1. Defendant A and B are jointly and severally liable for the Plaintiff’s new collateral 2,026,813,549 won to the limited liability company specializing in the first asset-backed securitization.

1. As to the claim against the defendant A and B

A. In fact 1), the KNF Securities Co., Ltd., and the Korea Investment Securities Co., Ltd., Ltd., the representative director of Defendant B, in 2012, omitted the “stock company” when specifying the Co., Ltd.

B) As regards the foregoing securities company’s acquisition of guarantee privately offered bonds for D issuance, and the Plaintiffs (hereinafter the Plaintiffs) who are a special purpose company pursuant to the Asset-Backed Securitization Act are exempted from “limited liability company”.

(B) The Plaintiffs transferred the bonds to the Plaintiff and entered into a contract with the Plaintiffs to issue the bond-backed securities (CBO) on the basis thereof. According to the above contract, D should immediately lose the benefit of time and pay interest rate of 15% per annum on the outstanding principal and interest of the bonds during the period from the date of filing an application for commencing rehabilitation procedures with D. Meanwhile, Defendant A and B jointly and severally guaranteed the obligation under D’s KF securities on the same day, and the bond-backed bonds and the bond-backed securities under the bond-backed underwriting contract for Korea investment securities. (2) Thereafter, Defendant A and B concluded a contract for transfer of securitization assets with the Plaintiffs as listed below, and transferred the bonds under the bond-backed underwriting contract.

AB 3) D filed an application for commencing rehabilitation procedures with Seoul Central District Court 2013 Ma264 on December 2, 2013 and lost the benefit of time under each of the above contracts for acquiring bonds. 4) D’s principal and interest under each of the above contracts for acquiring bonds was partially repaid thereafter, and the remaining principal and interest as of November 3, 2014 are KRW 2,026,813,549 in the case of the 1 bonds acquisition contract, KRW 2,108,065,301 in the case of the 2 bonds acquisition contract.

[Reasons for Recognition] Facts without dispute, entry of Gap's 1 through 4, 6 through 11 (including branch numbers, if any; hereinafter the same shall apply) and the purport of the whole pleadings

B. According to the above facts of recognition, Defendant A and B, a joint and several surety under the above 1 bonds acquisition contract, are jointly and severally a special purpose company and are under the above contract.