1. Of the judgment of the court of first instance, the part against the defendant exceeding the following order for revocation shall be revoked, and that part shall be revoked.

1. Details of the disposition;

A. The Plaintiff: (a) formed a golf course B (hereinafter “instant golf course”) in the Republic of Korea, Kimhae-si; and (b) completed the development project around February 2014.

B. On March 6, 2014, the Defendant submitted a calculation statement of development costs for the creation of the instant golf course from the Plaintiff, and then requested confirmation of the calculation statement of development costs submitted by the Plaintiff to the Incorporated Foundation C (hereinafter “C”) to calculate development costs as KRW 38,854,142,459.

In addition, on July 16, 2014, the Defendant imposed development charges of KRW 174,586,060 on the Plaintiff as stated in the following table (hereinafter “previous disposition”), and the Plaintiff paid the same around that time.

The calculation details of divided development charges 174,586,060 development gains (i) 25% of development gains (ii) 698,344,267 development gains (i) - 45,403,720,686, and the amount of deduction (ii) 44,705,376,419 and the land price as of the starting point 5,220,812,240 and 630,421,720, and development gains 38,854,142,459 and 459;

C. From the audit of the Defendant, Gyeongnam-do should recognize the project cost (civil engineering) actually disbursed by the Plaintiff from the project cost that the Plaintiff concluded through the bid of the Public Procurement Service to the completion of construction as the development cost, and thus, it was pointed out that the previous disposition was excessive in the development cost.

The calculation details of divided development charges (won) development gains (i) 25% of development gains (ii) 16,968,751,745, and land at the time of termination (i) 45,403,720,686, and the land at the time of completion (ii) 28,434,968,941, and the land at the time of commencement 5,220,812, 240, and 630,421,720, development gains 22,534,781, and 981; and

D. Accordingly, the Defendant calculated development costs as KRW 22,583,734,981 on the basis of the detailed statement of completion submitted by the Plaintiff after undergoing a completion inspection. On September 26, 2016, the Defendant would impose upon the Plaintiff the development charges of KRW 4,242,187,930, less the amount of KRW 174,586,060, which was already paid by the Plaintiff, as listed below.