since the third quarter of 2008, as the market price of the cream has decreased remarkably, it is determined that the external and profitability has been gradually recovered, such as the reduction of sales according to the price of maritime water fuel and freight, the reduction of sales according to the rate of the freight calculated in 2008, and the burden of bad debt depreciation due to the contract entered into by a senior seafarer who is relatively higher than the freight profit entered into in 2008, us recorded the cost of charterage, etc., and the loss of business of 48 billion won due to bad business partners in the cream. Since the middle quarter of 2009, sales as of the 3rd quarter of 2010 are recovered, and as the freight of the cream boat has been recovered, it is determined that the financial stability is expected to be introduced under the premise of POSCO and the Korea power and the COA agreement, but it is deepened that the increase in the cream line and the increase in the market price.

(3) Since the beginning of the year, Baldiex showed strong taxes centered on the small line of not more than Pamax. From January 2010 to April 11.6, BPI and BSI respectively increased 9.3%, 22.1%, and BCI increased 1.3%, respectively. Since May 1, 200, BDI continued to reach 4 consecutive weeks from June 1 to June 30, until June 200, due to the long-term increase in 2,447 p.m. BDI's premium rate and 1) increase in 200 U.S. grain supply, which will have an effect on GGGM's short-term supply.

B. Most of the private sector basically results from the long-term contract of cost compensation, regardless of the market situation, but the charter party forms most of the block charter contracts. Since the share of the charter party is relatively large compared to the private sector, us has a big change in the sales amount due to the change in the punished freight index (BDI), giving notice of the change in the BDI index and make an investment.

(1) Examining the trend of sales by dividing our vessel in the past three years into a private vessel and a charter, 83.9% of the total sales as KRW 2,847,95 million in 2007, KRW 86.0% in 2008, KRW 86.0% in 2009, KRW 1,762,859 in 200, and KRW 77.3% in 2009, while the sales are 77.3% in 200.

C. We are engaged in stable business activities through a long-term contract of carriage, but there is a rapid aggravation of business performance due to the deterioration of the current situation of marine transportation and the depression of our aggressive business strategies.

(3) The proportion of our long-term shipping contract to the total sales has fallen from 53.9% in 2002 to 20.0% in 20.0% in 2010. This is due to the fact that the proportion of large-scale charters and operating revenues by using charters has been expanded significantly. In general, if the shipping market has a significant impact on the expansion of the external and operating revenues, it has the characteristic of expanding business fluctuations, such as rapid decline in external and operating revenues. Since the latter part of 2009, the sales of 2.279 billion won in 2009 and international cargo volume reduction, the sales of 2.3 billion won in 2008 compared to the sales of 2008 (3.3 billion won in 2008, 1.4 billion won in 2013 billion won in 208, and the sales of 1.4 billion won in 3 billion won in 2008.

D. Our profit structure has a long-term charter-centered fund procurement and sales structure centered on charter-centered. Although the recent shipping market has been recovered, the shipping market in the latter part of 2010 is expected to go through the fall, and it is anticipated that the financial situation of the customer involved in the substitute sales has deteriorated, there is a possibility of recognizing additional bad debts in the event that the financial situation of the customer involved in the substitute sales has deteriorated.

(3) As of the end of September 2010, the private vessel and the domination line are 42 in total, and are divided into 25 double Baer 25, LNG 8, and 9. Of the domination line, 7 and 3 vessels invested by Washington Corporation 7 and 3 trillion venture businesses among the domination line include 142 vessels. Of total 142 vessels, 136 and 6 tank 10% of the vessel with the exception of the vessel secured by the wife. The remainder directly operates 10% of the vessel with the exception of the vessel secured by the wife, and the Panaxax (as of September 201, approximately 90%, as of September 75, 2010) are in possession, and it directly affects the timing of investment, such as long-term charter contracts.

E. We have shown a stable financial structure, including the business profits in 08 in the 3rd industry, but the business performance has deteriorated due to the overall depression of world-competitive enterprises and marine transportation businesses, and now shows unstable financial structure, such as the creation of business cash and the dependence on external loans.

(1) Notwithstanding the progressive ship investment, etc. that occurred from the creation of good business cash after 2003, our dependence on loans was 36.5% in 2007. In 2009, our loans have increased considerably due to the impact of large operating losses, partial charter vessels' financial lease conversion, ship investment expansion, etc., and the dependence on loans in 2009 has increased considerably by 68.0% in 2009. The dependence on loans as of the third quarter of 2010 maintains 73.2% in 2009 higher than the average of KIS industry in 2009. In addition, the debt ratio has increased significantly compared to 342.3% in 2009, compared to 38.4% in 2008.38% in 2010.3 billion won in 2010 and in 30.4% in 206.3 billion won in 2010 and in 2010.3 billion won in 206.4% in 20.20.3 quarter in 20.

(2) In 2007 and 2008, 90 million won business cash was created for two years based on large-scale business profits, but 200 million won annual investment in ships, vessel-related investment shares, financial expenses, etc. Over 200 million won surplus funds have stayed for two years. In such circumstances, as the business performance has rapidly aggravated and the ship investment ordered has continued, a large amount of financing has occurred in 2009. As of the end of the quarter of 2010, 73.8% of our total loans as of the end of the quarter of 2010 are composed of a long-term vessel loan (including financial lease) and this loan has been repaid in installments over a long-term period of 10 years. Considering that considerable parts of the relevant loan is a ship-related loan operated through a long-term shipping contract with an outstanding shipping owner, it is expected that the current ship-related loan will be repaid at present, but it will be judged that it will have an impact on the ship flow as follows.

(3) As of 30 September 2010, a vessel ordered by an overseas corporation is proceeding with one, four joint investment vessels, us’s investment in new vessel. The following are the total amount of investment deposits and future redemptions:

The total amount of 320,300,000 USD 26,300,000 174,310,000,00 joint investment vessels of JPY 4,324,00,000 - 180,000 WWW D D D DSS 424,000,000 - 180,000D W DSS 40,000 - - 320,00 W 0,00 W 40,00 W 04,00 W 04,000 W 04,00,000 -30,000 WY 04,000,000 -30,60,000 or more of 0,60,000 or more of 12,60,06 or more of 0,000-3 of the introduction of 3 marine transportation.

US$ 2010 201 201 2012 2013 2013 - JY 1,780 - JP 1,724,00 JP 2,50 2,500 44,800 USD 42,800 60 60 42,800 600 42,800 600 60 602,00 80 60,000 2,00 2,80 2,000 2,800,00 2,00 2,80,00 2,00 80 , 40,00 Y2,00 5,30 50 80,00 Y2,00 Y 40,00 Y30 5,00 8305 74,003

Note 1) At the present in 2010, with respect to vessels scheduled to be acquired in 2010, the shipbuilding and Line agreed to the postponement of payment of $17,00,000 among the shipbuilding and Line, and agreed with KRB, the Korea Finance Corporation and the Korea Finance Corporation, and is now preparing a financial contract.

2) Of the 17 vessels of our country, 2 vessels from among the 17 vessels, 5 vessels from among the 12 vessels promoted by us are put into operation after delivery according to a long-term contract, and 5 vessels from the 17 vessels are scheduled to be put into operation in substitution of the aged vessels operated under the long-term contract. Accordingly, 8 vessels from the 17 vessels are scheduled to be put into operation after the completion of the long-term contract or the long-term charter contract and the 9 vessels under the non-contractual contract are scheduled to be used as a long-term vessel at present. Accordingly, the burden of financial costs, such as interest costs, and a considerable portion of the purchase price of new vessels, are scheduled to be raised through loans, which will affect financial soundness at the time of delivery of new vessels in the future.

(4) It is anticipated that most of the investments in new shipbuilding that will be paid in 2010 through a ship financing through camping funds, etc. will be offered for financing, and the schedule for payments of vessels for which ship financing has not been concluded is deferred since 2011, and thus short-term financing risks are not significant. However, uncertainty related to the financing of new shipbuilding financing exists. Thus, this is more flexible and time to make investments.

H. On November 22, 2010, our current bonds issued and unredeemed as of November 22, 2010 are 50 billion won, 12 billion won, 7.8 billion won, respectively, with bonds with warrant, convertible bonds, and exchangeable bonds, and one year and six months respectively. At present, the early repayment claim can be made only with bonds with warrant, and if the early repayment claim is made in a size other than expected, the investors can have an adverse effect on the financial structure of our country. Accordingly, the investors' thickness will be humped with this point.

(i) We are likely to adversely affect our financial status if contingent liabilities, such as litigation cases pending in court as the defendant, check-up checks and check-out bills, tangible assets, deposits, and provision of collateral, are realized in the future. The investor thickness will refer to the current status of contingent liabilities in the judgment of whether to make an investment.

Matters concerning issuers of Part II

Ⅱ Contents of business;

7. Major contracts, etc. for management.

(3) New investment plans and contracts for long-term foreign currency loans

We decided to introduce 11 LT 57,700 to 296,700 DW 11 and 318,000 to 320,000 to 320,000 DW V 2,4,650 DW 28,52,50 as of the end of the first quarter, each of the vessel purchase contract as of the end of the first quarter is counted in the assets under construction. The total amount of investment deposits for the introduction of the vessel is USD 812,60,600,00 and JP 30,914,00,000, and in this connection, USD 767,150,000 and 328,00 and 200 DW 28,179, and 2013 of the vessel will take over the vessel in succession until the date of the first quarter.

○ Documents Accompanying the registration statement (the review report on the quarterly financial statements of Korea Shipping)

30. Operating leases;

We have concluded charters or charters with other companies for the purpose of normal business activities, and we have managed these contracts as operating leases.

(1) The lease fees recognized by us as a lessee at the reasonable cost are as follows:

(5) A table (unit: 44 (1) of the old section) No. 43 (44) of the quarter, the minimum rent for the quarter 1,249,878,793 1,661,374,650

(2) Our lease proceeds recognized as a lease provider shall be as follows:

Table (unit: 1,027,425, 385 1,067,031,236) quarterly lease No. 44 (1), of the old Section 43 (44)

The above lease proceeds are the full amount of proceeds of charter except the proceeds of navigation directly operated by us among vessels.

31. Financial leasing;

(1) our vessel is procured through financial leasing, and the rent that is paid for the first quarter by financing leasing is KRW 172,924,082.

(2) The total sum and present value adjustment of the minimum rental fees to be paid as of the end of the quarter and the end of the preceding year are as follows:

The table (unit: : 43,00 won) interest rate for financial lease (unit: 2,283,236,236,252,252,442,442,80,649 (unit) interest rate for financial lease (65,482,479) (5,482,479) (55,53,533,6275,686,523,253,252,4425,825, and 827,45,487,781, 283,283,236,165,949,804,649 for the period of 43 (former) or less than 275,482,479) (55,533,693,693), 627,686,394,779,956

(3) The maturity structure of the present value of financial lease liabilities as of the end of the quarter and the end of the foregoing shall be as follows:

본문내 포함된 표 (표시통화환산단위 : 천원) 구 분 제 44 (당) 분기 제 43 (전) 기 금 액 표시통화 환산액 금 액 표시통화 환산액 1년 이하 USD 104,809,339.41 119,692,266 71,741,228.22 83,765,058 YEN 2,922,092,240.00 39,838,052 2,934,641,973.27 37,059,246 WON 3,512,654,565 3,512,654 4,140,189,029 4,140,189 1년 초과 USD 83,243,600.66 95,064,192 68,889,101.60 80,434,915 ~ YEN 2,863,997,259.05 39,046,020 2,920,176,377.35 36,876,571 2년 이하 WON 6,583,115,806 6,583,116 4,252,676,123 4,252,676 2년 초과 USD 86,938,050.26 99,283,253 68,840,118.16 80,377,722 ~ YEN 2,707,691,968.02 36,915,048 2,817,813,892.04 35,583,917 3년 이하 WON 2,407,044,960 2,407,045 4,705,522,356 4,705,522 3년 초과 USD 173,354,271.25 197,970,578 98,167,990.23 114,620,945 ~ YEN 2,497,369,755.55 34,047,641 2,647,790,744.16 33,436,831 4년 이하 WON - - 1,645,958,592 1,645,959 4년 초과 USD 232,416,527.99 265,419,675 121,000,288.13 141,279,937 ~ YEN 1,778,528,955.38 24,247,397 2,445,448,408.05 30,881,612 5년 이하 WON 24,064,200,000 24,064,200 - - 5년 초과 USD 560,124,824.28 639,662,549 570,320,560.63 665,906,287 YEN - - 1,206,772,872.13 15,239,369 WON - - 24,064,200,000 24,064,200 계 USD 1,240,886,613.85 1,417,092,513 998,959,286.97 1,166,384,864 YEN 12,769,680,178.00 174,094,158 14,972,644,267.00 189,077,546 WON 36,567,015,331 36,567,015 38,808,546,100 38,808,546 1,627,753,686 1,394,270,956

B) Whether there is a omission or false entry of important matters in connection with charter or hire contract

In full view of the aforementioned facts, the following facts revealed to the investors of Korea Shipping comprehensively taking into account the purport of the entire pleadings: (a) the impact on the business structure of the Korea Shipping on the hire and charter contract; (b) the total amount of charter and charter fees; (c) the content of individual charter and charter agreements; (d) the weight of the rental fee in 59% (based on 2009)” in the instant registration statement and the investment prospectus; (e) the significant decrease in the sales base of charter due to the decline in demand for chartering due to yellow dust and the insolvency of business partners; and (e) the significant decrease in the sales performance caused by the hire burden of the vessel input in the transaction after the third quarter of 2008; and (e) the number of investors in Korea has a high weight in the sales structure; and (e) the total amount of sales revenue and loss of the Korea Shipping Agreement, which appears to have been relatively decreased in the market price of the Korea Shipping Agreement after the third quarter of 2008; and (e) the records of the investment prospectus and the financial statements related to 2000 billion won.

C) Whether the material facts related to the BDI index are omitted or falsely entered

Comprehensively taking account of the overall purport of oral arguments, the following facts revealed in the registration statement and the investment prospectus of this case: (a) the BDI index, which serves as the basis for the fare, is indicated as such pro rata; (b) there is a correlation between the sales and quantity of Korean shipping; (c) the 1,123 pt average in the quarter of April 2007, but did not appear in the first quarter of 2010; (d) however, as average in July 7, 2010, the 2,165 pt was indicated as a low-level rate; (e) the Plaintiff stated that the BD index should be stated as at the time of issuance of the company bond of this case; and (e) the Plaintiff failed to state the BD index as at the time of issuance of the company bond of this case; and (e) there was no evidence that the BD index was lower than the 2,165 p.m., the Plaintiff asserted that the BD index was not included in the BD index.

(d)whether there is any omission or false entry of important matters in the financial status of the Korea Shipping;

Comprehensively taking account of the purport of the entire arguments, the following facts revealed in the registration statement and the investment prospectus of this case: (a) information on the financial status of the Korea Shipping was attached to the audit report of 2009, the semi-annual review report of 2010, and the quarterly review report of 2010; (b) explain the scale of business losses due to the decline in the market condition of the Korea Shipping; and (c) the aforementioned registration statement, etc. provides that since the record of the business losses of the Korea Shipping amounting to KRW 488 billion in 2009, the amount of business losses in the third quarter of 2010 is recovered, and the profitability is recovered at KRW 51.4 billion in the amount of business losses in the third quarter of 2010. However, it appears that the aforementioned registration statement and the investment prospectus of this case are still not exempt from deficit; and (d) it appears that there were no evidence showing that the change in the financial status of the Korea Shipping has deepened due to the increase in market condition of the above Korea Shipping, etc.

E) Whether there is a omission or false entry of important matters relating to investment in new vessels

The aforementioned facts revealed in full view of the purport of the oral argument, namely, the following circumstances: (a) the investors of Korea Shipping revealed that 73.8% of the total loans of Korea Shipping as of the end of the quarter of 2010 is a long-term vessel loan, not individual terms and conditions of borrowing effect on the business structure and financial status of Korea Shipping; (b) the review report on the quarterly financial statements attached to the instant registration statement contains detailed descriptions of the fact that Korea Shipping procurement of vessels through financial leasing; (c) the costs paid in the quarter of 2009, and the adjustment of future costs and current value; and (d) the instant registration statement and the investment prospectus in 209 continued to maintain vessel investments ordered; and (e) it stated that 73.8% of the total loans of Korea Shipping as of the end of the quarter of 2010 is a long-term vessel loan, and thus, it cannot be seen that there is no evidence that the Plaintiffs could reasonably have an effect on the vessel’s financial status of Korea Shipping with respect to the vessel investments in this case.

3) Sub-decisions

Ultimately, there is no false statement, indication, or omission of material facts in the registration statement and the investment prospectus of this case. Thus, the plaintiffs' primary assertion is without merit without any need to further examine.

3. Judgment on the plaintiffs' preliminary assertion

A. The plaintiffs' assertion

1) The Defendant recommended the instant corporate bonds to the Plaintiffs, while not providing such explanation even though it is uncertain whether the principal and interest should be repaid because the financial status and liquidity of the Korea Shipping has deteriorated extremely, and rather, provided a conclusive judgment that the principal and interest would be repaid through the investment prospectus, etc., or provided false explanation that there was a mistake that the Defendant would make it possible to mislead the Plaintiffs to believe that the principal and interest would be repaid. In addition, the Korea Shipping was in progress with a foreign shipping company for the reduction of high-priced charterage, and the business entity would be in a situation where it is difficult to repay the principal and interest due to a serious fault in the reverse structure without renegotiation, but the Defendant Company did not explain the above important matters that affect the reasonable investment judgment of the investors. This is an act that interferes with an investor’s reasonable formation of awareness about the risks inevitably accompanying the transaction, or actively recommended a transaction that entails a excessive risk in light of the investor’s investment situation. Therefore, the Defendant is liable for compensation for damages under Article 48 of the Capital Markets Act.

2) When soliciting the company bonds of this case to the plaintiffs, the defendant did not properly implement the investor information verification procedure that grasps information about the purpose of the customer's investment, property status, experience in investment, etc. through prior interviews and inquiries, etc., and provided a conclusive judgment that "the repayment of principal and interest is likely to be difficult" or provided an explanation that may misleads the plaintiffs to believe that the repayment of uncertain principal and interest would be certain. This is an act in violation of Articles 46 and 49 of the Capital Markets Act. Thus, the defendant is liable to compensate the plaintiffs who suffered loss in accordance with Article 750 or 756 of the Civil Act.

3) The amount of damages is calculated by deducting the cash payment amount and the disposal price or market price of the stocks converted into investment from the acquisition amount of the corporate bonds of this case, and the specific amount is the amount indicated in the “amount of damages” list of the cited Amount. The plaintiffs seek the payment of the amount stated in the “amount of damages” list of the same list, which is 50% among the claims, and the damages for delay.

B. Occurrence of liability for damages

According to Article 47(1) of the Financial Investment Services and Capital Markets Act, when a financial investment business entity solicits an ordinary investor to make an investment, it is required to explain that the financial investment business entity has to understand important matters, such as the content of the financial investment instrument and the risks associated with the investment, and that the financial investment business entity has fulfilled its duty

살피건대, 피고는 원고들에 대하여 자본시장법 제47조 제1항 이 정한 사항을 충분히 설명하였다고 주장하면서 을 제1호증의 1[진술서(소외 1) - 원고 1에 대해], 을 제1호증의 2[진술서(소외 2) - 원고 3에 대해], 을 제1호증의 3[진술서(소외 2) - 원고 4에 대해], 을 제1호증의 4[진술서(소외 3) - 원고 5에 대해], 을 제1호증의 5[진술서(소외 5) - 원고 6에 대해], 을 제1호증의 6[진술서(소외 4) - 원고 7에 대해], 을 제1호증의 7[진술서(소외 1) - 원고 8에 대해], 을 제1호증의 8[진술서(소외 6) - 원고 10에 대해], 을 제1호증의 9[진술서(소외 7) - 원고 11에 대해], 을 제1호증의 10[진술서(소외 8) - 원고 12에 대해], 을 제1호증의 11[진술서(소외 9) - 원고 13에 대해], 을 제1호증의 12[진술서(소외 10) - 원고 14 에 대해], 을 제1호증의 13[진술서(소외 9) - 원고 15에 대해], 을 제1호증의 14[진술서(소외 11) - 원고 16에 대해], 을 제1호증의 15[진술서(소외 12) - 원고 17에 대해], 을 제1호증의 16[진술서(소외 13) - 원고 18에 대해], 을 제1호증의 17[진술서(소외 14) - 원고 19에 대해], 을 제1호증의 18[진술서(소외 6) - 원고 20에 대해], 을 제1호증의 19[진술서(소외 9) - 원고 21에 대해], 을 제1호증의 20[진술서(소외 10) - 원고 22에 대해], 을 제1호증의 21[진술서(소외 7) - 원고 23에 대해], 을 제1호증의 22[진술서(소외 15) - 원고 24에 대해], 을 제1호증의 23[진술서(소외 16) - 원고 25에 대해], 을 제1호증의 24[진술서(소외 17) - 원고 26에 대해], 을 제1호증의 25[진술서(소외 18) - 원고 27에 대해], 을 제1호증의 26[진술서(소외 18) - 원고 28에 대해], 을 제1호증의 27[진술서(소외 19) - 원고 29에 대해], 을 제1호증의 28[진술서(소외 20) - 원고 30에 대해], 을 제1호증의 29[진술서(소외 21) - 원고 31에 대해], 을 제1호증의 30[진술서(소외 22) - 원고 33에 대해], 을 제1호증의 31[진술서(소외 23) - 원고 34에 대해], 을 제1호증의 32[진술서(소외 24) - 원고 35에 대해], 을 제1호증의 33[진술서(소외 8) - 원고 36에 대해], 을 제1호증의 34[진술서(소외 5) - 원고 37에 대해], 을 제1호증의 35[진술서(소외 25) - 원고 38에 대해], 을 제1호증의 36[진술서(소외 20) - 원고 39에 대해], 을 제1호증의 37[진술서(소외 26) - 원고 40에 대해], 을 제1호증의 38[진술서(소외 64) - 원고 41에 대해], 을 제1호증의 39[진술서(소외 27) - 원고 42에 대해], 을 제1호증의 40[진술서(소외 28) - 원고 43에 대해], 을 제1호증의 41[진술서(소외 29) - 원고 45에 대해], 을 제1호증의 42[진술서(소외 30) - 원고 47, 원고 58에 대해], 을 제1호증의 43[진술서(소외 2) - 원고 49에 대해], 을 제1호증의 44[진술서(소외 31) - 원고 50에 대해], 을 제1호증의 45[진술서(소외 32) - 원고 51에 대해], 을 제1호증의 46[진술서(소외 5) - 원고 52에 대해], 을 제1호증의 47[진술서(소외 33) - 원고 53에 대해], 을 제1호증의 48[진술서(소외 34) - 원고 54에 대해], 을 제1호증의 49[진술서(소외 5) - 원고 56에 대해], 을 제1호증의 50[진술서(소외 8) - 원고 57에 대해], 을 제1호증의 51[진술서(소외 35) - 원고 59에 대해], 을 제1호증의 52[진술서(소외 35) - 원고 60에 대해], 을 제1호증의 53[진술서(소외 1) - 원고 61에 대해], 을 제1호증의 54[진술서(소외 36) - 원고 62에 대해], 을 제1호증의 55[진술서(소외 8) - 원고 63에 대해], 을 제1호증의 57[진술서(소외 37) - 원고 65에 대해], 을 제1호증의 58[진술서(소외 9) - 원고 66에 대해], 을 제1호증의 59[진술서(소외 38) - 원고 67에 대해], 을 제1호증의 60[진술서(소외 9) - 원고 69에 대해], 을 제1호증의 61[진술서(소외 39) - 원고 71에 대해], 을 제1호증의 62[진술서(소외 8) - 원고 72에 대해], 을 제1호증의 63[진술서(소외 40) - 원고 73에 대해], 을 제1호증의 64[진술서(소외 65) - 원고 74에 대해], 을 제1호증의 65[진술서(소외 41) - 원고 75에 대해], 을 제1호증의 66[진술서(소외 42) - 원고 76에 대해], 을 제1호증의 67[진술서(소외 8) - 원고 77에 대해], 을 제1호증의 68[진술서(소외 66) - 원고 78에 대해], 을 제1호증의 69[진술서(소외 43) - 원고 80에 대해], 을 제1호증의 70[진술서(소외 5) - 원고 81에 대해], 을 제1호증의 71[진술서(소외 66) - 원고 82에 대해], 을 제1호증의 72[진술서(소외 44) - 원고 84에 대해], 을 제1호증의 73[진술서(소외 45) - 원고 85에 대해], 을 제1호증의 74[진술서(소외 46) - 원고 86에 대해], 을 제1호증의 75[진술서(소외 6) - 원고 87에 대해], 을 제1호증의 76[진술서(소외 47) - 원고 88에 대해], 을 제1호증의 77[진술서(소외 35) - 원고 89에 대해], 을 제1호증의 78[진술서(소외 48) - 원고 91에 대해], 을 제1호증의 79[진술서(소외 9) - 원고 93에 대해], 을 제1호증의 80[진술서(소외 48) - 원고 94에 대해], 을 제1호증의 81[진술서(소외 41) - 원고 95에 대해], 을 제1호증의 82[진술서(소외 29) - 원고 96에 대해], 을 제1호증의 83[진술서(소외 49) - 원고 97에 대해], 을 제1호증의 84[진술서(소외 50) - 원고 98에 대해], 을 제1호증의 85[진술서(소외 51) - 원고 99에 대해], 을 제1호증의 86[진술서(소외 43) - 원고 100, 원고 101에 대해], 을 제1호증의 87[진술서(소외 29) - 원고 103에 대해], 을 제1호증의 88[진술서(소외 67) - 원고 104에 대해], 을 제1호증의 89[진술서(소외 52) - 원고 105에 대해], 을 제1호증의 90[진술서(소외 25) - 원고 108에 대해], 을 제1호증의 91[진술서(소외 35) - 원고 109에 대해], 을 제1호증의 92[진술서(소외 68) - 원고 110에 대해], 을 제1호증의 93[진술서(소외 53) - 원고 111에 대해], 을 제1호증의 94[진술서(소외 54) - 원고 112에 대해], 을 제1호증의 95[진술서(소외 48) - 원고 113에 대해], 을 제1호증의 96[진술서(소외 4) - 원고 114에 대해], 을 제1호증의 97[진술서(소외 51) - 원고 115에 대해], 을 제1호증의 98[진술서(소외 55) - 원고 116에 대해], 을 제1호증의 99[진술서(소외 56) - 원고 117에 대해], 을 제1호증의 100[진술서(소외 57) - 원고 119에 대해], 을 제1호증의 101[진술서(소외 58) - 원고 120에 대해], 을 제1호증의 102[진술서(소외 59) - 원고 121에 대해], 을 제1호증의 103[진술서(소외 49) - 원고 122에 대해], 을 제1호증의 104[진술서(소외 31) - 원고 123에 대해], 을 제1호증의 105[진술서(소외 9) - 원고 124에 대해], 을 제1호증의 106[진술서(소외 35) - 원고 125에 대해], 을 제1호증의 107[진술서(소외 60) - 원고 126에 대해], 을 제1호증의 108[진술서(소외 61) - 원고 127에 대해], 을 제1호증의 109[진술서(소외 69) - 원고 128에 대해], 을 제1호증의 110[진술서(소외 60) - 원고 130에 대해], 을 제1호증의 111[진술서(소외 62) - 원고 131에 대해], 을 제1호증의 112[진술서(소외 63) - 원고 132에 대해]를 각 제출하고 있으나, 앞서 든 증거와 갑 제85호증의 3[투자설명서 거부확인서(원고 74)], 갑 제95호증의 3[녹취록(원고 85)], 갑 제134호증의 3[투자설명서 거부 확인서(원고 125)]의 각 기재에 변론 전체의 취지를 종합하면 알 수 있는 다음과 같은 사정 즉, 위 각 진술서는 피고 회사의 직원들에 의하여 작성된 것으로 그 기재 내용은 실질적으로 설명의무를 다했다는 피고의 주장과 별다른 차이가 없는 점, 자본시장법 제47조 제2항 에 따르면 피고는 이 사건 회사채에 대하여 원고들에게 설명하고 원고들이 이해하였다는 사실을 서명, 기명날인, 녹취 등의 방법으로 확인받아야 하는데 이러한 증거를 제출하지 못하고 있는 점, 피고의 직원들 은 이 사건 회사채를 권유할 당시 대한해운의 신용등급과 이자율에 관해서만 간단한 설명을 한 것으로 보이는 점, 앞서 본 증권신고서나 투자설명서에 기재된 투자판단에 참고할 중요사항에 관하여는 투자권유를 하는 피고의 직원들조차 잘 알지 못하고 있었던 것으로 보이고, 투자설명서는 분량이 방대하다는 이유로 수령거부 확인서에 체크하는 방식으로 원고들에게 교부하지 않은 경우가 대부분인 점 등에 비추어 보면, 피고가 제출한 위 증거들만으로는 자본시장법 제47조 가 정한 설명의무를 다하였다고 인정하기에 부족하고, 오히려 피고는 이 사건 회사채를 판매하면서 원고들에게 이 사건 증권신고서나 투자설명서에 기재되어 원고들의 투자판단에 중요한 영향을 미치는 대한해운의 용선·대선계약과 관련한 구체적인 내용, BDI지수, 대한해운의 재무상태에 관한 구체적인 사항, 선박금융 차입과 관련한 내용 등에 관하여 설명을 하지 않은 것으로 봄이 타당하다. 따라서 피고는 자본시장법 제47조 , 제48조 에 따라 원고들이 입은 손해를 배상할 의무가 있다( 자본시장법 제46조 , 제49조 위반 주장은 선택적으로 구한 것으로 보아 따로 판단하지 아니한다).

(c) Amount of damages;

If the evidence mentioned above, Gap's evidence No. 166-1 through 131 (the balance certificate) and Gap's evidence No. 167 (the number of stocks additionally converted into equity) calculates the damages suffered by the plaintiffs in the manner prescribed by Article 48 of the Financial Investment Services and Capital Markets Act by the method prescribed by Article 48 of the Financial Investment Services and Capital Markets Act, the amount of damages shall be the amount calculated as stated in the attached Table for Calculation of Damages, after deducting the repayment amount in the attached Form of Cash Division and the disposal price or market price of the attached Form of the Act on the Settlement of Stocks and Disposal of the Stock Exchange, which is the amount acquired by the plaintiffs, from the amount acquired by the bonds of this case. The specific amount shall be as stated in the "amount of

However, in the meantime, the plaintiffs did not make a careful investment decision, such as demanding the defendant to provide specific information about the risk of the above corporate bonds or the Korea Shipping, while purchasing the corporate bonds of this case, and there were circumstances such as determining investment solely with the simple explanation of the rate of profit, maturity, and credit rating of the Korean Shipping. Thus, from the perspective of fair distribution of damages, the defendant limited the amount to be compensated to the plaintiffs to 30% of the damages.

Therefore, the defendant is obligated to pay damages for damages listed in the separate sheet of the amount of damages calculated by limiting 30% of the above damages to the plaintiffs, and damages for delay calculated at each rate of 5% per annum as stipulated in the Civil Act and 20% per annum as stipulated in the Act on Special Cases Concerning the Promotion, etc. of Legal Proceedings, from January 26, 2011, for which the plaintiffs seek as to the existence and the scope of the defendant's obligation to pay damages from January 26, 201, to September 6, 2013, the sentencing date of this case, which is the sentencing date of this case, and from the next day to the day of full payment. Thus, the plaintiffs'

4. Conclusion

Therefore, the plaintiffs' primary claim is dismissed as it is without merit, and the conjunctive claim is accepted within the scope of the above recognition, and the remainder of the conjunctive claim is dismissed as it is without merit. It is so decided as per Disposition.

[Attachment]

Judges Lee Jin-young (Presiding Judge)