1. The plaintiffs' claims against the defendants are all dismissed.

2. The costs of lawsuit are assessed against the plaintiffs.

1. The following facts may be found either as a dispute between the parties, or as a whole as to Gap evidence 1 to 9 (including numbers, if any; hereinafter the same shall apply), Eul evidence 3, 5, 7 and 17, and as to the Asian Trust in this Court, and as to ASEAN, the whole purport of the pleadings as a whole.

1) The status of the parties is 1) Defendant Undisclosed Asset Management Co., Ltd. (hereinafter “Defendant Undisclosed Asset Management”).

The former Indirect Investment Asset Management Business Act (repealed by Article 2 of the Addenda to the Financial Investment Services and Capital Markets Act, Act No. 8635, Feb. 4, 2009) established for the purpose of operating the assets of the indirect investment fund, etc. (hereinafter “former Indirect Investment Act”).

[2] As a truster company under the PAM real estate investment trust No. 6 and PAM real estate investment trust No. 7 as of June 8, 2007, and on June 11, 2007, “PAM private real estate investment trust No. 8” (hereinafter referred to as the “instant fund”), all of the above funds are “each of the instant funds”.

(2) The National Bank Co., Ltd. (hereinafter “National Bank”) is a trustee company in charge of the storage and management of the investment trust property of each of the instant funds in accordance with a trust agreement with Defendant Amateur Asset Management.

3) Defendant C&L Co., Ltd. (hereinafter “Defendant C&L”)

(4) The Plaintiffs are community credit cooperatives established pursuant to the Community Credit Cooperatives Act, which purchased the beneficiary certificates of each of the instant funds from Defendant teachers’ right to guarantee.

B. The content of each of the instant funds 1 is as follows.

Fund name PAM private real estate investment trust 6 PAM private equity real estate investment trust 7 PAM private equity real estate investment trust 8 PAM private equity real estate investment trust 16.8 billion won and 13.4 billion won on June 8, 2007.