Kb star funds

1. KB VALUE FOCUS KOREA
EQUITY FUND
Feb. 2017
Please note that marketing materials without an approval code granted from the
Compliance Division of KB Asset Management are not official materials authorized
under our internal procedure. This marketing material is for general information
purposes only and subject to change. Investors should be aware that this presentation
does not purport to be a complete explanation of risks and other risks may also be
relevant from time to time. In the future the Fund may be exposed to risks that are
currently difficult to predict. Risks that are not described in it are considered as
immaterial at the moment, but they may become substantial later on and adversely affect
the fund. KB Asset Management does not guarantee investment decisions and
investment outcomes based on the information of this marketing material.
Contact Information:
Phone : 82-2-2167-8747
E-mail : kbgm@kbfg.com
Approval Code Granted from the Compliance Division of KB Asset Management: 2017_44

2. Disclaimers
※ This document is for illustrative purposes only and does not represent any actual investment performance. Prior to investing,
investors must read the Fund’s prospectus in full to make an informed investment decision.
※ An investment in the Fund involves investment risks, including the possible loss of the principal amount invested. KB Asset
Management and any of related companies do not and are not obligated to guarantee principal and/or investment returns
shown in this presentation. In addition, the Fund may pay out dividends based on the Fund’s performance and gains or losses
on investments may be incurred. Such gains and losses are imputed to investors.
※ Investors should be aware that it does not purport to be a complete explanation of risks and other risks may also be relevant
from time to time. In the future the Fund may be exposed to risks that are currently difficult to predict. Risks that are not
described in it are considered as immaterial at the moment, but they may become substantial later on and adversely affect
the fund.
※ The value of the Fund’s investments is subject to change due to various factors, e.g., geopolitical landscape, unrest in the
financial market, changes in interest rates, currency risks, and credit crunch. The performance quoted here and is past
performance and is not a guarantee of future results. In addition, there is no guarantee that any forecasts or opinions will be
realized.
※ The returns illustrated in this presentation indicate returns before taxes. In addition, investors in the Fund may be subject to a
risk of double-taxation. Depending on market conditions after the Fund is set up, transaction costs that have not been
specified in this document may be incurred additionally.

3. KB Value Focus
Korea Equity Fund

4. KB Value Focus is the 2nd best selling Korea Equity Fund
Source: MorningStar, Nov 9, 2009 to Dec 29, 2016, KB Value Focus A stands for KB Value Focus Feeder Equity A
All figures are net of fees, and gross of tax. Return and Percentile Rank figures are calculated in KRW.
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 4
KBValueFocushasoutperformedtheKOSPI by92.6% sinceinception
Periodic Return compared to TOP 10 best sellers
Name
Fund Size,
USD bn.
2016
(%)
2015
(%)
2014
(%)
2013
(%)
2012
(%)
2011
(%)
2010
(%)
S V 2.43 1.31 12.07 6.37 19.61 16.63 -8.01 19.83
KB Value Focus A 1.10 -4.42 4.33 4.53 9.87 12.17 3.75 46.68
K V 10 0.90 -4.80 0.27 0.97 19.40 20.79 1.33 15.73
M K 0.86 -22.25 21.96 14.84
K N 0.80 1.02 15.53 -2.25 1.14 7.78 -9.21 24.37
K MS 0.87 -4.94 2.40 14.96 11.12 34.23
K S G 2 0.75 -5.48 -3.40 -15.06 -5.55 12.96 -16.25 30.34
S M 0.68 5.06 11.14 -2.35 13.67 15.17 -10.21 18.89
S S G 1 0.62 -5.89 -4.76 -15.45 -6.03 12.39 -16.73 29.73
S SM 0.53 -15.26 19.28 8.11 5.32 19.92 12.74 25.26
Cumulative Returns
121.47%
29.19%
28.87%

5. The steady performance is prominent even among the bestsellers
Source: MorningStar, Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. All figures are net of fees, and gross of tax. Return and Percentile Rank figures are calculated in KRW.
5
ComparedtootherTop10 bestsellers,ithasshownthemoststeadyperformance
Recentsluggishperformancelookstemporary,consideringitslong-termtrack-record
Relative ranking based on Calendar Return
2010 2011 2012 2013 2014 2015 2016
KB VF KV 10 KV 10
KB VF SV SV
KSG 2 KV 10 KB VF
KSG 2 SV KN
KB VF KB VF
SV
KN
SV
KN
KN KV 10
SV
KN KN
KB VF
KN
SV KB VF
KV 10 KV 10
KSG 2
KV 10
KSG 2 KSG 2
KSG 2
KSG 2
0 % ~ 10%
11% ~ 20%
21% ~ 30%
31% ~ 40%
41% ~ 50%
51% ~ 60%
91% ~ 100%
61% ~ 70%
71 % ~ 80%
81 % ~ 90%

6. KOSPI
EAA Fund Korea Equity Korea Large-Cap
Source: MorningStar Historical Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
6
The fund investors’ return is differentiated from peer funds and the KOSPI
The charts below shows the assumed distribution of investors’ return
The investors’ return is calculated as of every end of month for each subscription from November 30th, 2009 to
December 31st, 2016
- Positive investor’s return are shown as white, while negative returns are indicated as red
KB Value Focus
.....
Subscription
date
Evaluation
date
Nov. 30, 2009
Dec. 31, 2009
Jan. 29, 2010
Dec. 31, 2016
.....
Dec. 31, 2009
Jan. 29, 2010
Dec. 31, 2016

7. Based on the assumed distribution of investor returns, 86% of KBVF investors experienced positive returns
while 58% of the peer funds’ investors experienced positive returns
The average KBVF investors’ return is 27.4%, while peer funds’ average investors’ return is less than 5%
KB Value
Focus
KOSPI
EAA Fund
Korea Equity
Korea Large-
Cap
120%~140% 0.00% 0.00% 0.00% 0.00%
100%~120% 0.16% 0.00% 0.00% 0.00%
80%~100% 1.33% 0.00% 0.00% 0.00%
60%~80% 4.40% 0.00% 0.00% 0.00%
40%~60% 8.74% 0.00% 0.00% 0.00%
20%~40% 29.61% 2.27% 0.99% 1.71%
0%~20% 42.02% 58.16% 41.61% 56.14%
-20%~0% 14.20% 40.13% 57.77% 42.62%
-40%~-20% 0.00% 0.00% 0.16% 0.03%
+ 86.26% 60.43% 42.60% 57.85%
- 14.20% 40.13% 57.93% 42.65%
Average 27.41% 4.61% 1.15% 4.07%
Max. 156.59% 40.93% 45.74% 47.78%
Min. -17.96% -19.28% -21.72% -20.73%
Source: MorningStar Historical Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax. 7
KBVF investors’ return is differentiated from peer funds and the KOSPI

8. Our investment strategy’s target is absolute returns
Source: MorningStar Historical Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. All figures are net of fees, and gross of tax. Returns are calculated in KRW.
No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 8
KB Value Focus has steadily met its investment target of absolute return, though it failed to meet it in 2016
KBVF vs KOSPI Annual Returns
(%)

9. Return attribution analysis show the source of alpha lies largely on differentiated stock selection
Source: StatPro, MorningStar . Historical Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are based on the Master Fund; gross of fees and tax 9
The fund’s outperformance is based on stock selection
Masterfund기준*

10. Sector weight and contribution by sector is differentiated from its peers
Source: StatPro. Nov 9th, 2009 to Dec 29th, 2016, based on the KBVF Masterfund domiciled in Korea
The performance quoted is past performance and is not a guarantee of future results. All figures are gross of fees and tax. Return and Percentile Rank figures are calculated in KRW.
No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 10
BMagnosticandfocusedonstockselection
BM Agnostic, underweighting IT Contribution by Sector

11. KBVF exploited various investment opportunities based on sound research
Source: Nov 9th, 2009 to Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. All figures are gross of fees, and gross of tax. Return and contribution to returns are calculated in KRW.
No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 11
TheFunds'performancecontributorsaredifferentfrompeerfunds
Securities GICS Sector Contribution
SM Entertainment Consumer Discretionary 7.05%
Hansol Chemical Materials 4.22%
Dongwon Industries Consumer Staples 4.09%
Joycity Corp IT 3.28%
Samsung Electronics IT 3.05%
Korea Zinc Materials 3.02%
SBS Contents Hub Consumer Discretionary 2.94%
Muhak Consumer Staples 2.80%
EO Technics IT 2.50%
Atlas BX Consumer Discretionary 2.25%
Securities GICS Sector Contribution
Com2us IT -1.43%
SK Hynix IT -1.28%
Hansol Technics IT -1.03%
KT Corp Telecommunications -0.97%
Dragonfly IT -0.83%
CJ Corp Others -0.73%
Eugene Technology IT -0.67%
Hanjin Kal Corp Others -0.63%
SK Innovation Energy -0.62%
Moorim P&P Materials -0.61%
Top 10 Contributors Top 10 Detractors

12. Cumulative Return compared to Top 10 Best-selling Peer Funds
Source: MorningStar, Data as at Dec. 29th 2016
The performance quoted is past performance and is not a guarantee of future results. All figures are gross of fees, and gross of tax. Return and Percentile Rank figures are calculated in KRW.
No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 12
KBValueFocus(Korea-domiciled)
(Unit: %)
위식이
자료
유럽 내 한국주식펀드
Fund Size
(bil USD)
1M 3M 6M 1 Year 3 Year* 5 Year*
Since KBVF's
Inception*
2016 2015 2014 2013 2012 2011 2010
1 S V 2.37 3.98 1.61 1.22 1.31 6.49 11.00 10.07 1.31 12.07 6.37 19.61 16.63 -8.01 19.83
2 KB Value Focus A 1.04 2.48 -1.68 -2.64 -4.42 1.39 5.14 11.77 -4.42 4.33 4.53 9.87 12.17 3.75 46.68
3 K V 10 0.88 2.80 -0.22 -0.42 -4.80 -1.22 6.81 7.80 -4.80 0.27 0.97 19.40 20.79 1.33 15.73
4 M K 0.85 2.78 -9.07 -14.76 -22.65 2.70 -22.65 21.96 14.84
5 K N 0.78 2.46 -0.13 2.38 1.02 4.49 4.45 5.80 1.02 15.53 -2.25 1.14 7.78 -9.21 24.37
6 K MS 0.72 2.39 -3.50 -3.60 -4.94 3.82 10.79 -4.94 2.40 14.96 11.12 34.23
7 K S Gr 0.67 3.12 -1.03 2.61 -5.48 -8.12 -3.72 -0.63 -5.48 -3.40 -15.06 -5.55 12.96 -16.25 30.34
8 S M 0.60 4.92 3.04 7.64 5.06 4.47 8.34 7.82 5.06 11.14 -2.35 13.67 15.17 -10.21 18.89
9 K S G R 0.54 3.05 -1.11 2.40 -5.89 -8.83 -4.36 -1.25 -5.89 -4.76 -15.45 -6.03 12.39 -16.73 29.73
10 S SM 0.53 3.40 -5.96 -8.51 -15.26 3.00 6.66 11.28 -15.26 19.28 8.11 5.32 19.92 12.74 25.26
Fund Size
(mil USD)
1M 3M 6M 1 Year 3 Year* 5 Year*
Since KBVF's
Inception*
2016 2015 2014 2013 2012 2011 2010
1 B K 134.90 3.70 -5.47 -3.68 -9.74 -1.54 0.39 2.71 -9.74 12.80 -6.23 -2.30 9.30 -10.70 24.75
2 J K 128.14 3.65 2.70 6.72 8.65 -0.62 1.76 2.99 8.65 0.03 -9.69 2.90 8.06 -19.83 32.58
3 I K 121.28 0.90 -9.44 -19.81 -23.59 3.81 2.04 4.72 -23.59 26.94 15.32 3.56 -4.51 -4.71 25.39
4 F K 120.47 3.19 -3.43 -0.32 -2.19 -1.00 -1.02 0.80 -2.19 6.68 -7.01 -1.11 -1.00 -12.36 21.06
5 S K 102.72 3.43 -4.84 -4.64 -3.67 -6.68 -2.10 0.43 -3.67 -0.88 -14.88 6.90 3.54 -14.20 22.56
6 K N 68.77 0.65 -2.93 -0.65 -1.26 6.65 -1.26 21.41 1.18
7 B K U 60.33 3.04 -6.27 -5.74 -11.72 -2.59 -0.61 1.67 -11.72 12.16 -6.65 -2.72 7.86 -10.76 22.32
8 KV K 56.22 1.25 -0.94 -0.64 -4.84 1.26 -4.84 4.21 4.70
9 KB Str Fds-KB Value Focus 44.27 0.66 -4.22 -6.49
10 TK 36.97 7.34 -0.84 3.26 -7.23 -5.64 0.08 -1.18 -7.23 2.40 -11.55 4.87 13.95 -25.33 16.48
(Unit: %)KBStarFunds-KBValueFocusKoreaEquity(Europe-domiciled)
* 3yr, 5yr, and return since inception are annualized returns
* 3yr, 5yr, and return since inception are annualized returns

13. KOSPI
84.77%
KOSDAQ
15.23%
Portfolio of KB Value Focus
Portfolio(AsofDecember31st
,2016)
Weight by KOSPI & KOSDAQ
Sector Weight (%)
Weight by Market Weight
Top 10 Holdings (Weight, %)
Source: KB Asset Management
Shown for illustrative purposes only. The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell and is subject to change without notice. 13
Weight(%)
KOSPI KOSDAQ
Large Cap 32.13 0.24
Middle Cap 41.68 6.88
Small Cap 10.96 8.12
Total 84.77 15.23
Stock GICS Industry Groups
KB Value
Focus (%)
Market
(%)
Difference
(%)
SK Telecom Telecommunication Services 5.80 1.41 4.40
Com2uS Corp Software & Services 5.67 0.09 5.58
SK Holdings Energy 5.39 1.25 4.14
Dongwon Industries Food, Beverage & Tobacco 4.20 0.10 4.10
Hansol Chemical Materials 3.61 0.07 3.54
KB Capital Diversified Financials 3.29 0.05 3.25
CJ Corp Food, Beverage & Tobacco 3.00 0.42 2.57
Fila Korea Consumer Durables & Apparel 2.98 0.06 2.92
Korean Reinsurance Insurance 2.53 0.11 2.42
Golfzon Consumer Services 2.32 0.03 2.29
GICS Sector
KB Value
Focus (%)
Market
(%)
Difference (%)
Industrials 17.76 14.21 3.55
Financials 17.28 12.53 4.76
Materials 16.04 9.93 6.10
Consumer Discretionary 15.02 17.98 -2.96
Information Technology 13.75 29.33 -15.58
Consumer Staples 9.70 4.25 5.46
Telecommunication Services 5.97 2.46 3.52
Utilities 2.36 3.29 -0.93
Others 1.57 0.25 1.32
Energy 0.32 2.36 -2.04
Health Care 0.22 3.41 -3.20

14. Summary of KB Value Focus
Summary
14
KB Value Focus
Portfolio Manager Woong-pil Choi
ISIN / Bloomberg Ticker KR5223174917 / 3174917 KS Equity
Inception date November 9, 2009
NAV (USD)
* As of December 31st, 2016
$ 1,103,610,168
BM KOSPI
No. of Holdings 72
Beta (1yr/3yr/since inception) 0.83 / 0.71 / 0.65
Sharpe(1yr/3yr/since inception) -0.35 / 0.20 / 0.87
Tracking Error (1yr/3yr/since inception, %) 6.04 / 8.20 / 9.11
Turnover Ratio (1yr, %) 34.90
Portfolio PER 8.63
Portfolio PBR 0.89
Source: KB Star M
Data as of December 31st, 2016 (Portfolio Holdings, PER, PBR as of November 30th, 2016)

15. KB Value Focus
Recent performance

16. The underperformance started since July 2015
Source: MorningStar. Historical Data (July 1st , 2015 ~ Dec 29th , 2016)
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
16
Recently the fund is underperforming the KOSPI
(%)

17. Underperforming since the 2nd half of 2015
17
Relative Return by Sector Effects Total Attribution
With the exception of IT and energy, most sectors in Korea have recorded negative returns since July 2015
Source: StatPro. Historical Data (July 1st , 2015 ~ Dec 29th, 2016)
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
IT, Consumer Discretionary, and Materials sectors are the major detractors

18. Source: MorningStar, Quantiwise, KRX. Historical Data as of Dev. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
18
Exclusion of Samsung Electronics is the biggest reason for the underperformance

19. Underperforming since 2nd half of 2015
19
Over-weighted or off-benchmark stocks performed poorly compared to the BM
Source: Historical Data (July 1st , 2015 ~ Dec 29th, 2016)
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
Securities GICS Sector Contribution
Muhak Consumer Staples -2.17%
Hyundai Livart Industrials -1.67%
Golfzone Consumer Discretionary -1.62%
Com2us IT -1.44%
Fila Korea Consumer Discretionary -1.41%
LeadCorp Financials -1.25%
SK Hynix IT -1.10%
Kumkang Industrial Materials -0.84%
KONA I IT -0.77%
CJ Corp. Others -0.73%
Securities GICS Sector Contribution
NAVER IT 1.08%
Dongwon Industries Consumer Staples 0.93%
KB Capital Financials 0.59%
NC Soft IT 0.49%
Daelim Industries Industrials 0.44%
Samsung Electronics IT 0.38%
KC Tec IT 0.36%
SK Telecom Telecommunications 0.32%
POSCO Materials 0.32%
Korea Electronics Utilities 0.27%
Top 10 Detractors Top 10 Contributors

20. Current detractors were previously contributors
Source: StatPro, Jan 1st 2015 to Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. All figures are gross of fees, and gross of tax. Return and Percentile Rank figures are calculated in KRW.
No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown. 20
Suddenmarketchangesmadethecontributorsintodetractors
Contributors (January 2014 ~ June 2015) Detractors (July 2015 ~ December 2016)

21. Increased appetite for large caps have negatively affected mid & small caps
Source: Quantiwise, KRX, Historical Data as of January 30th, 2017
The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we
currently know. However, there is no guarantee that any forecasts or opinions will be realized.
21
The preference towards large caps has been noticeable

22. Large-caps’ improving earnings have been the main driver for the increased investor interest
Source: KRX, Quantiwise. Historical Data as of Dec. 29th, 2016. Earnings estimate data as of Feb 8th, 2017. Index returns are scaled to start from Jan 1st, 2010
The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know.
However, there is no guarantee that any forecasts or opinions will be realized.
22
Large-cap returns have been satisfactory in 2016
*OP: Operating Profit; NI: Net Income

23. Larger than expected non-operating costs were a main reason for the correction in mid/small-caps
23
Mid/Small-cap returns have been disappointing in 2016
Source: KRX, Quantiwise. Historical Data as of Dec. 29th, 2016. Earnings estimate data as of Feb 8th, 2017. Index returns are scaled to start from Jan 1st, 2010
The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know.
However, there is no guarantee that any forecasts or opinions will be realized.
*OP: Operating Profit; NI: Net Income
<Examples of value stocks with good earnings>
2015A 2016E 2017F
P/E 11.18 7.59 8.47
P/B 2.97 1.65 1.67
ROE(%) 34.97 25.22 21.81
C (Gaming Co)
2015A 2016E 2017F
P/E 14.13 4.51 4.50
P/B 2.22 1.02 0.85
ROE(%) - 22.72 20.59
H (Paper Co)
2015A 2016E 2017F
P/E 20.54 13.78 10.81
P/B 2.85 2.91 2.35
ROE(%) 15.01 23.57 24.33
H (Chemical Co)
2015A 2016E 2017F
P/E 10.16 6.98 6.35
P/B 1.15 0.95 0.88
ROE(%) 11.76 14.50 14.69
D (Semiconductor Co)
As a result, many stocks in the mid/small caps have noticeably attractive valuations
-

24. KB Value Focus:
Maintaining our philosophy

25. Turnover Ratio hasn’t increased even in the correction
Source: Morningstar Historical Data as of Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
We believe the information provided here is reliable but should not be assumed to be accurate or complete.
25
Recent price movements hasn’t made us lose sight of our goals
Yearly Turnover Ratio and Comparative Ranking of KBVF vs Peers

26. Our buy-and-hold long-term investment philosophy can be seen from our historical holding record
Source: StarM, Historical Data as of Dec. 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
26
Changes in the portfolio were less in 2016 when compared to the past
2016 2015 2014 2013 2012
AUM of identical
holdings
(USD mn)
1,255.4 1,169.4 1,185.7 1,759.3 1,121.3
AUM
(USD mn)
1,412.3 1,748.0 1,768.8 2,545.4 1,482.8
% of portfolio
in identical holdings
84% 77% 73% 86% 72%
AUM weight
of identical holdings
89% 67% 67% 69% 76%
The recent correction did not make us change our philosophy

27. Active Fund vs KOSPI
Source: MorningStar, Historical Data as of Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
27
2016 was one of the few years when active funds underperformed the KOSPI
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Korea Fund Korea Large-Cap -45.02 38.81 2.41 36.15 6.55 58.40 2.18 37.57 -38.35 55.23 22.87 -10.50 6.97 1.07 -4.72 4.14 0.48
KRX KOSPI Korea PR KRW -50.92 37.47 -9.54 29.19 10.51 53.96 3.99 32.25 -40.73 49.65 21.88 -10.98 9.38 0.72 -4.76 2.39 3.32
Difference 5.90 1.34 11.95 6.97 -3.96 4.44 -1.82 5.31 2.38 5.58 0.99 0.48 -2.41 0.35 0.04 1.75 -2.84

28. After outperforming the market for 3 consecutive years, mid/small caps lagged in 2016
Source: MorningStar, StatPro. Historical Data as of Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
28
2016 was the first time midcaps underperformed largecaps since 2012

29. KBVF valuations are nearing historical lows and is nearly 40% cheaper than the market average
Source: MorningStar Calculation of P/E, P/B of portfolio as of Oct. 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
29
Due to the correction, KBVF valuation looks more attractive than before
Year PER PBR
2011 6.90 1.05
2012 9.14 1.11
2013 11.84 1.07
2014 16.01 1.20
2015 10.20 1.22
2016.10 8.27 1.07

30. Valuation comparison of KBVF vs. Peers*
Source: MorningStar, Calculation of P/E, P/B of portfolio as of Oct. 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW.
30
KBVF valuation looks even more attractive than its peers as well
*Peers: EAA Korea Equity (MorningStar Fund Category)
KBVF
KBVF

31. KB Star Funds – Korea Equity

32. KB Star
Funds
No. of holdings (Dec 2016) 59
No. of identical holdings 42
NAV (USD mil) 45.09
Identical holdings 71%
Market valuation of identical holdings 81%
Correlation to KBVF (Kor. Domiciled) 0.89
Beta 0.87
Tracking Error 4.97%
Alpha -0.84%
Annualized Volatility 10.56%
Portfolio Comparison of KB Star Funds compared to KBVF (Korea domiciled)
Source: Morningstar, StatPro. Historical Data as of Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
32
The replication ratio is around 80%
• KB Star Funds-KB Value Focus Korea Equity replicates the original portfolio (Kor. Domiciled) for about 80%
• Although the weights in the IT, Financials, and Consumer Staples sectors could look different, the statistics shows the two
funds are based on the identical investment strategy

33. • The fund had to hold the subscription monies only in cash until Aug. 9th 2016 due to specific request from the seed money
investor
• Equity accumulation completed for 80% on Nov. 11th 2016
• Intended management of fund begins on Jan. 2017
Launched in June 2016 but intended management of the fund began in January 2017
Source: Morningstar Historical Data as of Dec 29th, 2016
The performance quoted is past performance and is not a guarantee of future results. No representation is made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Returns are calculated in KRW. Figures related to KB Value Focus are net of fees, and gross of tax.
33
Track record and cash holdings for 2016

34. KOSPI
81.76%
KOSDAQ
18.24%
Portfolio of KB Star Funds – KB Value Focus Korea Equity
Portfolio(AsofDecember31st
,2016)
Weight by KOSPI & KOSDAQ
Sector Weight (%)
Weight by Market Weight
Top 10 Holdings (Weight, %)
Source: KB Asset Management
Shown for illustrative purposes only. The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell and is subject to change without notice. 34
Weight(%)
KOSPI KOSDAQ
Large Cap 33.02 -
Middle Cap 37.18 9.69
Small Cap 11.55 8.55
Total 81.76 18.24
Stock GICS Industry Groups
KB Value
Focus (%)
Market
(%)
Difference
(%)
Hansol Chemical Materials 5.77 0.07 5.70
Com2us Software & Services 5.57 0.09 5.48
SK Telecom Telecommunication Services 4.19 1.41 2.79
Korea Electric Power Utilities 3.61 2.20 1.41
FILA KOREA Consumer Durables & Apparel 3.44 0.06 3.38
Woongjin Thinkbig Consumer Services 2.59 0.03 2.57
Korea Zinc Materials 2.20 0.70 1.50
Dongbu Hitek Semiconductor Equipment 2.14 0.06 2.09
Korea REITS Real Estate 2.08 0.06 2.02
Tongyang Life Insurance Insurance 2.00 0.11 1.89
GICS Sector
KB Value
Focus (%)
Market
(%)
Difference (%)
Materials 20.30 9.93 10.37
Consumer Discretionary 18.91 17.98 0.93
IT 17.66 29.33 -11.67
Financials 12.58 12.53 0.05
Industrials 10.99 14.21 -3.22
Consumer Staples 5.90 4.25 1.65
Telecommunication Services 5.14
2.46
2.68
Utilities 4.43 3.29 1.14
Energy 3.69 2.36 1.33
Health Care 0.41 3.41 -3.00

35. Equity Investment

36. Investment Philosophy
 The aim is to achieve excess returns based on thorough fundamental research & concentrated investment.
 Research capability is much stressed. Sector managers are in charge of investment universe and model
portfolio. They conduct their own company analyses and invest with conviction. The focus is on stock
selection based on bottom-up approach.
 Portfolios are managed based on a long-term perspective rather than a short-term momentum.
 Managers decide to invest preemptively based on research focusing on a long-term perspective.
 Market and credit risks are constantly monitored so that upcoming and subsequent changes are identified.
 Changes are met with appropriate responses while the effect on the stock holdings is examined.
36
Active
Management
Long-term
Approach
Thorough
Risk
Management

37. Investment Process
 Stock Review
• Valuation
• Growth
• Company visit (1,000 times per year)
• Non-Deal Roadshow
• Interview with Management, etc.
 Basic Criteria
• Market cap: KRW 300 billion and above
• Financial Requirements
 Stock Selection
• Strong BM, Cash flow, Franchise value and structural
growth
• Margin of safety, 30%
 Determined by the Research Team
 Reviewed on a monthly basis
 Final Call: CIO
02
Actual Portfolio
01
Universe
 Team Management
 Portfolio Management
• Monitoring valuation, earnings forecast, price
attractiveness, etc.
• Analyzing performance attribution
• Responding to market and credit risk
 Determined by the Management Team
 Final Call: Portfolio Management Team
ValueStyle
37
* Criteria to be included in the Investment Universe:
① The market cap of a stock should exceed 100 billion. The Investment Universe is reviewed and updated at least quarterly; stocks with a market cap less
than 300 billion KRW can be included depending on market condition or company fundamentals, provided that approval of CIO is obtained.
② The trading volume within last 3 months should exceed 10 billion KRW.
③ Companies that have not posted net losses in the last 3 consecutive years
④ Companies that have not been included in the investment warnings list of Korea Exchange in the last 2 years.

38. 38
Focus & Principle of KB Value Focus
Undervaluation is not the
only focus
Earnings value is as much
important
While maintaining our
principle of Buy & Hold
We engage in active trading
upon significant price
changes
Turnover Ratio:
2013: 56.03%
2014: 62.38%
2015: 70.53%
Rather than blindly following
the benchmark index
We primarily invest in
stocks with upside potential
We do not invest in large cap
companies just to follow the
benchmark index
 Robust Business Model
 Expected Structural Growth
 Sustainability of Earnings
Thefund’sfocus&principle

39. Selection of Stocks
Re-Rating
If stocks that generate stable profits based on their
franchise value or intrinsic competitive advantage are
undervalued compared to the market valuation, the
value of the stocks will eventually converge to the
intrinsic value
Market Share
Predictability of Earnings
Sustainability of Earnings
Premium
If companies that are identified to have expected
structural growth and paradigm shifts are undervalued
relative to their growth potential, their structurally
stable growth potential will eventually be recognized
by consensus and the stocks will be valued higher than
the market valuation
Probability of Market Diversification
Life Cycle
Growth Potential of Flagship Products
Focused on stock selection, not on forecasting market outlook
- Stocks that have significantly higher intrinsic value
- Companies posting stable growth of earnings
- Stocks that match these conditions are actively purchased when the prices of the stocks tumble or the stocks are neglected
39

40. Identical Portfolio Manager Since Inception
ThecurrentCIOofKBAMhasbeenmanagingthefundsince2009
 1992-1999 Applied Statistics B.S., Yonsei University
 1998-1999 LNG Carrier Department, Hyundai Merchant Marine
 1999-2002 Sector Manager of Equity Management Team, Dongwon Securities
 2002-2004 Sector Manager of Investment Adviser Department, Dongwon Investment Management
 2004-2006 Sector Manager, Korea Investment Management
 2006-2009 Asset Management Department, Korea Investment Value Asset Management
 2009-Present CIO/Head of Equity Management Division, KB Asset Management
Currently manages KB Value Focus, KB Pension Dividend 40, and KB Small/Mid Cap Equity Fund
CIO,WoongpilChoi
Educational/Professional Background
40

41. Investment Professionals involved with KB Value Focus
PortfolioManagers
 2008.02 Business B.A., Seoul National University
 2008-2009 Asset Management Department, Korea
Investment Value Asset Management
 2009-Present Head of Value Investment Team 2, KB Asset
Management
YonghyunJung,
HeadofValueInv.Team 1
Educational/Professional Background
41
 2010.02 Computer Science B.S., Seoul National University
 2010-2011 Asset Management Department, Korea
Investment Value Asset Management
 2011-Present Head of Value Investment Team 2, KB Asset
Management
Educational/Professional Background
YoungguNam,
HeadofValueInv.Team 2

42. KB Asset Management
EquityInvestmentProfessionals– AsofDecember31tst
, 2016
There can be no assurance that the professionals currently employed by KB Asset Management will continue to be employed by KB Asset Management. 42

43. KBAM: Consistent & Reliable

44. KeyFigures-Asof2016 1st
Half
KB Financial Group
- Total Assets: USD $409.56 billion
- Client Base: 30 Million
- Market Cap: USD $12.76 billion; Listed on KOSPI and New York Stock Exchange (105560 KS Equity, KB US Equity)
Global Network
TheleadingFinancialGroupinKorea
- KB Financial Group, with commercial banking being the core business, provides comprehensive financial services encompassing
asset management, securities, life insurance, capital, venture investment, and real estate
* Legal-affiliate : Hwang-Mok Park, KIM&CHANG, SHIN&KIM
* Accounting-affiliate: Samil PriceWaterhouseCooprs
44
Business Network

45. Korea’sLeadingAssetManagementCompany
KB Asset Management
- Incorporation date: April 28th, 1988 (29 years of history)
- AUM: USD $45.02 billion (As of December 31st, 2016)
• The 3rd largest AMC in the market (MS: 7.73%)
* Including discretionary accounts, the 4th largest AMC
AUM by Asset Class (Billion, USD, as of December 31st, 2016)
Change in Fund M/S driven by excellent performance
Source: Morningstar, as of December 31st, 2016Source: Korea Financial Investment Association
The performance quoted is past performance and is not a guarantee of future results. All figures are net of fees, and gross of tax.
45
Category Name
Fund Size
billion USD
Morningstar Category % Rank
2016
YTD*
2015 2014 2013 2012 2011 2010
Korea OE
Korea Large-
Cap Equity
KB Value Focus
Feeder Equity A
$ 1.10 74 45 10 5 12 2 1
Korea OE
Korea Cautious
Allocation
KB Retirement
Pens Div 40 Fdr
Bd Bal C
$ 1.40 79 45 1 6 1 1 1
Equity Balanced Fixed Income FoF MMF Derivatives Real Estate Special Asset
Segregated
Account
Total
8.80 3.69 17.19 0.28 7.21 1.58 1.33 4.88 0.06 45.02
Source: Korea Financial Investment Association

46. ThetopAMCinKorea’sfast-growingcorporatepensionfundmarket
KB Asset Management
KBAM M S.S K S.Y Others Total
December 31st
, 2014 11,130 10,380 7,730 11,831 4,808 14,394 64,037
December 29th
,2016
(Market Share)
19,915
(21.2%)
15,648
(16.7%)
9,068
(9.7%)
8,885
(9.5%)
8,518
(9.1%)
31,822
(33.9%)
93,856
(100%)
Growth rate 78.9% 50.8% 17.3% -24.1% 77.2% 121.1% 46.6%
- Market Share: 22% (Largest MS) as of 2016Q4
- Growth Rate: 78.9%
A firm grip of globalbusinessbasedon a long-term globalpartnership
Market Leader in the Korean corporate pension fund market
Partner
Global Lombard Odier
US Palisade Capital Management, L.L.C.
Europe Blackfriars Asset Management Ltd / Pioneer Investment Management Limited
Japan DLIBJ Asset Management Co., Ltd
China JF Asset Management Ltd / GAM Hong Kong Ltd / Hamon Investment Management Ltd
ASEAN
Vietnam
Fullerton Fund Management Company Ltd
Russia HSBC Global Asset management(UK) Ltd
Brazil BNY Mellon ARX Investimentos Ltda
India JF Asset Management Ltd / UTI International (Singapore) private Limited
MENA EFG-Hermes UAE Ltd
Source: Korea Financial Investment Association (unit: KRW 100mil)
46

47. KB Asset Management
Integrityaswellasexpertiseisvaluedwhenchoosingourinvestmentprofessionals
47
As of March 31st, 2016
Total Number of Employees : 206
As of December 31th, 2016
Operations
Infra. 1
Compliance
Div.
Infrastructure
Div.
Retail
Marketing 2
Product
Strategy
KB Synergy
Sales
Management
Global
Marketing
CM
Strategy
IT
Global
Investment 1
Value
Investment
1
Active
Management
2
25
Value
Investment
2
Strategic
Planning
Fixed Income
3
Fixed Income
4
Trading
Fixed Income
2
Domestic
Passive
Investment 3
ETF
Strategy
Solution
Absolute
Return
Active
Management
1
Research
Investment
Strategy
Risk
Management
Private Equity
& Credit
Div.
Corp.
Administration
Div.
5
Real Estate
Management
27
Committee of
Performance Evaluation
21
Infra. 2
15
Retail
Marketing
Div.
Institution
2
Product
Strategy
Div.
Global
Investment 2
Institution
1
Retail
Marketing 1
Financial
Management
Global
Infrastructure
Fixed Income
Management
Div.
NPL
Management
CM
Strategy
Div.
3
Fixed Income
1
219 7
Audit
Div.
ETFs &
Multi-Solution
Div.
Risk
Management
Div.
12 11
Global
Investment
Div.
Corporate
Investment
Human
Resources
Acquisition
Financing
Communication
Div.
15 6
Real Estate
Investment
Equity
Investment
Div.
ETF
Management
Institutional
Marketing
Div.
Council of Sanctions
Council of Fund evaluation
Council of Risk management
Council of Products
Real Estate
Div.
Labor-Management Council
Council of Prop.Management
Energy &
Resources
Retirement
Pension
KBFG (100%)
Board Of
Director
CEO
(1)
Audit Committee
Committee of
Recommendation for
Outside director
Passive
Investment
Div.
9
Global
Passive
Investment
Standing Auditor
(1)
(Member of
Audit Committee)
Compliance
Global
Fixed Income
17 5 3
Domestic
Passive
Investment 1
Domestic
Passive
Investment 2
Chief Risk
Officer (1)
Chief
Compliance
Officer (1)

48. Disclaimer
48
Risks and Disclaimers
General
The Fund is intended for long-term Investors who can accept the significant risks associated with investing in illiquid securities. An investment in the Fund
involves various risk factors, including the possibility of partial or total loss of the Fund capital, and prospective Investors should not subscribe unless they can
readily bear the consequences of such loss. There can be no assurance that the Fund will achieve its Investment Objective or Portfolio
Target Return, or that there will be any return on capital. In particular, potential investors should take into account the fact that the actual return achieved may
be more or less in any particular year, and that different returns may be achieved by different Investments, according to their different cost bases, and that
different Fund Investor Vehicles may have different returns.
Projections
The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions
within the bounds of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized.
Portfolio
No representation is being made that any portfolio will or is likely to achieve profits or losses similar to those shown.
Portfolio holdings are subject to change at any time without notice .
Risks Involving
Investment Strategy
Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and
are subject to change without notice. There can be no guarantee they will be met.
Risks Associated with
Performance
The performance quoted is past performance and is not a guarantee of future results. All figures are in KRW terms, net of fees, and gross of tax. The impact of
the initial charge can be material on the performance of your investment. Performance figures including the initial charge are available upon request. The Fund
is subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most
recent month-end, please send an email to the following address: kbgm@kbfg.com
Currency Risks
Changes in the rates of exchange may affect the value of investments. The Fund can invest in overseas securities which may also generate profits overseas and
pay dividends in foreign currencies, which means the fund is exposed to changes in currency rates.
Impact of
Compensation
The Fund takes its charges from the Fund. The impact of Fund charges may be material on the value of any income you receive from your investment. There is
potential for future capital erosion if insufficient income is generated by the Fund to cover these charges. Please see the prospectus for additional information
on the fees and expenses.
Tax Risks
Tax treatment will depend on the individual circumstances of clients and may be subject to change in the future. The rate and amount of tax would vary
depending on the mix and type of investments made by the Fund. Investors should consult their tax advisers regarding such tax consequences as well as any
taxes to which they may be subject in their own jurisdiction.
Limitations of Target
Returns
An investor should not expect to achieve actual returns similar to the target return shown herein. The target return is the manager’s goal based on various
manager assumptions, calculations of available data, past and current market conditions, and available investment opportunities, each of which are subject to
change. Because of the inherent limitations of the target return, potential investors should not rely on it when making a decision on whether or not to invest in
this Fund.

49. 25F, 70, Yeoui-daero, Yeongdeungpo-gu,
07325 Seoul, South Korea
www.kbam.co.kr/ib/kbstarfunds
82-2-2167 – 8200
ThankYou.