1. The plaintiffs' claims are dismissed.

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

1. Facts of recognition;

A. On December 7, 2006, the Plaintiffs are the B Ship Fund (hereinafter “instant Fund”) sold by the Defendants on December 7, 2006.

(B) A ship investment company established under the Ship Investment Company Act (hereinafter “instant ship investment company”).

(2) The Defendants are personal investors who have acquired the shares of this case. (2) The Defendants are securities companies entrusted with the sale of the shares at the time of subscription and assigned 50% of the shares subject to sale to institutional investors and ordinary investors by public offering after acquiring 50% of the shares subject to sale for the purpose of acquiring them from the position of the joint-managing company and the total amount acquiring company.

B. 1) After establishing the instant ship investment company, KSF ship financing company, which is the ship investment company, has acquired 3,321,448 shares of the instant ship investment company through private equity holders in KRW 5,00 per share (total acquisition amount of KRW 16,607,240,00) and sold them to investors of the instant fund through public offering. 2) The instant ship investment company, which is the ship investment company, was a subsidiary KS6 International.

S. A. (hereinafter referred to as “Pama subsidiaries”) was established, and Pakistan subsidiaries purchased vessels of 148,477 MT size at US$ 44,00,000 (hereinafter referred to as “instant vessels”).

To prepare the purchase price of the instant vessel, Pakistan subsidiaries were granted loans from the Korean Bank, the National Agricultural Cooperative Federation, and the National Federation of Fisheries Cooperatives to the extent of USD 28,595,000, which is the senior lender, to set up the first priority mortgage on the instant vessel to the above senior lender, and received subordinated loans from the instant ship investment company up to USD 17,80,000.

3) Pakistan subsidiaries are Singapore companies YUN LET. LTD. (hereinafter “instant charter party”).

bareboat charter (Barebaat) with respect to the vessel of this case.