Mirae Asset Securities

Mirae Asset Securities Investor presentation Q2 FY29 Company fiscal year starts in April

1 Disclaimer This presentation may contain forward-looking statements about Mirae Asset Securities and unaudited preliminary figures internally collected as of September 29. These figures are subject to change without prior notice, and Mirae Asset Securities is neither obligated to provide revisions, nor responsible for any loss or inconvenience caused by changes regarding the projection and forecast presented in this document.

2 Table of contents I. Industry overview 3 II. Company overview 9 III. Company operational overview IV. Group overview Appendix 14 2 24

3 I. Industry overview I. Asset management industry Stock market II. III. Retail investors vs. Institution investors

4 I. Asset management industry Despite global recession, the systematic investment plan continued to inject liquidity into the market thus offsetting redemptions. Asset management industry Stock fund market Mirae Asset Investments KrW Trillion 35 3 25 2 15 1 5 MMF 채권형 Fixed income fund 혼합형 Balanced fund 주식형 Stock fund 184 27% 38% 26% 31% 25% 21% 22% 1% 25.9 26.9 22% 12% 23% 15% 21% 19% 5% 38% 27.9 28.9 KrW Trillion 16 시장 Domestic 국내주식형 CAGR : 22% 시장 Overseas 해외주식형 CAGR : 75% 14 288 Portion of systematic investment plan 12 27% 1 16% 11% 46% 29.9 8 6 4 2 35 26.3 131 58% 26.9 27.9 28.9 29.9 KrW Trillion 6 4 2 12 미래에셋 Domestic 국내CAGR 주식형: 27% 미래에셋 Overseas 해외CAGR 주식형: 87% Portion of systematic investment plan 47 52% 26.3 26.9 27.9 28.9 29.9 Source : KOFIA, excludes PEF, REITs and etc.

I. Asset management industry Despite of the global financial crisis, the long-term trend of money shift from saving to investments is still in tact. Domestic equity funds net subscription Overseas equity funds net subscription KrW Trillion 7, (KRW b) 7 5,5 3, 3 1,1-1, Mirae Asset Group Others Industry 28.3 28.12 29.9 Source: KOFIA accumulative -3, Feb-8Apr-8 Jun-8Aug-8Oct-8Dec-8Feb-9Apr-9 Jun-9Aug-9 AM industry vs. Bank time deposits KrW Trillion 2, 2 1,5 1.5 1, 1.5 5 Mirae Asset Group Others Industry 28.3 28.12 29.9 -.5-5 -1, -1,5-1.5-2, -2 Source: KOFIA accumulative Feb-8Apr-8Jun-8Aug-8Oct-8Dec-8Feb-9Apr-9Jun-9Aug-9 Expected return from equity KrW Trillion 4, 3, (A) Balance of time deposit (B) AUM by asset managers (A)/[(A)+(B)] % 7 6 % 25 2 15 Expected return from equity Bank deposit interest rate Positive for equity 2, 1, 22 23 24 25 26 27 28 1 5 5 Positive for deposit 4 29 1996 1998 2 22 24 26 28 29 Source: Bank of Korea, KOFIA, Company report 5 Source: IBES, Bloomberg Note : Expected return on equity = 1/ MSCI Korea forward P/E=*1

II. Stock market The daily trading volume has maintained steady level above 7 trillion KrW range brokerage sector continuing to out-perform the banking sector KrW Trillion 13 주식형 Equity fund net inflow KOSP Index 8 3 2 25.9 Source : KOFIA, KRX Stock fund net in-flow 26.9 27.9 28.9 KOSPI financials sector performance (pts) 2,5 29.9 2, 1,5 1, 5 KrW Trillion KOSPI 12 1 8 6 4 2 5.2 3.1 7.3 Daily trading volume 5.7 KOSDAQ 1.5 8.2 5.3 4.8 4.7 5.6 5.2 5. 7.5 7.7 5.4 7.5 3.1 2.1 2.5 2.12.3 1.8 1.3 1.3 1.1 1.2 1.6 2.1 2.4 27.3 Source : KOFIA, KRX 27.9 28.3 28.9 Daily trading volume 1.4 29.6 9.9 29.9 (%) 6 5 4 3 2 1 Source : KRX Brokerage Bank Insurance 25.1 26.1 27.1 28.1 29.1 29.9 6 Others Retail Foreign institution Domestic institution 1999.3 21.3 23.3 25.3 27.3 29.9 Source : KRX

7 III. Retail investors vs. Institution investors Investment return for retail investors who redeemed their shares in fixed-income balanced fund to invest in direct equity has recorded an average of 15% for the first half of this year, greatly lagging the indices and institutional investors due to their over weight in defensive sector Investor performance YTD (1H9) 52% 76% Retail Top buys - 22 out of 5 stocks recorded loss - Only 17 out of 5 outperformed the indices - Top buys were: KT, SKT, KOGAS, KT&G, CJ, Hanjin Shipping, KEPCO, Korean Air Fund performance (YTD) 48% 49% 54% 15% 24% 28% Domestic Institution top buys - 2 stocks recorded loss - 42 stocks out of 5 outperformed the indices - Top buys were: Samsung Electric, 15% 26% Samsung SDI, LG Electric, LG Display, KIA Motors, Retail Investor KOSPI Foreign KOSDAQDomestic Institution Institution Tong Yang Securities, HMC IB, Daegu Bank, Dongbu Insurance Balanced (FI) Balanced (Eq) KOSPI Equity fund KOSDAQ Source : KRX Source : Zeroin (As of Oct 16 th )

Ⅳ. Investor survey To me, mutual fund is Korean retail fund investors are still showing optimism, despite of significant losses in their mutual fund assets. According to a recent internet survey which asked how they think of their mutual fund investments, 9% of the participants answered with positive attitudes. (Unit: people) 2, 1,8 1,6 1,4 32.1% 29.9% 1,2 1, 15.8% 8 6 4 2 4.6% 3.7% 3.3% - hopes, patience that investment longterm value investing essential tool dreams pays off =Mutual Fund investment tool for WM & turst Source: e-daily, KIH 8

9 II. Company overview I. Diversified revenue & superior return Outstanding growth II. III. Managing growth and cost IV. Growth initiatives

1 I. Diversified revenue & superior return The Company s core strength lies in the advanced and balanced revenue model Net revenue comparison EBT growth (3 yr.) Korea top 5 firm s average Mirae Asset Securities 29 26 27 28 29 4% 36% 48% 47% 34% 26% 3% 2% % -2% Mirae Asset Securities S D W H Brokerage Wealth management Investment banking Interest profit & other Trading income & PI 12% 14% 43% -16% 36% 3% 31% 2% 8% 3% 11% 1% 18% 14% 19% 31% 12% 1% 9% 1% -4% ROE MAS Mirae Asset Industry (Unit : %) Securities 23.6 2.3 21.1 18.7 15.6 13.3 14. 12.9 7.8 7.8 25 26 27 28 29

II. Outstanding growth The Company s core strength lies in the wealth management and institutional brokerage business Wealth management Brokerage (equity) KrW Billion 12 KrW Billion 6 9 6 55% 45 3 3 15 25.9 26.9 27.9 28.9 29.9 25.9 26.9 27.9 28.9 29.9 KrW Billion 4 3 Investment banking KrW Billion 4 3 Interest profit 2 2 1 1 25.9 26.9 27.9 28.9 29.9 25.9 26.9 27.9 28.9 29.9 Excl. PI profits 11

III. Managing growth and cost On the back of stable revenue in the wealth management and institutional brokerage business, the Company has been able to realize the economies of scale while managing costs efficiently during market down turn Revenue growth vs. cost EBT growth KrW Billion 25 2 15 1 - Revenue Cost KrW Billion 4 3 2 Channel strategy Expand branch network Strengthen fee base & On-line New business CMA & OTC products Overseas brokerage HNWI platform 5 25 26 27 28 29.9 1 25 26 27 28 29 21 1H FY9 Annualized Globalization & IB HK/Vietnam/UK/US/India/Brazil Fee based IB business Note: Excl. OTC trading gain/loss 12

IV. Growth initiatives Recently, the Company has strategically restructured local branches to promote HNWI Platform business to accelerate the growth of assets in relation to the settlement business Channel strategy Flexible branch network Strengthen fee base & on-line New business CMA & OTC products Overseas brokerage HNWI platform Globalization & IB HK/Vietnam/UK/USA/India/Brazil Fee based IB business Company s WUM(Fund) # of branches # of CMA accounts (in Mn) Krw Trillion 225 2 15 1 5 5-15 1 4 36 24. 6 5 59 25. 6 8 69 26. 6 13 81 27. 6 24 152 28. 9 23-35 117 29. 9 25 1.2 1 2 8 15 1 4 5 2-6 26. 9 27. 9 28. 9 13 Mirae Asset Securities S K D H W 29. 9 Vietnam Brazil & Others Mirae Asset Securities Hong Kong China UK US

14 III. Company operational overview I. Wealth management Brokerage II. III. Investment banking IV. Corporate pension

15 I. Wealth management Despite global bear market, the Company s WUM has endured relatively well since 28 while continuing to expand market share in SIP Wealth under management (WUM) Other wealth management biz KRW Billion 24,47 24,228 23,165 22,969 Trust Wrap account CMA Advisory Fund sales balance (as of September 29) 38 Trillion 1% % Other MMF Balanced fund Fixed-Income fund Domestic stock fund Overseas stock fund Other : PEF, REIT etc. 14,656 4,8 348 2,53 1,341 1,876 7,88 7,385 8,553 8,66 8,274 7,811 36% 4,494 4,7 5,923 3,114 8,95 8,862 7,2 6,496 2,799 3,119 4,733 28% 244 874 1,538 394 1,22 1,558 2,724 25. 25. 26. 26. 27. 27. 28. 28. 29. 29. 3 9 3 9 3 9 3 9 3 9 Industry (mn) Company M/S 3.1% 7.4 26. 9 # of SIP account 4.3% 11.9 27. 9 5.8% 6.2% 15.1 28. 9 12.7 29. 9-16%

II. Brokerage Despite the drop in brokerage M/S due to our strong mix in institutional biz, brokerage commission have managed to grow CAGR 19% over the past years Brokerage M/S (FY28) Brokerage breakdown Brokerage M/S Trading value Commissions 8.2% 8.4% 5.1% 5.7% 5.6% 6.5% 8.5% 33% 1% 66% 23% Institution % 77% Off-Line (Retail) 48% 8% 45% 1% 13% % 87% 5.9% 25.9 26.9 7.1% 27.9 Average fee 28.9 29.9 7.2% On-Line (Retail) 43% 45% Channel (bps) FY 6 FY 7 FY 8 1H 9 Off-line wholesale 14.7 11.8 9.3 12. H W S D1 Mirae Asset Securities Source : Data from each company 28.9 29.9 28.9 29.9 Top 3 average Note : Top 3 (S, D, W) 29.6 16 On-line retail 3.1 3.1 3.1 3.1

III. Investment banking The Company s investment banking group focuses on generating stable cash flow through specializing on advisory and fee based business IB revenue Structured products KrW Billion 4 Trust Underwriting Structured securities 3 Advisory fee 2 1 KrW Billion 1 5 27.12 28. 3 28.6 28.9 28.12 29.3 Prop. trading 29.6 29.9 6 4 2 Equity Fixed income Beneficiary certificates Structured product, Future future & Option & option Stock warrants Negotiable commercial papers paper - KrW Billion.5% 27.9 1.1%.9%.6% 323 17 211 323 62 1.9% 1.2% 43 28.9.6% Interest income 1.2% 1.3% 1.% 51 54 121 17 29.9 8% 5% 5% 4% 14% 14% 14% 13% 1% 2% 8% 3% 5% 6% 9% 12% 16% 22% 27% 29% 36% 34% 28% 29% ELS new issuance Commission rate Margin loan Loan Bank deposit & Others Fixed-income -5 62% 59% 54% 54% 52% 55% 58% 53% -1 27.12 28. 3 28.6 28.9 28.12 29.3 29.6 29.9 17 27.12 28. 3 28.6 28.9 28.12 29.3 29.6 29.9

IV. Corporate pension The Company s corporate pension group has been able to become the #1 DC provider expanding market share by providing differentiated consulting services to clients Corporate pension M/S Plan performance KrW Trillion Insurance Securities Bank M/S 9.1 < DC > 9 Company s M/S 26.9% (RHS) 3% 22.9 24.8% 19.8 36% 18.4 17.3 6 12% 2% < DB > 19.8 17.8 3 26.9 Source: FSS, Company 27.9 28.9 29.9 AUM & Plan type mix 52% 1% Mirae Asset Securities Bank Securities Insurance Source: FSS (Jan 26 ~ Sep. 29) Mirae Bank Asset Securities Securities Insurance Korea's expected CP market size as % of GDP 2% 1% 8% 2% 11% 39% 51% 1% 1% 9% 87% 29% 17% 51% 7% SecuritiesInsurance Bank Source: FSS (as of Sep, 29) Others Indirect investments Insurance products Bond Bank time deposits Portion of DC KrW Trillion 3 25 2 15 1 5 5 1 17 29 1% 2% 3% 5% 86 8% 149 13% 25 22% 29 21(E) 211(E) 212(E) 213(E) 214(E) 215(E) 1% 75% 5% 25% Note: Based on KIRI's 215 estimate of 25 tn KrW and applying CAGR of 71% from 29 to 215 CAGR 3% GDP growth assumption applied from 29 to 215 18 %

IV. Corporate pension Corporate pension market is poised to grow rapidly due to Korea s fast aging demographics and the government s need to manage high longevity risks 2% 14% 7% 1) Post-aged society Aged society Aging society Aging/Aged/Post-aged society 1932 Germany Japan 197 1972 36yrs 26 1994 Korea 8yrs 26yrs 212 2 226 218 1) It is classified as 'post-aged society' when more than 2% of the population is consisted of people with age 65 or more Corporate pension market as % of GDP Aging problem The aged Productive population 1 1 1 8 3 1 25 23 25 Trend of USA CP market as % of GDP 15% 1% 5% 79% 116% 123% 82% 125% 1% 75% 5% 51% 86% 17% 116% %.6% 25% % Korea UK USA Netherlands OECD Ave. 1985 1995 25 27 Source: KIRI, HRI, PRIMA (27 for USA, 28 for others) 19 Source : PRIMA

2 IV. Group overview I. Innovator in Korea capital market Mirae Asset Group structure II. III. Mirae Asset Investments AUM

I. Innovator in Korea capital market Mirae Asset is an innovator of Korea s capital market bring new paradigm shifts through its unique First-See & First-In strategy Korea s first mutual fund First Wrap Account & Monthly Savings Plan First REITs & PEF First Global AMC First overseas fund First Retirement Annuity Institute First Biz Unit System First to establish a subsidiary in Vietnam Overseas expansion to UK, USA, Brazil, China 1998 21 24 25 26 27 29 Leading the market with Alternative Investments Variable Insurance Overseas Expansion Create the market for Monthly Savings Plans Wrap Account REITs PEF Corporate Pension Opened the era of Asset Management Industry Mutual Fund Monthly Savings Plan Overseas Fund 21

22 II. Mirae Asset Group structure Mirae Asset was established in 1997. Since then, the group have become one of Asia s leading money managers* based on our full range of financial services Mirae Asset Securities Investment banking Wealth management Brokerage service Retirement pension Mirae Asset Life Insurance Life insurance Variable insurance Retirement pension U.S.A U.K. Vietnam Brazil Korea Hong Kong Securities Life Insurance Korea Mirae Asset Financial Group Capital & Venture Korea Asset Management Hong Kong India U.S.A. U.K. Vietnam Mirae Asset Global Investments Traditional long only equity Mirae Asset Maps Global Investments Alternative investments (PEF, REITs) Korea Brazil Mirae Asset Capital & Venture M&A Advisory service Investment in start-up companies * Mirae Asset Financial Group s Total AUM ranked 6 th largest in Korea and 15 th largest in Asia ex Japan in 28 Institutional Investor Asia s 1 Top money manager 28. Asian Investor, Hong Kong based monthly magazine publisher that specializes in Asian asset management industry, awarded annual Asian Investor 29 Investment Performance Award in May 29. Mirae Asset Global Investments won both the best Emerging Market Equity and Korea Onshore Fund House awards this year.

23 III. Mirae Asset Investments AUM Mirae Asset investment arm continues to lead the asset management industry with improved market share through timely product offerings and superior fund performance Asset management Industry Stock fund market Stock fund return & M/S KrW Trillion Market CAGR : 15% Mirae Asset CAGR : 65% 12 9 1 222 225 223 24 197 M/S 18.5% 22 24 17 192 235 29 55 298 259271 242 65 68 69 66 67 68 64 34 39 361 376 359 336 343 348 25.9 26.9 27.9 28.9 29.9 KrW Trillion 49 51 52 51 51 Market CAGR : 78% 5 Mirae Asset CAGR : 11% 47 M/S 35.9% 2 12 1314 1516 1317 26 354 444752 3 4 7 25 84 63 4 14 14 143 137 135 142 131 116 25.9 26.9 27.9 28.9 29.9 Unit : % 1 M 3 M 6 M 1 Yr Independence 6.89 21.59 4.24 2.28 Discovery 6.93 22.72 43.75 22.4 Dream Target 6.77 21.72 45.33 28.6 Insight 6.12 12.35 49.24 2.75 China 2.26 5.81 37.84 19.87 AP Consumer 3.68 13.1 34.6 21.7 KOSPI 5.11 21.72 41.14 16.5 KOSDAQ 4.37 2.13 35.87 11.81 MSCI AP (ex Japan) 1.88 1.93 37.55 18.5 Unit: Krw tn AUM 29.9 29.6 29.3 Mirae Asset 64.4 18.5% 18.% 17.6% S ITC 45. 13.% 15.5% 15.7% SH BNP 27. 7.8% 7.8% 8.1% Source: KOFIA Source: KOFIA Source : KOFIA (As of September, 29)

24 Appendix I. Summary income statement Summary balance sheet II. III. Mutual fund fee structure

I. Income statement Fiscal year ends March FY29 FY28 FY27 FY28 (Unit: Billion KrW) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 FY27 FY26 Operating Income 463.8 55.4 2,68.5 297.4 77. 536.3 464.8 549.4 574.1 769.3 639. 2,531.8 64.5 Net Revenue (Operating Profit + G&A Expense) 17.1 139.8 488.1 78.5 134.3 11.7 164.7 146.6 27.1 179.1 153.9 686.8 33.7 1) Wealth Management 41. 37.6 165. 28.7 32.1 46.7 57.4 6.4 16.3 56.5 43.6 266.8 13.9 2) Brokerage 49.5 5.9 164.6 38.8 42.6 4.3 42.9 41.7 54.7 53. 46. 195.3 114.6 3) Investment Banking 9.3 1.2 44.9 3.7 9.2 7.7 24.3 32.2 15. 16.5 13.6 77.3 37.3 4) Net Interest Profit & Other 31.2 42.3 171.8 43.8 4.8 42.1 45.1 44.4 33.6 29. 3.3 137.3 45.3 5) Trading Income & Principal Investments (12.4) 8.7 6.2 (.7) 18.2 (17.8) 6.5 (21.1) 14.6 36.8 33.8 64.2 33.4 Operating Expense 433.6 49.4 1,877.4 277.7 77.8 56.7 385.1 513.9 446.2 661.4 545.6 2,166.9 446.5 General and Administrative Expense 76.9 79.8 296.9 58.8 72.1 81.1 84.9 111.2 79.1 71.1 6.5 322. 172.7 1) Salary Expense 41.4 56. 172.1 27.8 42.1 47.6 54.6 72. 44.2 43. 39.8 198.9 12.5 2) Marketing Expense 6.1 3.2 21.3 5.3 5.5 4.6 5.9 14.5 13. 5.1 4.9 37.4 26.9 3) Fixed Expense 12.3 1.5 46.9 1.9 12.4 11.9 11.8 11. 1.3 7.5 5.8 34.6 19.7 4) Other Expense 17. 1.2 56.6 14.8 12.1 1.2 12.6 13.7 11.6 15.5 1.1 51. 23.5 Salary as % of G&A Expense 54% 7% 58% 47% 58% 59% 64% 65% 56% 6% 66% 62% 59% Marketing Expense as % of G&A Exp. 8% 4% 7% 9% 8% 6% 7% 13% 16% 7% 8% 12% 16% Fixed Expenses as % of G&A Expense 16% 13% 16% 18% 17% 15% 14% 1% 13% 11% 1% 11% 11% Operating Profit 3.2 6. 191.2 19.7 62.2 29.5 79.7 35.5 128. 18. 93.4 364.8 158.1 Non-Operating Income 16.5 14.7 4.7.6 1.1 (.) 3. 2.5 8.1.2 1.9 4.3 Non-Operating Expense 2.7 8.6 2.4 5.7 7.4 5.8 1.6 3.9 3.4 1..1 8.5 2. Net Income Before Tax 44.1 66. 175.4 14.6 55.9 23.8 81.2 31.7 127. 115.1 93.5 367.3 16.3 Net Income 33.7 47.9 129.4 12.4 41.7 17.4 57.9 29.3 87.1 83. 67.7 267.2 115.7

26 II. Balance sheet FY29 FY28 FY27 FY28 (In KrW billions) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 FY26 Total asset 8,61.2 7,82.1 6,67.2 6,67.2 6,4.9 6,897.4 8,27.8 6,871.3 7,367.8 6,49.3 5,782.2 3,915.2 1. Cash and deposit 1,69.3 1,676.7 1,21.1 1,21.1 1,3.8 1,25.5 1,484.8 991.3 1,682.7 1,453. 1,28.7 1,62.6 2. Securities 5,16.7 4,69.2 4,61.7 4,61.7 4,34.5 4,424. 4,88.9 4,668.1 4,56.4 3,89.5 3,268. 2,278.4 3. Derivatives 34.3 24.7 23. 23. 24.1 13.3 9.4 6.6 7.5 6.9.. 4. Loans 885.1 767.4 442.4 442.4 465. 667.3 89.2 814.4 793.1 646.1 65.4 329.8 5. Tangible fixed asset 24.5 27.4 31.6 31.6 34.8 42.2 44.5 44.8 39.1 26.4 17.1 14.5 6. Other assets 941.4 633.7 37.4 37.4 451.6 725.2 717.9 346.1 285. 548.4 683. 229.9 Total liabilities 6,899.6 6,113.9 4,949.3 4,949.3 4,4.9 5,266.4 6,442.7 5,283.6 5,855.6 5,42. 4,776.9 2,958.8 1. Deposit liabilities 1,229.9 1,18.3 92.3 92.3 565.2 735.9 81.1 777.3 713. 1,311.2 981. 74.8 2. Leveraged liabilities 4,858.5 4,373.5 3,787.1 3,787.1 3,43. 3,841.1 4,97.2 4,163.7 4,893.1 3,694.6 3,18.2 2,115.2 3. Other liabilities 811.2 56.1 259.8 259.8 432.7 689.4 671.4 342.6 249.5 396.2 615.7 138.8 Total stockholders' equity 1,71.6 1,76.2 1,657.9 1,657.9 1,64. 1,63.9 1,585.1 1,587.7 1,512.4 1,88.3 1,5.4 956.4 1. Capital stock 29.5 29.5 199.7 199.7 199.7 199.7 199.7 199.6 197.5 185.5 185.5 185.5 2. Capital surplus 856.2 849.3 859.2 859.2 866.1 865.6 865.6 863.3 81.7 499.7 499.7 499.7 3. Accumulated other comprehensive income (42.4) (15.3) 68. 68. 37.5 1. (18.5) 4.5 9.6 (.3) (.2) (.1) 4. Retained earning 678.3 662.8 66.5 66.5 597.4 555.7 538.3 52.3 494.5 43.4 32.4 271.3 Total liabilities & stockholders' equity 8,61.2 7,82.1 6,67.2 6,67.2 6,4.9 6,897.4 8,27.8 6,871.3 7,368. 6,49.3 5,782.3 3,915.2 Note: Current and historical numbers are based on pr-audit results provided for investors convenience.

27 III. Mutual fund fee structure Industry Mutual fund fee structure MAS Mutual fund fee structure MAS WM fee(recurring Vs. one-time) 3. Management fee (LHS%) Distribution fee (LHS%) Distribution portion (RHS%) 3. 7% Other (%) Management Fee (%) Recurring distrigution fee (%) 2.5 2.49 2 175 KrW Billion One-time fee WM fees (Recurring) One-time fee portion (RHS) 1% 75% 2. 1...2 1.55 1.24 1.1.58.41.74.3.46.47.54.71.84.97.81.79 24 25 26 27 28 1.27 1.26 29.8 2. 6% 1. 5% 4% -.72 1.67 Eq. 1.85.9 1.1.75 Dom Over Glb Eq. 1.96.55 1.52 1.2.53 1.5.65 1.29.34.15.9.2.45.54.5.12 Eq. Hyb Bond MMFREITs Ave 15 125 1 75 5 25 27. 27. 27. 28. 28. 28. 28. 29. 29. 29. 6 9 12 3 6 9 12 3 6 9 5% 25% % -25% -5% (Inde)(Chi) (Insi) Note 3: Weighted average Note 1: Mirae Asset Securities average 1) Balanced: Mirae Asset independence hanareum balanced 2) Bond: Mirae Asst Solomon government & public bond 1 3) MMF: Mirae Asset New MMF A-4 4) REITs: Mirae Asset Maps frontier real estate 4 Note 2: One-time: MF's upfront fee, structure product issuance fees Total WM fees: MF's recurring portion, WRAP, Bancassurance, trust and etc. Source: KOFIA, Industry weighted average Source: Company, Simple average Source: Company