1. The plaintiff's appeal is dismissed.

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

The purport of the claim and appeal is the purport of the appeal.

1. Basic facts

(a) Conclusion of contracts to underwrite privately placed bonds or to transfer securitized assets; 1) Dongyang Comprehensive Finance Co., Ltd. (hereinafter “Dong Yang Comprehensive Finance”);

A) On April 21, 2010, U.S. Co., Ltd. (hereinafter “N.S.C”)

B) As between the Company and the Company, the total face value of the Company is KRW 2 billion; the issue value of the Company on April 21, 2010; the issue value of the Company shall be 100% of the face value of the Company; and the rate of return of the Company’s bonds shall be 5.93% per annum; and the first non-guaranteed private equity bonds issued by U.S. S. (hereinafter “instant bonds”).

(2) A contract was entered into between Yang comprehensive Finance and U.S.C. on the following date: (a) at the time of the said contract, the principal of the instant bonds is temporarily repaid on April 21, 2013; (b) the interest of the instant bonds shall be calculated from the date of issuance to the date preceding the date of repayment of principal; and (c) the interest of the instant bonds shall be calculated from July 21, 2010 to April 21, 2013 by three months, counting from the date of issuance to April 21, 2013; and (d) the amount calculated by multiplying the balance of the outstanding principal of the instant bonds as of the immediately preceding date by the rate calculated by dividing the face interest rate by four.

3) On April 21, 2010, the Plaintiff entered into a contract on the transfer of the principal and interest of the instant bonds acquired from U.S. K.C., and around that time, transferred the principal and interest of the instant bonds to U.S.P. against U.S.... Around that time, the Plaintiff lost the profits due to the nonperformance of national taxes on June 28, 2012, and thus, lost the profits due to the payment of the principal and interest of the instant bonds.

2) As of June 27, 2012 as of June 27, 2012, the Plaintiff’s claim on the principal and interest of the instant bonds and the amount of subrogated payment on the U.S. P.C. based on the foregoing deadline was KRW 2,026,494,392 (i.e., principal and interest of the bonds KRW 2,000,000,000, U.S.C. commenced not to pay interest on the bonds from April 21, 2012.