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. On June 23, 2008, the Plaintiff provided credit guarantee for the principal and interest obligation owed to the Bank by E, a stock company E (hereinafter “E”) at the time of receiving a loan of KRW 170 million from the Industrial Bank of Korea.

B. The Industrial Bank of Korea stated: (i) on August 26, 2008, the maximum debt amount of 1.8 billion won (No. 130903. hereinafter referred to as “first priority mortgage”); (ii) on November 13, 2008, the amount of KRW 1.8 billion (No. 201500. hereinafter referred to as “second priority mortgage”); and (iii) on November 13, 2008, the Industrial Bank of Korea concluded a contract on partial subrogation with the Plaintiff regarding the establishment of the said secured debt (No. 74 billion won, hereinafter referred to as “third priority mortgage”); and (iv) on November 13, 2008, some of the secured debt amount of KRW 7,400,000,000 (hereinafter referred to as the “third priority mortgage”); and (iv) on the same date, the Industrial Bank of Korea has concluded the agreement on partial subrogation with the Plaintiff on the collection of dividends of KRW 74,7408.7.7