A. Of the judgment of the first instance court, the part concerning the claim for damages against the Defendants is modified as follows.

Basic Facts

The Plaintiff is a beneficiary of “Isides Special Asset Investment Trust A” (hereinafter “the Fund”), a special asset fund under the former Indirect Investment Asset Management Business Act (repealed by Act No. 8635, Aug. 3, 2007; hereinafter “former Indirect Investment Services and Capital Markets Act”), which is an indirect investment fund under the former Indirect Investment Asset Management Business Act (amended by Act No. 8635, Aug. 3, 2007; hereinafter “former Indirect Investment Services and Capital Markets Act”). Defendant Esck Securities Co., Ltd. (hereinafter “SK securities”) is the selling company of the Fund. Defendant Esck Asset Management Co., Ltd. (hereinafter “Is Asset Management”) is the Fund Asset Management Company, and the Industrial Bank is the trustee company of the Fund

around April 208, 2008, Defendant SK Securities collected investment funds from multiple investors in the form of an investment trust under the former Indirect Investment Act, create a large-scale fund, and lend the funds to B Co., Ltd. (hereinafter “B”). B re-loans this funds to the C Co., Ltd. (C Co., Ltd., Ltd. (hereinafter “C Co., Ltd., Ltd., LLC), a special purpose corporation (hereinafter “C”), if: (a) purchased and repaired a heavy aircraft with this funds and accepted it; and (b) purchased D, an airline of the Philippines; (c) “D”.

(1) The route to which the Republic of Korea (hereinafter referred to as the “instant route”) is to link an airport with an airport with United States Armed Forces (hereinafter referred to as the “instant route”).

2) The Plaintiff and the Korea Capital Co., Ltd. (hereinafter “Korea Capital”) decided to create and sell the instant fund by means of collecting the investment funds from the source of revenue generated by air transport charges. Defendant KS securities are the Plaintiff and the Korea Capital Co., Ltd. (hereinafter “Korea Capital Capital”) around April 2008.

The Plaintiff solicited the Fund to invest in the Fund. On May 2008, the Plaintiff visited D offices and hangars located in the Philippines Clock Airport by sending its employees to review whether the investment was made.