1. The defendant's appeal is dismissed.

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

Purport of claim and appeal

1..

1. Basic facts

A. On September 14, 2011, the Defendant entered into an investment undertaking (hereinafter “instant investment undertaking”) and a contract between the shareholders (hereinafter “instant agreement”) that the Defendant invested in the tentative name “C” (hereinafter “C”) and would be a shareholder of the said company.

The main contents are as follows:

- Certificates of Investment -

1. We (referred to the defendant) agree that all clauses and conditions of the agreement between stockholders attached to this Schedule shall be bound and shall participate in the company established under the agreement between stockholders.

2. We undertake to make investments as follows:

- The subject-matter of investment: Company to be established under an attachment agreement (tentatively referred to as “company”) - The method of investment: The amount of investment at the time of incorporation of the company (cash or in kind): - The amount of investment: the amount of acquisition of stocks at the time of acquisition of the company: 20 million won or less per share (the amount of acquisition of stocks at the time of acquisition of the company): 50,000 won or total amount of 400 shares per share - Heavy - The amount of capital at the time of incorporation of the company shall be 1.5 billion won (the amount of face value per share, 50,000 won or more, total number of issued stocks, and 300,000 shares, and the

- omitted- - The term "this Agreement" between stockholders - The term "this Agreement" shall be concluded between the parties which agreed to this Agreement and the other parties which have entered into an investment undertaking with the Plaintiff, and the date of entry into force of this Agreement shall be the latest of the date of entry into force of this Agreement.

The Parties listed in the letter of signature of this Agreement shall individually be the shareholders or the parties, collectively, shareholders or the parties.

In order to carry on the 4 mobile telecommunications business (hereinafter referred to as the 4 mobile telecommunications business) upon obtaining the 'the main permission' from the Korea Communications Commission under the Telecommunications Business Act, the main case is now D'(D').