1. The plaintiff's appeal is dismissed.

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

Purport of claim and appeal

The first instance court.

1. Basic facts

A. (1) The Plaintiff is an individual investor who has acquired stocks (hereinafter “instant stocks”) issued by a ship investment company (hereinafter “instant ship investment company”) established in accordance with the Ship Investment Company Act.

(2) The Defendant New Financial Investment Company (formerly known securities company: hereinafter “new financial investment company”) is a securities company that was entrusted with the sales of the instant shares at the time of the old subscription sale and received 50% total amount of shares sold from an institutional investor and ordinary investors in the position of a joint-managing company and a joint-managing company (hereinafter “former securities”) and allocated them to subscribers by means of public offering.

(3) Defendant KSFC Co., Ltd. (hereinafter “KSF”) is a company that establishes the instant ship investment company at KRW 50,000,000 in capital and operates the assets of the instant ship upon entrustment by the instant ship investment company.

B. On December 1, 2006, the instant ship investment company submitted to the Financial Supervisory Commission a corrective statement of the instant securities registration statement (hereinafter “instant securities registration statement”) with respect to the instant stocks.

(2) On December 7, 2006, the Plaintiff visited the Defendant’s New Financial Investment Partnership Branch to subscribe to the instant shares, and was allocated KRW 42,050,000 per share of KRW 8,410 on December 20, 206.

C. The structure of investment through the acquisition of the instant shares was as follows at the time of the subscription of the instant shares.

(1) The subsidiaries (KP 6 International S.A., hereinafter “the subsidiaries of this case”) established by the instant ship investment company in Pakistan are KP 6 International S.A.) and Korea Bank Singapore.