1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

Purport of claim and appeal

1.

1. Basic facts

A. On May 9, 2011, the Plaintiff made an investment agreement (hereinafter “instant investment agreement”) with B on behalf of E Co., Ltd. (hereinafter “E”) on behalf of the Plaintiff (However, if the Plaintiff is operating E in substance, and F was merely a representative director in form), the Plaintiff entered into an investment agreement (hereinafter “instant investment agreement”) with the Plaintiff to transfer the ownership of the instant land or return the investment amount to the Plaintiff, and the Defendants guaranteed the instant investment agreement on the same day.

(hereinafter “instant guarantee agreement”). B.

In addition, at that time, the Plaintiff was issued from B a letter to the effect that “B and E shall complete the civil engineering works within three months after obtaining development permission for the instant land, complete the sale within four months, and transfer the ownership of the instant land to the Plaintiff if the sale is not carried out smoothly.”

C. According to the instant investment agreement, the Plaintiff paid KRW 160 million in total, including KRW 40 million on May 18, 201, KRW 10 million on June 30, 201, KRW 20 million on July 19, 201, and KRW 160 million on July 19, 201 (hereinafter “instant investment”).

However, while B and E failed to develop the instant land due to its failure to appropriately procure development costs, on January 16, 2012, “B and E shall complete the division of the instant land and the transfer of ownership until May 30, 2012. If B and E fail to perform this, the sum of the investment amount of KRW 160 million, losses, and compensation costs.