1. The Defendant (Counterclaim Plaintiff) receives KRW 11,961,311,00 from the Plaintiff (Counterclaim Defendant) simultaneously.

A principal lawsuit and a counterclaim shall be deemed simultaneously.

1. Basic facts

A. The plaintiff is a corporation established in accordance with the Incheon International Airport Corporation for the purpose of contributing to the smooth air transportation and the development of the national economy by efficiently constructing, managing, and operating Incheon International Airport, and the defendant is a company established for the purpose of golf course business

B. On July 24, 2002, the Plaintiff entered into the instant concession agreement between the Plaintiff and the Defendant, and the Defendant: (a) the Defendant designated as the project implementer for the site of the 5th runway site of Incheon International Airport, Incheon International Airport, owned by the Plaintiff, bears the total project cost; and (b) paid land usage fees to the Plaintiff; (c) on December 31, 2020, the Plaintiff has exclusive right to occupy and use the project facilities and the site within the scope necessary for the project (hereinafter “instant project”).

3) The concession agreement (hereinafter “instant concession agreement”) provides for the following:

A) The instant concession agreement was concluded and partly amended on June 3, 2005 and February 7, 2014. The main contents of the instant concession agreement are as follows. The definitions of terms used in this Convention, unless otherwise stipulated in the definitions of the terms, are as follows:

3. The term "reserve land" means the buildings, structures, fixtures, etc. established by the defendant for the project, other than movable property; 28. The term "management and operation rights" means the site that the defendant has established within the relevant project area for future profit-making projects; 28. The term "management and operation rights" means the land that the defendant has created within the relevant project area, such as reclamation of public waters, site creation, construction of the facilities, and payment of land usage fees, as prescribed by this Convention.