A Rising Nation : An Investment

Opportunity

Presenting
Mirae Asset China Advantage Fund
(An open ended Fund of Funds scheme)

NFO Period : 14th Sept 2009 to 9th Oct 2009.

Scheme re-opens for sale and repurchase on or before 6th November, 2009.

0
 Contents
 China Economic Growth Potential

 China Equity Markets

 Presenting Mirae Asset China Advantage Fund

 Why Mirae Asset ?

1
 China Economic Growth Potential

Macroeconomic Overview

Can it sustain its Economic Growth?

Long term Investment Opportunities

2
China : A Giant within
5 times
- the number by which
the GDP will grow by
2025

170 Mass
Transit
350 million System to be built
will be added to China’s urban population by 2025
– Higher than the current population of USA
490 million Jobs
Migrants will account for 66 percent of
1 billion the labor force.
people who will live in China’s cities by 2030

221 40 billion
chinese cities will have one million + people Square meters of floor space will be
Europe has 35 such cities today built – in five million buildings

50,000
5 Billion of these buildings would be
square meters of road to skyscrapers
be constructed

Source : McKinsey Global Institute, July 2009

3
Fastest Growing Economies in the World
 One of the Fastest Growing Economies In the World
 Poised to be 2nd largest economy in the world by 2010 Source: IMF World Economic Outlook
 Share of China’s GDP as a percentage of the world has risen at the expense of
Developed Economies.

Overview of the World Economic Outlook Projections

Year over Year(Percent Change) July 2009 Projections

Share of GDP as percentage of the world

2007 2008 2009 2010 76% 10.0%

74% 9.0%
World output1 5.1 3.1 -1.4 2.5
8.0%
United States 2 1.1 -2.6 0.8 72%
7.0%
Germany 2.5 1.3 -6.2 -0.6 70% 6.0%
France 2.3 0.3 -3 0.4
68% 5.0%
Italy 1.6 -1 -5.1 -0.1 4.0%
66%
Spain 3.7 1.2 -4 -0.8 3.0%
64%
Japan 2.3 -0.7 -6 1.7 2.0%
United Kingdom 2.6 0.7 -4.2 0.2 62% 1.0%
Canada 2.5 0.4 -2.3 1.6 60% 0.0%

2009F
2010F
2008E
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Russia 8.1 5.6 -6.5 1.5
China 13 9 7.5 8.5
India 9.4 7.3 5.4 6.5 Share of GDP (US, EU and Japan combined) (LHS)
ASEAN-53 6.3 4.8 -0.3 3.7 Share of China's GDP (RHS)
Middle East 6.3 5.2 2 3.7
Brazil 5.7 5.1 -1.3 2.5 Source: UBS, May 2009
Source: IMF World Economic Outlook, July 2009

4
Despite Global Recession,
growing at a reasonable pace
 Despite global slowdown, China grew at 7.9% in the 2Q 2009
 Over 50% of Chinese GDP growth this year due to Investment and the balance from
Consumption
 Zero contribution from Net exports.
 Economic growth no longer reliant on exports with Investment and Consumption being growth
drivers
Chinese Exports Bottoming Out
Growth Drivers: Investment and Consumption
3mma yoy%
GDP Growth Rate by expenditure approach
50% China Export Growth

40%

30%

20%

10%

0%

Oct-06
Jan-03
Jun-03

Dec-05

Jan-08
Jun-08
Jul-05

Mar-07
Apr-04

Feb-05

Apr-09
Nov-03

Sep-04

Aug-07

Nov-08
May-06
-10%

-20%

-30%

Source: State Statistical Bureau, May 09

Source: CEIC, CLSA Asia Pacific Markets, July 2009
5
For Professional Investors Only. Not for Distribution to the Public .
Ample Liquidity to Aid Recovery
 The growth of outstanding bank lending accelerated to 34.4% year on year in June 09.
 The increasing bank lending is an important factor in sustaining domestic demand
 Total new loans expected to be RMB 8-9 trillion, more than enough to support economic
recovery.
Money & Credit Growth Has Surged New Bank Lending Remains High
Growth Rate % YoY Monthly new loans in value

Source: CEIC & UBS, July 2009 Source: CEIC, CLSA Asia Pacific Markets, July 2009

For Professional Investors Only. Not for Distribution to the Public .

6
Investment & Consumption on Rise
 Urban Fixed asset investment rose by 35% year on year in Jun 09, up from 34% in April 09
and 30% in March 09.
 Chinese state owned enterprises investing heavily in infra projects has led to this growth.
 Retail Sales are growing at a reasonable pace due to both Urban and Rural Real disposable
Incomes are growing
 Mellowing inflation has lead to disposable income growth, CPI Inflation (-1.4% yoy in May 09),
PPI Inflation (-7.2% yoy in May 09)
Non-State Investment rose 35% YoY in May 09

Source: CEIC, CLSA Asia Pacific Markets, July 2009

Source: CEIC & UBS, July 2009

For Professional Investors Only. Not for Distribution to the Public .

7
Investment & Consumption on rise
China’s Infrastructure Spending
 Shift towards domestic demand as a driver of future economic growth provides the need
for long-term infrastructure development in China
 We expect massive development of roads, rail, domestic ports/airports, with China
dominating infrastructure spending in the Asian region
Infrastructure spending as a proportion of GDP
Infrastructure Investment by Asian Markets
(2009-10)
Others, 4%
Thailand, 3% Indonesia
Taiwan, 3% Korea
Korea, 4% Singapore
China
India, 10% hong…
Hong Kong
Malaysia
India
Hong Phillipines
Kong, 1% Korea
India
Taiwan
China, 75% Taiwan
Thailand
Thailand
Others
China %

0% 1% 2% 3% 4% 5% 6% 7% 8%

Others Include Indonesia, Malaysia, Philippines & Singapore

Source: CLSA, July, 2009

For Professional Investors Only. Not for Distribution to the Public .

8
China Economic Growth Potential
Can it sustain its Economic Growth?

9
 Fiscal Position : Balanced
 Fiscal Position – China’s fiscal deficit was just 0.4% of GDP last year
 This places China in a strong position to give further impetus to economic growth through
stimulus packages if required
 With economic recovery, Government revenues expected to pick up
 National Revenues already up by 4.8% (YOY) in May 09

Begin with a Strong Fiscal Position Government Revenue Recovering

Up 5% YoY in May 09
Fiscal Deficit as a % of GDP

Source: NBS, CEIC, CLSA Asia Pacific Markets, July 2009

For Professional Investors Only. Not for Distribution to the Public .

10
Room for Further Monetary Stimulus
Country policy
Countries Rates
rates
United States Fed Funds Target rate 0.25%
Japan Over-night rate 0.10%
 Interest rates in China is currently
1 year lending rate 5.31%
at a high level, leaving central
China banks big room for monetary
Required reserve rate 15.5%
stimulus.
Reverse Repurchase rate 3.25%
India
Cash reserve ratio 5.00%
South Korea Target official bank rate 2.00%  Falling oil and commodity prices
Australia RBA Cash Targeted rate 3.00% trim fear of inflation and offer
Singapore Overnight rate 0.16% comfort for monetary easing policy.
New Zealand Reserve Bank of NZ Official 2.50%
Cash rate

Indonesia Bank Indonesia Reference rate 7.25%

Taiwan Re-discount rate 1.25%
Malaysia Over-night policy rate 2.00%
Thailand BOT One day Repo market rate 1.25%
1 day
Source: Bloomberg, May.2009

For Professional Investors Only. Not for Distribution to the Public .

11
 Huge Forex Reserves
Foreign Exchange Reserves of major economies

Amount (USD billion) As % of the World

China 1,954 29%  With a huge trade surplus and FDI
Japan 983 15% inflows, China has seen its forex
India 241 4%
reserves ballooning.
South Korea 212 3%
Taiwan 305 5%
Hong Kong 193 3%  High Forex Reserves provides China
Singapore 170 3% leeway to continue with its large-scale
Malaysia 87 1% fiscal stimulus package to compensate
Indonesia 55 1% for any fall in exports
Thailand 113 2%
Philippines 39 1%
Australia 28 0%
Brazil 203 3%
Russia 385 6%
Euro zone 189 3%
United States 40 1%
World Total 6,699 100%

Source: Bloomberg, May.2009

For Professional Investors Only. Not for Distribution to the Public .
12
Comfortable external debt position
 Strong External Debt position - Today, history is unlikely to repeat itself due to substantial
improvement in the external debt position and sizeable foreign exchange reserves. This
should not lead to Asian Currency Crisis similar to in 1998.

External debt and FX reserve position of Asia countries

Source: Merrill Lynch, The Asian Macro Navigator , October 2008

13 For Professional Investors Only. Not for Distribution to the Public .

China Economic Growth Potential
Long term Investment Opportunities

14
 Inland urbanization
 Between now and 2020, the equivalent of US population to urbanize in China
 Long term resource mobilization and urban redevelopment is therefore waiting to
unfold in China

July , 2006

15
Chinese 2020 Infrastructure Landscape
China 2020: Infrastructure Landscape Expected

Particulars 1998 2008 2011 2020

A = Grade A
Source: Government statistics and REIS

For Professional Investors Only. Not for Distribution to the Public .

16
Consumption driven Growth

 Steady rise in per capita incomes would mean more number of motor vehicles on
Chinese roads in years to come.
Motor vehicles per 1000 people Projected Car-Sales Growth : (2008 -18)

(Motor vehicles per 1,000 people)

1,000

US

800

600
Japan

400

Brazil
200 China Korea

India
Real per capita PPP GDP (US$)
0
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Source: CLSA, July, 09

Source : UNDP, CLSA, July 09

17
Long term investment Opportunities in China
Consumption/Service
Opportunities in Paradigm Transition driven Growth

 Government’s expenditure on soft infrastructure like Education and Health Care

has huge potential to grow
Government Healthcare Expenditure to GDP Government Education Expenditure to GDP
25.00% 7.00%

6.00%
20.00%
5.00%

15.00% 4.00%

3.00%
10.00%
2.00%

1.00%
5.00%
0.00%

China (2006)
US (2004)

Korea (2004)

India (2004)
Germany (2004)
0.00%
Germany

Italy

China
USA

Japan

UK

Russia
Canada

France
Australia

Korea

India
Singapore
Brazil
Switzerland

Sources: WHO; BNP Paribas, July 09 Sources: NBS; China Science and Technology Statistics; BNP
Paribas; July 09

18
 China Equity Markets–
Is there a Room for further upside?

19
 Chinese Equity Markets- A Snapshot
Categories Description Investors Exchange Listed on Represented Index

Pure China Equity

Shares of Chinese companies listed Domestic  CSI300

Shanghai
A-Shares on Shanghai/Shenzhen stock exch Foreign investors  CSI100
Shenzen
anges quoted in Renminbi/ Yuan holding QFII license  SHCOMP

Shares of Chinese companies listed Shanghai

B Shares Foreign investors  SHCOMP
in Foreign Currencies Shenzen
Shares of companies incorporated i Hong Kong Stock Exchang
H-Shares Foreign investors  HSCEI
n Mainland China e

Shares of mainland Chinese compa Hong Kong Stock Exchang  No representative i

Red Chips Foreign investors
nies incorporated outside China e ndex available

Greater China Equity

•China Shanghai
•Hong Kong Shares of companies from 4 mentio Domestic Hong Kong  MSCI Golden Drag
•Singapore ned countries Foreign Investors Singapore on Index
•Taiwan Taiwan

 CSI100 & CSI 300-The CSI 100 is a capitalization-weighted stock market index designed to replica the performance of 100 stocks traded in the
Shanghai and Shenzhen stock exchanges. Similarly CSI 300 constitutes of 300 A shares

 SHCOMP –The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The Index tracks the daily price performance of
all A-shares and B-shares listed on the Shanghai Stock Exchange.

 HSCEI – HangSeng Enterprises Index covers all H-shares in the HangSeng Mainland Composite Index. Compromises of H-Shares listed on the
Hong Kong Stock Exchange and included in the HangSeng Mainland Composite Index

 MSCI Golden Dragon Index: Aggregate of the MSCI Hong Kong, the MSCI China Free Index and MSCI Taiwan Indices

20
For Professional Investors Only. Not for Distribution to the Public.
Performance of China Equity Markets
 China equities - Ranked No 2 in terms of risk adjusted return in the past 5 years
among major global equity markets

Annualized Annual return (%)

35
Brazil
30

25
China
20

15 Mexico
MSCI Asia
India
Pacific ex
10 Japan Average
Malaysia
Korea
5 HK
Europe SG
MSCI World Taiwan Russia
0
15 20 25 30 35 40
-5 Japan

Annualized Annual Volatility (%)

Source: Lipper Hindsight, May 15 2009. Risk/return figures are calculated based on the USD capital return performance of MSCI indexes. Past
performance figures are not indicative of future performance.

Returns and volatility are calculated based on the period form Apr, 30, 2004 to Apr 30, 2009

21
For Professional Investors Only. Not for Distribution to the Public .
Performance of China Equity Markets

 China Equity Markets have outperformed the other emerging markets over medium to
long term

Indices performance in INR as on 31st August, 2009 (Absolute Return %)

Indices 3 month 6 month YTD 1 year 3 year
CHINA MARKET INDICES
CSI 300 Index* 5.01% 26.48% 56.16% 31.69% 158.42%
MSCI Golden Dragon Index
(Greater China Index)* 7.15% 46.43% 41.13% 4.14% 19.37%
MSCI China Index 10.66% 49.80% 39.68% 8.95% 59.86%
MSCI INDIA INDEX 8.49% 83.08% 68.56% 6.61% 32.03%
MSCI BRAZIL INDEX 9.53% 61.39% 72.00% -9.54% 61.33%
MSCI RUSSIA INDEX -2.34% 71.98% 58.29% -34.94% -42.55%

Source: Bloomberg, Past Performance may or may not be sustained in the future

22
For Professional Investors Only. Not for Distribution to the Public .
Mainland Chinese Markets:
An Untapped Opportunity in Indian Context
 Foreign investors can invest in A-shares (local company stocks) through the
scheme of Qualified Foreign Institutional Investors only (QFII).

 Currently only around 60 QFIIs are allowed to invest in the A-share market
with Mirae Asset Global Investments, Korea being one of them.

 A-Share market has strong track record over medium to long term as seen
in the performance of these indices

Various China Market Indices performance in INR as on 31st August , 2009 (Absolute Return %)
Indices 3 month 6 month YTD 1 year 3 year
Mainland China Market Indices
CSI 300 Index 5.01% 26.48% 56.16% 31.69% 158.42%
CSI 100 Index 5.35% 24.52% 50.06% 22.07% 152.53%
Greater China Market Index
MSCI Golden Dragon Index 7.15% 46.43% 41.13% 4.14% 19.37%
Other China Market Indices
HSCEI Index 12.16% 56.18% 43.42% 8.23% 72.61%
MSCI China Index 10.66% 49.80% 39.68% 8.95% 59.86%
MSCI India Index 8.49% 83.08% 68.56% 6.61% 32.03%

Source: Bloomberg, Past performance may or may not be sustained in the future

23
For Professional Investors Only. Not for Distribution to the Public .
Attractiveness of Mainland Chinese
Markets

 The correlation of A – share market with respect to global markets is low. Hence, exposure to
Mainland Chinese stocks can help investors in terms of portfolio diversification.

 It provides niche exposure which is not available via H-share, red chips or N-shares. E.g.
Chinese Wine, Traditional Chinese Medicine, Securities, Agriculture, Hydro Power, Animal
Vaccine, Machinery Parts, etc

Correlation: 2005 - 09

Index Brazil Russia India Hong Kong USA UK

CSI300 0.12 0.12 0.16 0.35 0.01 0.05

SHCOMP 0.12 0.13 0.16 0.35 0.00 0.06

HSCEI 0.39 0.44 0.52 0.85 0.15 0.34

Source : Bloomberg, July 2009

24
For Professional Investors Only. Not for Distribution to the Public .
 Why to invest in China ?
 Portfolio Diversification –
Optimal Portfolio (70% India & 30% China)

Risk - Return Frontier

Index Weighting Portfolio characteristics
12.60%

MSCI Annualized Annualized Risk adjusted

11.90%
China Index BSE Sensex volatility return return
Annualised Return (%)

11.20% 0% 100% 27.20% 12.46% 0.46

10% 90% 26.02% 12.47% 0.48
10.50%
20% 80% 25.17% 12.37% 0.49
9.80% 30% 70% 24.68% 12.15% 0.49

9.10% 40% 60% 24.59% 11.83% 0.48

50% 50% 24.90% 11.39% 0.46
8.40%
60% 40% 25.58% 10.85% 0.42
7.70% 70% 30% 26.62% 10.21% 0.38

7.00% 80% 20% 27.97% 9.46% 0.34

22.00% 24.00% 26.00% 28.00% 30.00% 32.00% 34.00% 90% 10% 29.58% 8.60% 0.29
Annualised Volatility (%) 100% 0% 31.43% 7.65% 0.24
Annualized Risk Adjusted Return

Source : Bloomberg, The calculations are determined based on weekly returns data from 01/01/2000 to 14/08/2009, Past Performance may or may not be sustained in the future

25
For Professional Investors Only. Not for Distribution to the Public .
Valuations Still Attractive

 Mainland Chinese equities still trading at much below peak valuation levels

MSCI China Forward PE from 1998

40.0

35.0

30.0

25.0
+1 std 17.9
20.0

15.0 Mean 13.3

10.0

5.0 -1 std 8.6

0.0
01-Oct-00
01-Dec-98

01-Jun-04

01-Jan-09
01-Jul-03

01-Mar-07

01-Feb-08
01-Apr-06
01-Nov-99

01-Sep-01

01-Aug-02

01-May-05

Source : Goldman Sachs Jul 2009

Source : Deutsche Bank Aug 2009

26
For Professional Investors Only. Not for Distribution to the Public .
 Why to invest in China ?
 The situation today is different from the sell off in Oct 07.

Parameters Today October 07

Economic Growth A Strong Uptrend: Beginning of a decline:
Real GDP grew 7.9% yoy in 2Q09 12% yoy growth in 4Q07 but in a shar
but on a strong recovery track p declining trend
CPI Inflation Under Control: Highest in a decade & rising:
 Falling 1.8% yoy in Jul 09  Rose 6.9% yoy in Nov 07
Domestic Liquidity Loosest on Record: Tightest on record:
 Excess Liquidity Index expected to  Excess Liquidity Index was -4.7% in
rise to 20% in 2009 2007
Policy Environment Benign: Very Aggressive Tightening:
Central bank reiterates current poli Central bank reintroduced lending qu
cy stance – “an expansive fiscal poli otas
cy and moderately loose monetary p
olicy”
Valuation Below historical Average: Richest in history:
P/E Ratio of A-Share stocks listed P/E Ratio of A-Share stocks listed on
on Shanghai exchange was dropped Shanghai exchange was close to 70x, t
to 24x, after last week’s sell off he highest in history

Source: Nomura Global Economics, Aug, 2009

Note: Excess Liquidity index measures the difference between M2 money supply growth and nominal GDP growth
27
 Presenting

Mirae Asset China Advantage Fund

(An Open Ended Fund of Funds scheme)

28
 Mirae Asset China Advantage Fund
India’s 1st Pure China Fund
Mirae Asset China
Advantage Fund

 Chinese Markets include companies listed on

mainland stock exchanges (A-Shares & B-Shares)
and Hong Kong Stock Exchange (H-Shares & Red
Chips).

 Does not invest in Taiwan & Singapore that form a

part of Greater China region)

 First India domiciled fund of fund that also seeks

to take exposure to A-Shares through various
avenues like ETF units/Overseas Mutual Funds.
This enables the fund to take exposure to Chinese
companies with high investment potential not
listed on Hong Kong Stock Exchange

29
Product Features

Invest in H Shares, Red

Mirae Asset China Chips, B-Shares and Hong
Sector Leader Equity Kong stocks,
Fund A large part is invested in
(Flexibility to invest in sector leaders and the
other China Funds) balance portion is invested
in future sector leaders

Benchmark – MSCI China

Mirae Asset China
Advantage Fund

HK listed ETF units,

Exposure to Mainland that track Mainland
China Market China market index)
Overseas Funds that
invest in Mainland
China market

Source : Mirae Asset Global Investments( HK) Pvt. Ltd. Past Performance may or may not be sustained in the future and there is no guarantee of future results.

30
For Professional Investors Only. Not for Distribution to the Public .
Performance of Fund

Performance of China Sector Leader Equity Fund – SICAV Fund

Fund Performance in INR as on 31st August, 2009 (Absolute Return %)

Fund 1 month 3 month 6 month YTD Inception
Mirae Asset China Sector Leader Equity Fund(SICAV) -5.27% 11.61% 54.41% 46.61% 11.18%
Benchmark
MSCI China -5.51% 10.66% 49.80% 39.68% 13.41%

Source : Bloomberg, Past performance may or may not be in the future.

Note: SICAV Fund Size as on 31st August 2009: US$ 13.24 Million.

31
For Professional Investors Only. Not for Distribution to the Public .
Portfolio Details
Mirae Asset China Sector Leader Equity Fund
MACSLEF Holdings as on 31st July, 2009 % NAV
Industrial & Commercial Bank of China Ltd. 9.56
China Petroleum & Chemical Corp. 8.34 MACSLEF Sector Holdings as on 31st July, 2009
China Life Insurance Co. Ltd. (China) 7.81
China Construction Bank Corp. 7.19 Financials
PetroChina Co. Ltd. 6.84
2.15 Energy
Ping An Insurance (Group) Co. of China Ltd. 5.15 3.55
3.43 2.71
CNOOC Ltd. 4.83 3.80
China Merchants Bank Co. Ltd 'H' 4.41 3.86 Consumer Staples
Tencent Holdings Ltd. 4.04 4.56 40.26
Materials
Tingyi (Cayman Islands) Holding Corp. 3.22 5.16
China Shenhua Energy Co. Ltd. 3.03
Information Technology
Parkson Retail Group Ltd. 3.00 25.30
China Mobile Ltd. 2.71 5.23
Industrials
Anhui Conch Cement Co. Ltd. 2.48
China Overseas Land & Investment Ltd. 2.41
Fund
China Resources Power Holdings Co. Ltd. 2.15
Hengan International Group Co. Ltd. 2.01
Consumer Discretionary
Bank of China Ltd. 1.85
PICC Property & Casualty Co. Ltd. 1.70
China National Building Material Co. Ltd. 1.32
Other Equity Holdings 12.52
Cash & Others 3.43
Total 100.00

Source: Mirae Asset Global Investments (HK) Pvt. Ltd, Data as on 31st July, 2009.

32
For Professional Investors Only. Not for Distribution to the Public .
Investment Strategy
Quality over Quantity
 Emphasize the growth opportunities related to the secular and structural changes
 Fundamental, bottom-up stock picking approaches
 Focus on companies with the following characteristics

Leadership

Leading players with growing business that benefit from long term macro trends

Competitive strategy

Impressive and sustainable long-term business model and strategies

Reliable management

Capable and accountable management who care for shareholders’ values

Attractive valuation

Atrractive relative valuation with the consideration of liquidity and volatility

33
For Professional Investors Only. Not for Distribution to the Public .
 Mirae Asset
Emerging Markets Expert

34
Mirae Asset’s Investments in China Markets

Assets under Management in China (including China allocations in

Multi Country Funds) - US$ 5.5 billion (as on July 10,2009)
 Assets under Management in China dedicated Funds- US$ 3.285 billion
(as on July 10,2009)

Some of large China dedicated Funds (Korea domiciled)

- Mirae Asset China Solomon Fund - US$ 1875mln
- Mirae Asset China Sector Leader Fund - US$ 629mln
- Mirae Asset China Discovery Fund - US$ 429mln

Source: www.miraeasset.com Data as on July 10 2009.

35
For Professional Investors Only. Not for Distribution to the Public .
 Emerging Market Experts
 One of the world’s largest investors in emerging market equities
We have been recognized as one the leaders in emerging market equities via various publications and surveys. In a
survey conducted by IPE (Investments Pensions Europe) in 2009, Mirae Asset was marked as one of the largest
investor s in emerging market equities with more than Euro 18 .7 billion of AUM. (as of March 2009)

Emerging market Number of emerging

As of
Rank Company equities AUM market
(updated date)
(EUR billion) professionals

1 Barclays Global Investments 29.1 41 March 2009

2 Mirae Asset Global Investments Group 18.7 89 March 2009

3 State Street GA 18.0 14 March 2009

4 Franklin Templeton Investments 12.4 39 March 2009

5 Morgan Stanley Global Group 11.9 21 March 2009

6 HSBC Global Asset Management 11.7 180 December 2008

7 BNP Paribas IP 9.8 150 March 2009

8 The Vanguard Group 9.6 46 March 2009

9 Acadian AM 9.4 33 April 2009

10 JP Morgan Asset Management 9.2 20 March 2009

• Source: IPE: Investing in Emerging Market Equities Survey, July/August Edition 2009

36
 Special Focus in the Asia Pacific Region
 One of Asia’s largest asset managers
Mirae Asset retains a strong belief in Asia’s growth potential. Based on our Asian research operations spread across
the regions of Hong Kong, Shanghai, Mumbai, Hanoi, and Seoul, we have been able to collect in-depth market
information and carry out timely investment decisions for our clients. The ceaseless efforts toward our clients were
reflected in “Fund Manager Survey by Asia Asset Management” in 2008, where Mirae Asset marked the spot as the
largest retail manager in Asia (ex. Japan and Australia).

< Top 10 Retail Manager in Asia (ex. Japan, Australia) > < Top 10 Institutional Managers in Asia (ex. Japan, Australia) >

Rank Company Asset (USD mn) Rank Company Asset (USD mn)

1 Mirae Asset Global Investments Group 50,596 1 State Street Global Advisors Asia Ltd. 48,615

2 HSBC Global AM (HK) Limited 32,500 2 HSBC Global AM (HK) Limited 28,300

3 Franklin Templeton Investments 32,101 3 Schroder Investment Management 26,732

4 JF Asset Management 28,669 4 Blackrock 26,538

5 Prudential Asset Management 28,597 5 AXA Investment Managers 24,051

6 Blackrock 23,268 6 Barclays Global Investors 20,468

7 ING Investment Management 19,319 7 ING Investment Management 17,476

8 Reliance Capital AM Ltd. 15,527 8 Mirae Asset Global Investments Group 15,094

9 BNP Paribas Investment Partners 14,880 9 PIMCO 14,870

10 Alliance Bernstein LP 12,000 10 Prudential Asset Management 14,413

• Source: Fund Manager Survey “Top 20 Managers in Asia ex Japan and Australia”, Asia Asset Management (September 2008)

37
 China team structure

China Investment Team Dr. Li Cong

Director, Head of China Equity
14 years investment experience, 18 years working experience
Li Cong, Director and Head of China Equity, joined Mirae Asset Global Investments (Hong
Li Cong
Kong) in March 2006 from Hong Kong-based Hamon Investment Group where he was
Head of China responsible for stock selection in Greater China. Known as a pioneer of China’s fund
management industry, Li Cong started his investment management career in 1994 at Hua
Yin International Trust & Investment Company covering equities, fixed income and
commodity futures. He subsequently joined Shanghai-based Hua An Fund Management
Hong Kong Company in 1998, where he managed various China funds. Li Cong was named one of
China’s top fund managers by New Fortune Magazine in 2002 for consistent outstanding
Kim Byung Ha performance.
Senior Portfolio Manager Prior to joining the industry, Li Cong was an international business manager with Tung
Kong Industrial Company. A CPA charterholder, Li Cong holds a PhD in Business
Im Sung Ho Administration from Shanghai Jiao Tong University (China) and a Masters in Public
Administration from New York’s Columbia University.
Portfolio Manager
Byung-Ha Kim
David Lai
Associate Director
Portfolio Manager
10 years investment experience, 10 years working experience
Lina Yan Byung-Ha is the Associate Director of Mirae Asset Global Investments (Hong Kong)
Analyst responsible for Hong Kong and China equity market coverage.

Stephen Chen He has over eight years of experience in capital markets and fund management in Korea,
Analyst where he worked as a strategist for Mirae Asset Investments. Before that, he held the
position of analyst and portfolio manager covering Korean stocks.
Byung-Ha graduated with a Bachelor of Business Administration from Seoul National
University.

As of June 2009

38 For professional investors only. Not for distribution to the public.

 Global emerging markets research team

Marco Giubin
Senior Portfolio Manager, Head of Regional Consumer Sector
13 years investment experience, 13 years working experience
Marco Giubin joined Mirae Asset in May 2006. He is responsible for Mirae Asset’s regional consumer funds and
is the lead manager of the Mirae Asset Asian Consumer Fund and Mirae Asset Japan Consumer Fund.
Prior to Mirae Asset, Marco was an analyst with Fidelity Investments (Hong Kong) where he led the Asian
consumer sector team. He joined Fidelity as an analyst in 1999 and in his time with them, covered numerous
sectors. Before that, Marco was an analyst at UBS where he covered Australian mining companies.
Marco holds a Bachelor of Business from the University of Technology (Australia).

Global Emerging Markets Research Team

Marco Giubin, Team Head
Hong Kong Seoul India United Kingdom Brazil

Jason Oh Francis Chan* Andy Ng* SK Han Ji Yoon Shin Neelesh Surana Jeniev Shah Oliver Leyland
Deputy Team Head Senior Analyst Portfolio Manager Sr. Analyst Sr. Analyst Senior PM PM/Analyst PM/Analyst
Cynthia Leung* Joo Hee An Sol Ahn Yuni Choi
2 X TBA Analyst Analyst
Analyst Portfolio Manager

* Members of the GEM Research Team who have dual responsibilities.

As of June 2009

39 For Professional Investors Only. Not for Distribution to the Public .

 Awards & Recognition
Mae-Kyung Grand Prize CEO of the Year (H.J. Park)
 Long Term Performance By Mae-Kyung Economy
Best Global Marketing Award Best Asset Manager, Best Fund
By Seoul Economic Business Newspaper By Money Today, Morning Star Fund Grand
Korea Fund Grand Prize Prize
By Mae-il Business News paper  China Solomon, Korea Discovery
Best Asset Management (Equity)
By KRX
Asia Investor 2007 Achievement Awards
Best Asset Management Company By Korea Fund House
By Mae-il Business Newspaper & Korea Economic
Business
Asian Investor Investment Performance
Best Fund of Korea
Awards
By Korea Economic Business Newspaper & Korea
 Emerging Market Equities
Fund Research
 Korea On-shore Fund House

~ 2003 2004 2005 2006 2007 2008 2009

Best Fund (Korea Equity) (2002) Best Asset Management Company Asian Investor 2008 Achievement
By Joongang Newspaper By Mae-il Business Newspaper & Korea Economic Awards
 Independence Fund Business By Korea equities - One-year performance
 Discovery Fund Best Fund of Korea Best Asset Management Company
Best Fund (Korea Equity) (2003) By Korea Economic Business Newspaper & Korea Fund By Mae-il Newspaper
By Joongang Newspaper Research Best Global Marketing Award
 Independence Fund Best Provider of Portfolio Management: Equities By Seoul Economic Business
 Discovery Fund Best Provider of Private Equity Investment Asset Management-Gold Prize
Best Asset Management Company By Euro Money Poll By Mae-il Newspaper
(2003) Best Fund-China Solomon
By Mae-il Business Newspaper By Joongang Newspaper
By Korea Economic Business

40
Mirae Asset(India) Existing Products’
Performance
Performance of Mirae Asset India Opportunities Fund*
1 Year Since Inception
Performance( Annualized) as on
(CAGR) (CAGR)
August 31, 2009

MAIOF 24.60% 12.23%

Benchmark - BSE 200 8.28% 1.19%

Source: MFIE, Inception Date April 04, 2008.
*For Performance reporting, since inception returns calculated on NAV of Rs. 10/-. Inception date (deemed to be the date of
allotment): 20.08.2008. Data based on NAV of Rs. 11.764 (Regular plan – Growth option) as on August 31,2009. **
Compounded Annualized Growth Returns (CAGR). #Past performance may or may not be sustained in future and is no
guarantee of future results.

Performance of Mirae Asset Global Commodity Stocks Fund*

Performance (Annualized) as on 1 year Since Inception
August 31,2009 (CAGR) (CAGR)
MAGCSF 1.37% 4.26%

Benchmark - MSCI AP ex Japan ex India

Energy & Materials Index(55%)+
4.10% 6.45%
MSCI Brazil Energy & Materials Index(10%)
+ MSCI India Energy & Materials Index(35%)
Source: MFIE, Inception Date August 20, 2008.

*For Performance reporting, since inception returns calculated on NAV of Rs. 10/-. Inception date (deemed to be the date of
allotment): 20.08.2008. Data based on NAV of Rs. 10.439 (Regular plan – Growth option) as on August 31,2009. **
Compounded Annualized Growth Returns (CAGR). #Past performance may or may not be sustained in future and is no
guarantee of future results.

41
For Professional Investors Only. Not for Distribution to the Public .
Disclaimer

Statutory Details: Trustee: Mirae Asset Trustee Company Private Limited; Investment Manager: Mirae Asset Global Investments (India) Private Limited (AMC);
Sponsor: Mirae Asset Global Investments Company Limited.

Investment Objective: The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China
Sector Leader Equity Fund and/or units of other mutual fund schemes, units of exchange traded schemes that focus on investing in equities and equity related
securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The Scheme may also invest a certain portion of its corpus in
debt and money market securities and/or units of debt/liquid schemes of Domestic Mutual Funds, in order to meet liquidity requirements from time to time. The
Scheme does not guarantee or assure any returns. Load Structure: Entry Load: Nil. In terms of SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30,
2009, no entry load will be charged by the Scheme to the investor effective August 1, 2009. Upfront commission shall be paid directly by the investor to the AMFI
registered Distributors based on the investors’ assessment of various factors including the service rendered by the distributor”. Exit Load: i.) Regular Plan: 1.00%, if
redeemed upto 90 days from the date of allotment and 0.50% If redeemed after 90 days but before 180 days from the date of allotment; For Systematic Investment
Plan/ Systematic Transfer Plan/Systematic Withdrawal Plan: 1% If redeemed upto 365 days from the date of allotment. Investors should also be aware that the
underlying scheme(s) could charge entry load/exit load which may affect the returns to the investors. The load structure of the underlying scheme(s) may change from
time to time. The investor shall bear the scheme recurring expenses in addition to the scheme recurring expenses of underlying scheme.

Asset Allocation: (1) Units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of ETFs investing in equities and equity
related securities of companies domiciled in or having their area of primary activity in China and Hong Kong*: 80-100% (2) Money market instruments / debt securities
Instruments** and/or units of debt/liquid schemes of domestic Mutual Funds.: 0-20% (*Equity and Equity related instruments include convertible debentures, equity
warrants, convertible preference shares, equity derivatives etc. ** Debt instruments include securitized debt upto 20% of corpus.) Terms of Issue: The units are
available at the face value of Rs.10/- per unit during the New Fund Offer Period. The AMC will calculate and disclose the first NAV not later than 30 days from the
closure of New Fund Offer Period. Subsequently, the NAV will be calculated at the close of every working day and shall be published in two daily newspapers and on
the AMC website. Risk Factors: Mutual fund investments are subject to market risks and there is no assurance or guarantee that the objectives of the scheme will be
achieved. As with any investment in securities, the Net Asset Value (NAV) of the units issued under the Schemes can go up or down depending on the factors and
forces affecting the capital markets. Investments in mutual funds are prone to risks of fluctuation in NAVs, uncertainty of dividend distributions etc. Past performance
of the Sponsor / AMC / Mutual Fund / Trustee does not indicate the future performance of the Schemes of Mirae Asset Mutual Fund. The sponsors are not liable or
responsible for any loss resulting from the operation of the fund beyond the initial contribution made by them of an aggregate amount of Rupees One Lakh towards
setting up of the fund. The Scheme should have a minimum of 20 investors and no single investor should account for more than 25% of the corpus of such
scheme/plan(s). In case of non-fulfillment with either of the above two conditions in a three months time period or the end of succeeding calendar quarter, whichever
is earlier, from the close of the New Fund Offer (NFO) or on an ongoing basis for each calendar quarter, the schemes /plans shall be wound up by following the
guidelines prescribed by SEBI and the investor’s money would be redeemed at applicable NAV. Mirae Asset China Advantage Fund is only the name of the scheme
and does not in any manner indicate either the quality of the scheme or its future prospects or returns. Investors in the scheme are not being offered any guaranteed /
indicative returns. Please see "Risk Factors", "Scheme Specific Risk Factors and Special Consideration" and "Right to limit redemptions" in the Scheme Information
Document (SID). Please read the Statement of Additional Information (SAI)/ SID carefully before investing. Unit holders in the Scheme are not being offered any
guaranteed/assured returns. A copy of SAI / SID/ Key Information Memorandum cum Application form will be available at AMC offices/AMC web-site
www.miraeassetmf.co.in / Investor Service Centre / Distributors on request.
.

42