1. The plaintiff's appeal is dismissed.

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

Purport of claim and appeal

The first instance court.

1. The reasoning of the court’s explanation of this case is as stated in the reasoning of the judgment of the first instance except for dismissal or addition of the judgment of the first instance as follows. Thus, this is accepted in accordance with Article 8(2) of the Administrative Litigation Act and the main text of Article 420 of the Civil Procedure Act.

From the 8th judgment of the first instance court, the Plaintiff’s acquisition of FDAK stocks cannot be deemed as a corporate merger as shown below, and even if the Plaintiff’s acquisition of FDAK stocks includes an intangible asset value assessed in the price paid in the course of acquiring FDAK’s stocks, it cannot be deemed that the price for the business value was paid in the process of the instant merger, even if the amount assessed is included in the price paid by the Plaintiff in the acquisition of FDAK’s stocks.

In light of the above legal principles, Chapters 8 through 11 of the first instance court's decision, even if the price for acquiring FDIK's shares by retiring FDIK's shares without issuance of new shares after the Plaintiff acquired FDIK's shares, is not included in the merger price, i.e., liquidation income by merger, and even if the price for acquiring FDIK's shares is included in the price for acquiring FDIK's shares, the amount paid by the Plaintiff as the price for acquiring the FDIK's shares can not be deemed as the price for the business right acquired by merger, even if the price for acquiring the FDIK's shares is included in the appraised value of the intangible assets forming the business value of FDIK's goodwill

2. The judgment of the court of first instance is just, and the plaintiff's appeal is dismissed as it is without merit.