1. The defendant's appeal is dismissed.

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

Purport of claim and appeal

1..

1. Determination on the cause of the claim

A. (i) On June 30, 2008, the Plaintiff entered into a credit guarantee agreement (hereinafter “instant agreement”) with A Co., Ltd. (former FF Co., Ltd., and “A”) with the guarantee principal of KRW 152 million and the guarantee period from June 30, 2008 to June 29, 2009. The Defendant, Co., Ltd., D, and E jointly and severally guaranteed A’s obligations to the Plaintiff under the instant agreement. A submitted a credit guarantee agreement issued by the Plaintiff under the instant agreement and received a loan of KRW 190 million from the national bank.

The instant agreement was amended to June 29, 2012, and again, on June 29, 2012, the period of guarantee was changed to KRW 16.4 million, and the period of guarantee was June 28, 2013. The Defendant signed the agreement on June 29, 2012 on the column of the joint and several surety of the “application for change of the conditions of credit guarantee” submitted to the Plaintiff on June 29, 2012.

Fidelity A and the Defendant, at the time of the instant agreement, paid the Plaintiff the amount of subrogation, delay damages, penalty, and expenses incurred in preserving claims at the rate determined by the Plaintiff from the date of performance of the guaranteed obligation until the date of repayment. The agreed delay damages rate is 12% per annum from December 1, 2012 to the date of repayment.

• The Plaintiff subrogated to the National Bank for KRW 107,962,407 as the credit guarantee accident of A occurred on July 24, 2013.

(v)on the other hand, KRW 109,240 has occurred as penalty for breach of contract in this case.

[Ground of recognition] Facts without dispute, Gap evidence Nos. 1 and 7 1, 2, Gap evidence Nos. 5 and 6, the purport of the whole pleadings

B. According to the facts of recognition as above, the defendant is jointly and severally with A, D, and E to the plaintiff 108,071,647 won (i.e., 107,962,407 won by subrogation) and 107,962,407 won by subrogation, whichever is 107,962,407 won by subrogation, unless there are special circumstances.