The judgment of the first instance is reversed.

Defendant shall be punished by a fine of KRW 10,000,000.

The above fine shall not be paid by the defendant.

1. The summary of the facts charged is a person who was engaged in the development and management of derivatives in D Co., Ltd. (hereinafter “D”) from July 4, 2005 to July 3, 2009 and retired from office.

D on April 18, 2008, issued and sold stock-linked securities (Equi-Linched securities; hereinafter the same shall apply). The instant ES is the final maturity of April 19, 2010, 452,00 won for the first base price of SOSCO shares, 120,000 won for the first base price of the OSCO shares, 120,000 won for the first base price of the OSCO shares, 20,000 won for the first time before maturity of the 20,000,000 won for the first time before maturity of the 20,000,000 won for the first time for the 15,000,000 won for the first time for the 20,000,000 won for the first time for the 15,000,000 won or more for the first time for the 25,000,000 won or more for the second time for the 14,04:

The defendant shall issue an order to sell the SK Energy Stocks, which are underlying assets, to the Korea Exchange through D accounts (Account Number: E) opened in the D Asset Management Headquarters.