Mirae asset asia great consumer presentation citywire mar hldg


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Mirae asset asia great consumer presentation citywire mar hldg

  1. 1. 1FINANCIAL PROFESSIONAL USE ONLYThe Rise of the Asian ConsumerMirae Asset Asia Great Consumer Equity FundMirae Asset Global Investments Citywire Fund Selector www.miraeasset.comStockholm – 30th May, 2013
  2. 2. 2FINANCIAL PROFESSIONAL USE ONLYContentsThe Rise of the Asian Consumer1. About Mirae Asset Global Investments2. Unparalleled Investment Opportunities3. Investment Philosophy/Process4. Fund Information – Asia Great Consumer Fund
  3. 3. 3FINANCIAL PROFESSIONAL USE ONLYPresenterJoohee ANSenior Portfolio Manager, Asia Pacific Investment DivisionMirae Asset Global Investments (HK) Limited9 Years Industry Experience7 Years Experience at Mirae Asset Global Investments GroupJoohee An is a senior portfolio manager at Mirae Asset Global Investments (Hong Kong) Limited,where she manages investments in the Asia Pacific regional consumer sector, including the ‘GreatConsumer’ range of products.Joohee joined Mirae Asset Global Investments in 2006 in Korea, where she was an analystcovering the consumer, healthcare, telecoms and energy sectors at Mirae Asset GlobalInvestments Co., Ltd. She was promoted to portfolio manager shortly after.In 2009 she was transferred to Mirae Asset Global Investments (Hong Kong) Limited to work as aportfolio manager covering regional stocks with a focus on the consumer and consumer-relatedsectors.She started her career at LG Securities in Seoul, Korea, where she worked from 2004 to 2006.Joohee holds a BA in Business Administration from Yonsei University, Seoul. She is a nativeKorean speaker and is fluent in English.
  4. 4. 4FINANCIAL PROFESSIONAL USE ONLY1Mirae Asset Global InvestmentsThe Rise of the Asian Consumer:Mirae Asset Asia Great Consumer Fund
  5. 5. 5FINANCIAL PROFESSIONAL USE ONLYTotal AuM: $57.5 billionEmerging market equities AuM: $18.8 billionExtensive research capabilities dedicated to emerging markets– 131 investment professionals focused on the emerging markets1– Team based, bottom-up investment approach– On-the-ground research coverage of strategically importantmarketsExpert in emerging market investments1,2– Approximately $58 billion in total AUM worldwide– One of the world’s largest emerging market equity managersglobally by AUMUnique heritage– Founded in Asia, our roots are in the emerging markets– Deep understanding of the cultures and investment dynamics ofthe markets in which we investA Wealth of Emerging Markets Expertise1Figures as of March 31, 2013.2Source: Investment & Pensions Europe, January 2013.EquityBalancedFixedIncome/MMFAlternativeInvestments/OthersTotal AUM by Asset Class28%14%33%25%
  6. 6. 6FINANCIAL PROFESSIONAL USE ONLYBetaShares ETFs(Australia)***Mirae AssetGlobal Investments (Hong Kong)Mirae AssetGlobal Investments (Vietnam)*Mirae AssetGlobal Investments (UK)**Mirae AssetGlobal Investments (China)*Mirae AssetGlobal Investments (Korea)Mirae AssetGlobal Investments (USA)Mirae AssetGlobal Investments (India)Mirae AssetGlobal Investments (Taiwan)Mirae AssetGlobal Investments (Brazil)Horizons ETFs(Canada)Number of investmentprofessionalsTotal : 131Global PresenceUpdated as of March 2013(*) The offices in Vietnam and China are representative offices(**) The office in the UK is a sales office(***) Horizons ETFs is the largest shareholder of BetaSharesHorizons ETFs(Colombia)
  7. 7. 7FINANCIAL PROFESSIONAL USE ONLY2The Rise of the Asian Consumer:Unparalleled Investment OpportunitiesThe Rise of the Asian Consumer:Mirae Asset Asia Great Consumer Fund
  8. 8. 8FINANCIAL PROFESSIONAL USE ONLYHarnessing the Great ConsumerAt Mirae Asset, our Great Consumer investment strategy responds to lasting changes in the emerging marketsOur strong conviction in long-term opportunities of the Great Consumer strategy in emerging markets, has led us to developmutual funds that focus specifically on the consumption trends in emerging marketsWhat makes the Great Consumer Funds unique is that changing demographics and consumption trends in emerging marketsare affecting many industry sectors – not just the consumer staples and discretionary sectors. Our Great Consumer investmentstrategy considers any company whose business model is positioned to benefit from greater consumption in emerging marketsMiddle Class Consumption: Top 10 Countries (% Global Share)21%8%6%4%4%3%4%4%3%3%Source: Brookings Institute,The Emerging Middle Class in Developing Countries, June 2011USJapanUSJapanGermanyFranceUKGermanyFranceUKItalyRussiaChinaBrazilMexicoChinaIndiaIndonesiaRussiaMexicoEmerging MarketsDeveloped Markets2009 2020 (Projection)12%6%4%3%3%13%11%3%3%3%
  9. 9. 9FINANCIAL PROFESSIONAL USE ONLY0%10%20%30%40%50%60%70%80%90%100%GlobalAverageAsiaPacificex JapanJapan Europe NorthAmericaOver 75 66-7556-65 46-55▪ Population affects both the consumption and the productivity ofthe regional economy - one more person adds not only one pairof hands for labor, but also one more mouth for consumptionRise of the Asian Middle ClassPopulation in Asia represents 55% of the global population▪ Vast majority is still of working age▪ Growing middle class due to higher incomes▪ China leads Global Affluent Population Growth, with 30% of“new” middle class population (193mn)Old Age Dependency Ratio*0102030405060WesternEuropeEasternEuropeNorthAmericaLatinAmericaAsia Africa2010 2050eSource: UN Population Division, Dec. 2010*Ratio of population aged 65 and older to population aged 15 to 641025 2540611933102% 4% 4%6%9%30%48%0%10%20%30%40%50%60%050100150200250300350India Brazil Japan Russia US China RoWSource: World Wealth Report 2011, Capgemini, Merrill Lynch*Affluent population refers to individuals withannual income of more than US$30k(mn ppl)Source: Euromonitor, December 2010HNWI Age Breakdown Global Incremental Affluent Population(%)
  10. 10. 10FINANCIAL PROFESSIONAL USE ONLY▪ Historical data indicates that consumption growth acceleratesexponentially after GDP per capita surpasses USD 3,500▪ Highly-populated Asian nations such as India, Indonesia andthe Philippines have only recently passed this thresholdIncome Growth Potential & Consumption▪ Middle class of Asia Pacific region is estimated to account formore than half of total world middle class by 2030▪ This huge influx of middle class Asians may lead to anunprecedented consumption boom in the regionSource: UN Population Division, Dec. 2010Source: World Bank: 2010, 2012* PPP-adjusted GDP per CapitaThe Consumption Boom is Just Starting for Some Populous Asian Nations2010(USD)2015e(USD)CAGR5YrChina 7,518 12,449 10.6%India 3,291 4,914 8.3%Indonesia 4,380 6,122 6.9%Malaysia 14,603 18,608 5.0%Thailand 8,644 11,058 5.0%Philippines 3,726 4,535 4.0%Global Middle Class Spending01,0002,0003,0004,0005,0006,0007,0008,0009,00001,0002,0003,0004,0005,0006,0007,0008,0009,0001970 1975 1980 1985 1990 1995 2000 2005 2010Asias Household Consumption Expenditure(LHS)Asias GDP Per Capita (RHS)(USD bn)$3500(USD)23%42%59%0%10%20%30%40%50%60%70%80%90%100%2009 2020(E) 2030(E)SS Africa MENA Latin AmericaNorth America Europe Asia PacificFigures do not reflect forecasted results for any fund. Estimates are only projections and not guarantees.GDP per Capita*
  11. 11. 11FINANCIAL PROFESSIONAL USE ONLYIncome growth potential + Urbanization =New Life Style & New Demand▪ More people are moving from rural areas into urban cities insearch of a better life▪ The urbanization process may lead to higher incomes andeventually higher spending on the comforts of modern lifeAsia is Urbanizing Rapidly0. Leather goods Watches Jewellery2008 2010+92% +69%+85%+214%Average Brand Number Mentioned(Up to three brands)Source: World Bank 2012▪ Long-term urbanization leads to potential conversions1) Changes in personal values of locals2) Consumption trend shifts from low value-added to highervalue-added3) Population converges into spending power01020304050607080901960 1970 1980 1990 2000 2010Asia & PacificEuropean UnionNorth AmericaOECD membersSource: McKinsey Survey 201001002003004005006007008009001995 1998 2001 2004 2007 2010Asia & PacificEuropean UnionNorth AmericaLatin AmericaExploding No. of Internet UsersUrban Population (% of total)Source: World Bank 2012(mn People)Brand Awareness on the Rise(%)
  12. 12. 12FINANCIAL PROFESSIONAL USE ONLY• Mirae Assets Great Consumer investment strategy focuses on the collective direct and indirect economic effects resulting fromincreased consumption activities and the growing purchasing power of individuals within emerging markets• It considers any company whose business model is positioned to benefit from greater consumption in the emerging markets -not just those within the consumer staples and discretionary sectorsGamingLuxuriesGrowthModern RetailLocal TasteRising Incomein ASEANPropertiesHealth CareAsiaConsumptionInternetMirae Asset’s Great Consumer investment strategy seeks to capture Emerging Markets’ consumption boomGreat Consumer - Investment Themes
  13. 13. 13FINANCIAL PROFESSIONAL USE ONLYTheme 1) GamingIncreasing demand for travel, low penetration, improvement ofnon-gaming infrastructure and growth of mass market arecatalysts for gaming growth05,00010,00015,00020,00025,00030,00035,0002003 2004 2005 2006 2007 2008 2009 2010 2011Macau gaming revenueLas Vegas gaming revenueSource: Nevada Gaming Commission and State Gaming Control Board, GamingInspection and Coordination Bureau Macao SAR, BofA ML Research, February 2012Gaming Market: Macau vs Las VegasLuxury Market2010Shr %2015EShr %2020EShr %CAGR10 - 15CAGR15 - 20Greater China 20% 37% 50% 25% 18%Japan 10% 8% 7% 6% 6%US 28% 25% 23% 9% 8%Europe 37% 34% 34% 9% 11%Global 100% 100% 100% 11% 11%203300 3454156791,4361,650Europe US ROW Brazil Russia Japan ChinaSource: EFG Financials 2011,EuromonitorNote : Among Annual Income > US$30K (US$)Theme 2) Luxuries GrowthAsia has been the fastest growing market for luxury goods andis anticipated to be the largest market by 2015Luxury Consumption per Capita 2009 (USD)Source: CLSA, September 2011Note: Greater China includes Chinese tourists’ spendingInvestment Themes(US $)
  14. 14. 14FINANCIAL PROFESSIONAL USE ONLYTheme 3) Modern RetailModern grocery retail is a very underpenetrated sector acrossEM Asia, representing only half of the industryFood retailing requires local knowledge such as understandingthe food culture in each region, which creates opportunities forlocal companies versus their global peers0%10%20%30%40%50%60%70%80%90%100%2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011Hypermarkets Supermarkets Convenience Store OtherSales Ratio by Retail OutletsChina KoreaSource: Euromonitor, July 2012Theme 4) Local TasteTastes in food are indigenous. Therefore, local players set outwith an advantage from the start. EM portion of Global Foodcompanies’ sales is much lower than that of Global HPC (Health& Personal Care) companies0%10%20%30%40%50%60%70%80%90%100%Unilever Nestle Heinz Kellogg Hershey CampbellSoupAverageEMDMGlobal Food Companies’ Sales by RegionSource: Company reports, Euromonitor, Neilsen, Sanford Bernstein estimates 2011Investment Themes
  15. 15. 15FINANCIAL PROFESSIONAL USE ONLYTheme 5) Rising Income in ASEANIncrease in purchasing power offers opportunities forconsumer companies to growDisposable Income per Capita GrowthGDP per Capita PPP-adjusted GDP per Capita2010 (USD) 2010 (USD) 2015E (USD) CAGR 5YrChina 4,421 7,550 12,121 9.93%India 1,342 3,419 4,934 7.61%Indonesia 2,981 4,353 6,047 6.80%Malaysia 8,418 14,744 18,591 4.75%Philippines 2,123 3,920 4,801 4.14%Thailand 4,992 9,222 12,059 5.51%Source: IMF, August 2012Source: IMF, August 2012-12%-8%-4%0%4%8%12%16%20%24%1995 1997 1999 2001 2003 2005 2007 2009 2011China IndiaIndonesia JapanUSA UK(5 yr CAGR, USD basis)Theme 6) PropertyMany property markets throughout Asia, such as Indonesia,are supported by low mortgage penetration, large populations,increasing middle classes and increasing affordability fromsavings and income growth potentialMortgage Loan to GDP RatioSource: BofA ML Research, CEIC, September 201194%69%42%30%24%16%5%2%0%10%20%30%40%50%60%70%80%90%100%US UK HongKongMalaysia Korea China India IndonesiaInvestment Themes
  16. 16. 16FINANCIAL PROFESSIONAL USE ONLYTheme 7) Health CareBacked by growing populations and income growth potential, theAsia region is driving growth in the global health care industry▪ While the global health care industry has been growing steadily at CAGR6.47% since 2009, much of the growth in the industry has come from Asia,which has been growing at CAGR 12.2% during the same period.▪ ASEAN hospitals are experiencing robust growth in domestic demanddue to higher incomes and government aid. This trend is anticipated tocontinue.Source: Frost & Sullivan, 20121062115712181282246.7 276.8 310.6 348.502004006008001,0001,2001,4002009 2010 2011 2012World AsiaSize of Global Health Care IndustryTheme 8) InternetInternet business in China has been a high growth sector withincreasing customer base, and domestic players are becomingdominantSource: Alexa, as of 23 March 2012Top 5 sitesChina India1. Baidu 1. Google India2. QQ.com(Tencent) 2. Google3. Taobao.com 3. Facebook4. Sina 4. Youtube5. Google 5. YahooInvestment Themes(USD bn)
  17. 17. 17FINANCIAL PROFESSIONAL USE ONLY3Investment Philosophy & ProcessThe Rise of the Asian Consumer:Mirae Asset Asia Great Consumer Fund
  18. 18. 18FINANCIAL PROFESSIONAL USE ONLYInvestment Philosophy & PrinciplesInvesting in companies with Sustainable Competitiveness best captures thegrowth opportunities of emerging markets while managing long-term risksMirae Asset firmly adheres to the following core investment principles:Mirae Asset identifies the sustainable competitiveness of companiesFirms with sustainable competitiveness are best positioned to capture growth in emerging economiesMirae Asset invests with a long term perspectiveBottom-up security selection with a long-term perspective is the best way to capture growthMirae Asset assesses investment risks with expected returnReliable risk adjusted returns comes with careful risk budgeting combined with fundamental security selectionMirae Asset values a team-based approach in decision-makingA team based approach to investing in emerging markets is a competitive advantage
  19. 19. 19FINANCIAL PROFESSIONAL USE ONLYPortfolio Construction ProcessThere can be no guarantee that any strategy (risk management or otherwise) will be successful.• Actual Portfolio– stock selection from final MP– PM’s discretionAssetAllocationTeamResearchTeamInvestmentCommitteePortfolioManagersInvestment UniverseConstructionModel PortfolioConstructionActual PortfolioConstruction• Quantitative Screening– liquidity– financial criteria– fundamental criteria• Qualitative Screening– bottom-up analysis– Model Portfolio (MP)recommendation• MP Verification– macro views– stock conviction– risk budgeting
  20. 20. 20FINANCIAL PROFESSIONAL USE ONLYResearch ProcessResearch ProcessDefiningRisk Factor• High conviction stockrecommendation• Target price (if applicable)• Propose preliminary modelportfolio• Placements / rights issuerecommendations Sustainable competitiveness Identification of key growthdrivers and themes Earnings forecasts Peer group analysis Valuation Risk assessment Differentiation from consensus In-house/3rd party screeningtools Company visits/NDRs Site visits Research trips Market intelligence Industry networksFeedbackInformation gathering& screeningAnalysis(Industry & company)InvestmentrecommendationsAs our investment process is fundamentally bottom-up driven, we aim to achieve alpha from our stock selection skills;The core of Mirae Asset’s research is finding intrinsic value of companies with sustainable competitivenessOur Asia Pacific Research Division concentrates its efforts on identifying companies that participate in and benefit from theconsumption related growth theme rapidly developing in Asia. Backed by our on-the-ground research capabilities, we are ableto identify potential winners from this significant long-term trend
  21. 21. 21FINANCIAL PROFESSIONAL USE ONLYInteraction of Investment ProfessionalsHong KongWeekly Research Team meeting Idea sharingWeekly Investment TeammeetingPMs and analysts to interact and exchangeideasWeekly Investment Unit meetingIdea generation and sharing under CIO’sleadershipMonthly Portfolio ReviewmeetingGo over individual holdings and investmentthesis for any actions to be takenInter-OfficesWeekly Investment AdvisoryMeetingGlobal officesMonthly Investment Idea Meeting Global officesGlobalWeekly/Monthly Sector AnalystMeetingsSector analysts from each global office shareopinions on sector outlook and companiesMonthly Global InvestmentStrategy CommitteeCIOs from each global office review macrotrends and cycles along with risksMirae Asset values a team-based approach…Investment CommitteePermanent Members• CIO• Head - Research• Head – Asset AllocationTemporary Members(When necessary)• CEO• CROFrequency of Meeting MonthlyPurposeApprove and Review of MPs andActual and oversees the investmentprocessRisk Management CommitteeMembers• CEO• CIO• Head – Research• Head – Asset Allocation• CROFrequency of Meeting MonthlyPurposeEstablishes overall risk policy andguidelines and monitor risk exposurevs. risk tolerance limits.…in portfolio monitoring… … and idea generation
  22. 22. 22FINANCIAL PROFESSIONAL USE ONLYResearch Strengths - Accessibility & Team WorkMirae Asset Research System (MARS) provides a centralizedrepository of company research reports and meeting notes to beshared amongst Investment team members within and across officesMARS has the following benefits:• Allows timely sharing of research reports and company updates inMirae Asset offices located globally• Analysts and portfolio managers are able to search for company /industry / theme related research reports efficiently• Sharing of valuation models and research viewpoints allow moreeffective communication and decision making of investmentprofessionals• Assist assessment of analysts’ productivity
  23. 23. 23FINANCIAL PROFESSIONAL USE ONLYRisk ManagementAssessing investment risks with expected returns1. Aim to achieve reliable risk adjusted performance2. Define risk factors/indicators and set up risk controls3. Monitor Performance and risk factors /indicators4. Escalate investment and risk issues to Risk Management Committee for prudent investment decision-makingThree Stages of Risk ManagementMonitoring &CommunicationDefiningRisk Factor & Set Upthe Risk ControlsReporting & DecisionMaking Define Risk Factor formeasuring market risk,liquidity risk etc. and set upvarious risk controls Examine and set upinvestment guidelines Analyze risk factors atproduct development stage Monitor riskfactors/indicators Performance analysis andrisk assessment Communicate withinvestment managementteam & senior management Report risk & performanceissues Monitor implementation ofCommittee decisions Request Breach Report, ifrequired
  24. 24. 24FINANCIAL PROFESSIONAL USE ONLY4Fund InformationMirae Asset Asia Great Consumer FundThe Rise of the Asian Consumer:Mirae Asset Asia Great Consumer Fund
  25. 25. 25FINANCIAL PROFESSIONAL USE ONLYMirae Asset Asia Great Consumer Equity (SICAV)Fund Information (as of 30 Apr 2013)Name Mirae Asset Asia Great Consumer Equity FundBenchmark MSCI AC Asia ex Japan (Gross) IndexDomiciled Luxembourg (SICAV)AUM US$ 135.6 millionInception 7 June 2011Base Currency USDAdditional Currency EUR, GBPFund Manager Joohee AnCustodianCitibank International plc. (Luxembourgbranch)ISINI-USD: LU03363004A-USD: LU03362994Country Allocation (as of 29 Mar 2013)Sector AllocationSource: Mirae Asset Global Investments (Hong Kong) Limited internal dataBenchmark: MSCI AC Asia ex Japan (Gross) IndexDue to rounding, the sum of portfolio may not equal 100%For more information about fees, expenses and risks, please refer to the relevant ProspectusCountry Fund (%) Benchmark (%) DifferenceIndonesia 19.67 4.01 15.66China 16.83 23.90 -7.07Thailand 14.90 3.67 11.24Korea 12.87 19.67 -6.81Hong Kong 11.20 12.46 -1.26India 10.75 8.70 2.05Philippines 8.41 1.40 7.01Malaysia 2.41 4.63 -2.22Singapore -- 7.28 -7.28Taiwan -- 14.28 -14.28Cash 2.97 -- 2.97Total 100.00 100.00Sector Fund (%) Benchmark (%) DifferenceConsumer Discretionary 36.78 9.17 27.61Consumer Staples 33.76 5.47 28.28Financials 8.99 33.64 -24.65Health Care 7.75 1.14 6.61Information Technology 6.83 18.30 -11.48Telecommunication Services 2.93 6.33 -3.40Energy -- 6.84 -6.84Industrials -- 9.00 -9.00Materials -- 6.10 -6.10Utilities -- 4.00 -4.00Cash 2.97 -- 2.97Total 100.00 100.00
  26. 26. 26FINANCIAL PROFESSIONAL USE ONLYTop Ten Holdings (as of 29 Mar 2013)Source: Mirae Asset Global Investments (Hong Kong) Limited internal dataBenchmark: MSCI AC Asia ex Japan (Gross) IndexMirae Asset Asia Great Consumer Equity (SICAV)Security Name Portfolio Weight (%) Benchmark Weight (%)Mitra Adiperkasa 5.70 --Orion Corp. 5.53 0.12Summarecon Agung 5.39 --Robinson Department Store PCL 5.39 --Hotel Shilla Co. Ltd. 4.99 --Sands China Ltd. 4.46 0.43Universal Robina Corp. 4.28 0.08Galaxy Entertainment Group Ltd. 4.14 0.30ITC Ltd. 3.90 0.43SM Prime Holdings Inc. 3.59 0.11Total 47.37 1.49
  27. 27. 27FINANCIAL PROFESSIONAL USE ONLYMirae Asset Asia Great Consumer Equity (SICAV)Fund Performance (Class I in USD) (as of 30 Apr 2013)Source: FactSet, Bloomberg and Mirae Asset Global Investments (HK) Limited. All performance numbers are net of fees, NAV to NAV, in USD withdividends reinvested. The fund was launched on 07 June 2011. Benchmark: MSCI AC Asia ex Japan Index. The benchmark is a gross return index.1M 3M 6M 1Yr YTDSinceLaunchMirae Asset Asia Great Consumer Equity (Class I-USD) 3.34% 9.50% 17.25% 16.09% 11.47% 17.60%MSCI AC Asia ex Japan (Gross) USD 1.77% -0.33% 7.40% 9.25% 1.34% 1.02%Excess Return 1.57% 9.83% 9.85% 6.84% 10.13% 16.58%117.6101.0Rebased at 100708090100110120Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
  28. 28. 28FINANCIAL PROFESSIONAL USE ONLYMirae Asset EM Great Consumer Equity – AsiaPortion (US Mutual Fund)Fund Performance (Asia portion in USD) (as of 30 Apr 2013)Source: FactSet, Bloomberg and Mirae Asset Global Investments (HK) Limited. All performance numbers are net of fees, NAV to NAV, in USD withdividends reinvested. The fund was launched on 24 Sept 2010. Benchmark: MSCI EM Asia Index. The benchmark is a net return index.1M 3M 6M 1Yr 2Yr YTDSinceLaunchMirae Asset EM Great Consumer Equity – Asia Portion 3.07% 11.01% 17.89% 19.25% 15.98% 11.69% 44.31%MSCI EM Asia (Net) USD 1.79% -0.95% 6.48% 6.92% -5.24% 0.11% 8.60%Excess Return 1.28% 11.96% 11.41% 12.33% 21.22% 11.58% 35.70%144.3108.6Rebased at 1008090100110120130140150Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13
  29. 29. 29FINANCIAL PROFESSIONAL USE ONLYDisclaimerMirae Asset Global Investments (Korea)East Tower 26F, Mirae Asset CENTER1 Bldg, 67, Suha-dong,Jung-gu, Seoul, Korea (100-210)Tel. +82-2-3774-6644Mirae Asset Global Investments (India)Unit No. 606, 6th Floor, Windsor Building Off. C.S.T Road, Vidyanagari Marg.Kalina, Sanatacruz (East), Mumbai, 400 098, IndiaTel. +91-22-6780-0300Mirae Asset Global Investments (Hong Kong)Level 15, Three Pacific Place, 1 Queen’s Road East,Hong Kong, HKTel. +852-2295-1500Mirae Asset Global Investments (Brazil)Av. Presidente Juscelino Kubitschek, 1455 12 Andar. Cj.122Vila Nova Conceição, São Paulo, CEP 04543-011Tel. +55-11-2608-8500Mirae Asset Global Investments (United Kingdom)4-6 Royal Exchange Buildings,London, EC3V 3NLTel. +44-20-7715-9900Mirae Asset Global Investments (China)5th Floor, Mirae Asset Tower, 166 Lujiazui Ring Road, Pudong,Shanghai, China, 200120Tel.+86-21-3135-2088Mirae Asset Global Investments (USA)1 Bryant Park, 39th Floor,New York, NY, 10036, USATel. +1-212-205-8300Mirae Asset Global Investments (Ho Chi Minh City Rep Office)Gemadept Building, Suite 1803,6 Le Thanh Ton, District 1, HCM City, VietnamTel. +84-(0)8-3824-8228Mirae Asset Global Investments (Taiwan)13F, No. 17, Xuchang St, Taipei city 10047,TaiwanTel. +886-2-7725-7555BetaShares Exchange Traded Funds (Australia)50 Margaret Street, SydneyNew South Wales, 2129 AUTel. +61-2-9290-6888Horizons ETFs Management (Canada)26 Wellington Street E., Suite 700/608,Toronto, Ontario, M5E 1S2Tel. +866-299-7929Horizons ETFs Management (USA)1 Bryant Park, 39th Floor,New York, NY, 10036, USATel. +1-212-205-8300Horizons ETFs Management (Latam)1 Bryant Park, 39th Floor,New York, NY, 10036, USATel. +1-212-205-8300Horizons ETF Management (Latam) (Colombia Rep Office)Carrera 7 # 71-21 Torre B Oficina 1501Bogotá ColombiaTel. +61-2-9290-6888This document has been prepared for presentation, illustration and discussion purpose only for professional investors. It is not intended for general public distribution or for retail clients. This documentshould not be regarded as an offer or solicitation to conduct investment business as defined by The Financial Services and Markets Act 2000 ("the Act") nor does it constitute a recommendation.Certain information contained in this document is compiled from third party sources. Whilst Mirae Asset Global Investments (UK) Limited ("Mirae Asset UK") has, to the best of its endeavour, ensuredthat such information is accurate, complete and up-to-date, and has taken care in accurately reproducing the information, it shall have no responsibility or liability whatsoever for the accuracy of suchinformation or any use or reliance thereof.This document is strictly for information purposes only and does not constitute a representation that any investment strategy is suitable or appropriate for an investor’s individual circumstances. Further,this document should not be regarded by investors as a substitute for independent professional advice or the exercise of their own judgment. Mirae Asset Global Investments (UK) Limited accepts noliability for any loss or damage of any kind resulting out of the unauthorized use of this document.Investment involves risk. It cannot be guaranteed that the performance of the Fund(s) will generate a return and there may be circumstances where no return is generated or the amount invested is lost.Past performance is not indicative of future performance.Mirae Asset Global Investments (UK) Limited is authorised and regulated by the Financial Conduct Authority registered number 467535.