1. The defendant's appeal is dismissed.

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

3. The text of the judgment of the court of first instance is set forth.

1. Basic facts

A. On July 2, 2007, the Plaintiff entered into a contract with C (hereinafter “C”) for the acceptance of convertible bonds with the following contents (hereinafter “instant contract”). The Defendant, the representative director of C, jointly and severally guaranteed the obligation to repay the principal and interest of the bonds to the Plaintiff under the instant contract.

In order to determine matters concerning the acceptance of KRW 300 million (Won 300,000,000) in the first convertible bonds issued by the resolution of C by the board of directors, this contract shall be entered into between the parties on July 2, 2007.

Article 3(Issuance and Acceptance Amount) C 1) The payment date shall be July 2, 2007(hereinafter referred to as “payment date”).

(2) The Plaintiff shall, as provided in this Agreement, accept the total amount of the principal bond on the date of payment as provided in this Agreement, and the total amount of the subscription amount shall be KRW 300,000 (Won 300,000,000 (hereinafter referred to as “acquisition amount”).

3) The Plaintiff shall pay C the subscription price for the bonds as set forth in Section 4 (Terms and Conditions of Issuance of Bonds) on or before the due date.

4. Total amount of issuance of bonds: 300 million won (Won 300,000,000).

7. Period for maturity of bonds: December 31, 2007.

8. Interest rate of the debentures: 10% per annum; 10% per annum; the method and time of payment of the principal and interest of the debentures not converted: In case where the principal and interest are not paid on the due date for the debentures not converted, the overdue interest equivalent to the interest rate of 20% per annum shall be paid for the relevant delay from the following day

2) The Plaintiff regarding conversion may, upon a request for conversion, convert this case into C’s shares pursuant to the following conversion conditions: 1. Conversion ratio: 100% of the value of the issuance of the bonds. 2. Conversion price: The amount per share shall be KRW 20,000 (Won 20,000).

5. Period of request for conversion: from the date following the due date of payment to December 30, 2007.

6. Procedures for requesting conversion: The plaintiff shall notify in writing the conversion.

(b).