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Quant Analyst 3774-178 YoungJean@miraeasset.com Quant RA 3774-648 dajungky@miraeasset.com Monthly Update The Guiding Light Asia Pacific / Country Feb 26, 28 Asia Pacific Country Earnings & Valuation Asia Pacific Country Allocation Positive Indonesia, India, China Neutral Hong Kong, Thailand, Philippines, Singapore, Korea, Australia, Malaysia Negative New Zealand, Japan, Taiwan Quantitative Strategy MIRAE ASSET RESEARCH

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

Quant Analyst 3774-178 YoungJean@miraeasset.com Contents Asia Pacific Country Highlights 4 Asia Pacific Country Rating & Overview Country Rating Country Overview Country Earnings & Valuation Table 1 12 16 Global Market Index Composition 18 Asia Pacific Country Earnings & Valuation Asia Pacific Asia Pacific ex. Japan Japan Austrailia Korea Taiwan China Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines 3 36 42 48 54 6 66 72 78 84 9 96 12 18 114 Other Key Market Earnings & Valuation United States United Kingdom France Germany Brazil Russia 122 128 134 14 146 152 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 3

Quant Analyst 3774-178 YoungJean@miraeasset.com Asia Pacific Country Highlights Asia Pacific Country Allocation for March Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 4

Quant Analyst 3774-178 YoungJean@miraeasset.com < 1> Asia Pacific Country Ratings Rating Z-score Countries Feb Mar Feb Mar Change Indonesia Positive Positive.97 3.18 2.21 India Positive Positive 1. 1.57.57 China Positive Positive.71.86.15 Hong Kong Positive Neutral.65.42 -.23 Thailand Neutral Neutral.3.26.23 Philippines Neutral Neutral -.2 -.1.19 Singapore Neutral Neutral.29 -.1 -.3 Korea Neutral Neutral -.35 -.12.23 Australia Negative Neutral -.91 -.23.68 Malaysia Neutral Neutral -.35 -.31.5 New Zealand Neutral Negative -.45 -.88 -.44 Japan Negative Negative -.62-1.1 -.48 Taiwan Negative Negative -.51-1.28 -.77 < 1> Z-score Changes in Asia Pacific Country Ratings Z-score Rating Indonesia India China 3 Z-score 2 Z-score Hong Kong Thailand Philippines Singapore Korea Australia Malaysia New Zealand Japan Taiwan -1.5-1. -.5..5 1. 1.5 2. 2.5 3. 3.5 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 5

Quant Analyst 3774-178 YoungJean@miraeasset.com < 2> Valuation : PER PBR A. () 12 PER (x) 18 17.4x (x) (%) B. () PBR 3.5 3. 12M Trailing P/B 12M Trailing ROE 18 16 16 16.x 2.5 14 14.6x 14.2x 13.9x 14 13.x 12.7x 13.1x 12.9x 11.8x 12 12.5x 11.7x 11.5x 11.4x 1.2x 1.6x 1 23 24 25 26 27 28 2. 12 1.5 1 1. 8 21 22 23 24 25 26 27 28 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 6

Quant Analyst 3774-178 YoungJean@miraeasset.com < 3> Earnings : (%) 3 A. () (%) 6 B. (%) 4 C. ( 2 4 2 2 1-1 -2 Earnings Revision Ratio (weekly) Earnings Revision Ratio (4w MA) -3 27/1 27/4 27/7 27/1 28/1-2 -4-6 -8 27/11 28/2 Indonesia India Malaysia Hong Kong China Philippines Australia Thailand Singapore Japan New Zealand Korea Taiwan -2-4 27/11 28/2 IT Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 7

Quant Analyst 3774-178 YoungJean@miraeasset.com < 4> A. PER B. EPS Dispersion 2 8 18 16 14 12 II China India Japan Singapore Philippines New Zealand Australia Taiwan III Korea Thailand Hong Kong Malaysia Indonesia IV 1-8 -4 4 8 12 I 4 Taiwan II Korea Hong Kong China Indonesia Thailand Philippines India Japan Malaysia Singapore -4 III IV Australia New Zealand -8-8 -4 4 8 12 I Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 8

Quant Analyst 3774-178 YoungJean@miraeasset.com Asia Pacific Country Rating & Overview Asia Pacific Country Rating Asia Pacific Country Overview Country Earnings & Valuation Table Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 9

Quant Analyst 3774-178 YoungJean@miraeasset.com Asia Pacific Country Rating Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% Negative -.5 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Indonesia Positive Positive Positive Positive Negative Positive (p.96) Z-score (3.18) 3.66 8.29.87 5.36-1. 2.69 India Positive Positive Positive Positive Negative Positive (p.78) Z-score (1.57) 1.85 1.7 1.44 1. -4.58 4.9 China Positive Positive Positive Positive Negative Positive (p.66) Z-score (.86) 1. 1. 1.35.72-1.23.52 Hong Kong Neutral Positive Positive Neutral Negative Negative Positive (p.72) Z-score (.42) 1.48.77.8-3.6-2.17 4.66 Thailand Neutral Neutral Positive Neutral Positive Positive Negative (p.12) Z-score (.26)..67..52.94-2.96 Philippines Neutral Neutral Neutral Neutral Negative Neutral Negative (p.114) Z-score (-.1)..12.37 -.52 -.2 -.85 Singapore Neutral Positive Negative Negative Negative Positive Positive (p.84) Z-score (-.1) 1.17-1.1-2.1-1.34.99 2.66 Korea Neutral Negative Negative Neutral Negative Positive Positive (p.54) Z-score (-.12) -1.71 -.51.26-1.34 1.55 1.7 Australia Neutral Neutral Neutral Negative Positive Negative Positive (p.48) Z-score (-.23) -.45. -1.7 1.21-1. 4.5 Malaysia Neutral Positive Neutral Neutral Negative Negative Neutral (p.9) Z-score (-.31).99 -.14 -.18 -.88 -.65 -.43 New Zealand Negative Negative Negative Neutral Neutral Negative (p.18) Z-score (-.88) -.91-1.1-2.85.1. -.85 Japan Negative Negative Negative Negative Neutral Positive (p.42) Z-score (-1.1) -1. -2.43-1.21-3.73. 1. Taiwan Positive Positive Positive Negative Negative Negative Negative Negative Negative Neutral Positive Negative (p.6) Z-score (-1.28) -1.57-4.89-1...88-3.76 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 1

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

Quant Analyst 3774-178 YoungJean@miraeasset.com Asia Pacific Country Overview Graph 1-A : Market Cap. Weights - Asia Pacific Graph 1-B : MCap. Weights - Asia Pac. x. Japan Malaysia Singapore 1.6% 2.5% India 4.5% Hong Kong 5.% China 8.7% Taiwan 6.2% Indonesia Thailand 1.1%.9% Korea 8.2% Australia 14.6% New Zealand,.4% Japan 45.9% Philippines.3% Pakistan.1% Indonesia 2.1% Malaysia 2.9% Singapore 4.6% India 8.4% Hong Kong 9.3% China 16.1% Thailand 1.6% Taiwan 11.5% New Zealand,.8% Australia 26.9% Philippines.6% Korea 15.2% Pakistan.2% Graph 2-A : 28E Sales Dist n - Asia Pacific Graph 2-B : 28E Sales Dist n - AP x. Japan Singapore 1.1% India 1.7% Hong Kong 1.3% Malaysia.6% Indonesia.4% Thailand.6% Philippines.2% New Zealand,.4% Malaysia 2.2% Singapore 3.9% Indonesia 1.4% Thailand 2.3% New Zealand,.9% Philippines.5% Pakistan.1% China 4.% Taiwan 5.% Korea 7.5% Australia 4.9% Japan 72.4% India 6.1% Hong Kong 4.9% China 14.3% Taiwan 18.1% Australia 17.9% Korea 27.3% Graph 3-A : 28E Net Income Dist n - Asia Pac.ific Graph 3-B : 28E Net Income Dist n - AP x. Japan Malaysia 1.4% Singapore 2.3% India 3.6% Hong Kong 4.% China 8.% Indonesia 1.% Thailand New 1.% Zealand,.4% Philippines.2% Pakistan.1% Indonesia 2.% Malaysia 2.7% Singapore 4.5% Thailand 1.9% India 6.9% New Zealand, Philippines.8%.6% Pakistan.2% Australia 22.8% Taiwan 7.2% Korea 1.9% Australia 11.8% Japan 48.% China 15.4% Hong Kong 7.7% Taiwan 13.8% Korea 21.% Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 12

16.9 16.6 16.2 15.8 15.5 15.1 14.8 The Guiding Light Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 4 : 28E Sales Growth by Country (%) 25 23.7 2 18.6 18.2 15 1 16.5 16.1 15.7 14.6 14.5 14.1 14.1 12.8 11.7 11.4 1.4 9.9 7.7 6.1 5.8 5 3.4 Indonesia Pakistan China Taiwan India Hong Kong EM Asia Asia ex. Japan AP ex. Japan Malaysia Australia Singapore Korea New Zealand Philippines Thailand Asia Pacific Asia Japan Graph 5 : 28E EPS Growth by Country (%) 3 2 1 21.3 2.5 18.5 17.7 16.5 15.6 15.5 15.2 14.1 13.5 1.4 9.4 9.3 8.4 8.3 8.2 2.8 2.5-1 China India Indonesia Pakistan EM Asia Korea Thailand Philippines Hong Kong Malaysia Asia ex. Japan Taiwan Asia AP ex. Japan Asia Pacific Japan Singapore -4.9 Australia New Zealand Graph 6 : 28E ROE by Country (%) 3 27.5 25 2 18.6 18.5 18. 17.7 15 1 13.9 13.9 11.7 11.1 1.4 9.2 5 Indonesia India Australia China Thailand New Zealand Taiwan EM Asia AP ex. Japan Philippines Asia ex. Japan Malaysia Korea Singapore Asia Pacific Asia Hong Kong Japan Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 13

Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 7 : 12MF PER by Country (x) 2 18.9 18 17.4 16 15.8 15.4 15.1 13.9 14 13.7 13.7 13.7 13.7 13.7 13.5 13.3 13.2 13. 12. 11.9 12 11.2 11. 1 8 6 4 2 India Hong Kong China Indonesia Malaysia Asia ex. Japan Asia Philippines Japan AP ex. Japan Asia Pacific EM Asia New Zealand Singapore Australia Pakistan Taiwan Thailand Korea Graph 8 : 12MF PBR by Country (x) 4.5 4.2 4. 3.5 3.3 3. 2.7 2.5 2. 1.5 2.4 2.3 2.2 2.1 2.1 2.1 2.1 1.9 1.9 1.9 1.8 1.6 1.5 1.5 1.3 1..5. Indonesia India China Australia Malaysia Philippines New Zealand AP ex. Japan EM Asia Asia ex. Japan Thailand Taiwan Singapore Hong Kong Asia Pacific Asia Korea Japan Graph 9 : 12MF EV/EBITDA by Country (x 18 16.9 16 14 12 1 8 6 12.4 11.6 9.9 8.3 7.7 7.6 7.5 7.2 7.1 7.1 6.9 6.9 6.8 6.7 6.2 6.1 5.8 4.8 4 2 Australia Hong Kong India AP ex. Japan Asia Pacific China Pakistan Asia ex. Japan Asia EM Asia Japan New Zealand Taiwan Malaysia Indonesia Thailand Philippines Korea Singapore Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 14

Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 1 : 12MF Dividend Yield by Country (%) 6 5.5 5 4.9 4.4 4.4 4 3.9 3.8 3.7 3.3 3.2 3.1 3 2 2.8 2.8 2.7 2.5 2.3 2.2 1.9 1.8 1 1.1 New Zealand Taiwan Australia Pakistan Singapore Thailand Malaysia Philippines AP ex. Japan Hong Kong Asia ex. Japan Indonesia EM Asia Asia Pacific China Asia Korea Japan India Graph 11 : 12MF PCR by Country (x) 18 17.1 16 14.9 14 12 1 8 1.5 1.4 9.9 9.7 9.5 9.5 9.4 9.3 8.8 8.5 8.3 8.1 7.4 7.4 7.2 7.2 7. 6 4 2 Hong Kong India China Malaysia Singapore Indonesia Asia ex. Japan AP ex. Japan Australia Pakistan EM Asia Philippines Asia Pacific Asia Taiwan New Zealand Japan Thailand Korea Graph 12 : 12MF PSR by Country (x 4. 3.5 3.6 3.5 3. 2.8 2.6 2.5 2. 1.5 1. 2.3 2.1 2.1 2. 1.9 1.7 1.6 1.5 1.3 1.1 1.1 1..9.9.6.5. Pakistan Hong Kong Indonesia India Malaysia China Australia Philippines Singapore AP ex. Japan Asia ex. Japan EM Asia New Zealand Taiwan Thailand Korea Asia Pacific Asia Japan Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 15

Quant Analyst 3774-178 YoungJean@miraeasset.com Global Market Earnings & Valuation Table Table 1 : Earnings Forecast by Country - Global Market Country Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) AC World 1. 2,872 6.4 5.7 3.9 11.9 12. -2.3.8-3.1-2. 1.1-2.8-11 -18-31 12. 12.4 15.9 16.4 Developed Market 88.5 1,945 5.8 5.4 2.5 11.4 11.8-2.4.9-3.3-2.1 1. -3. -17-24 -37 12.2 12.7 16. 16.4 EAFE 42.7 1,25 4.9 4.6 6.7 7.9 1.4-2.8 2.2-2.8-2.5 2.3-2.7-17 -21-44 1.7 11.1 14.4 14.8 Pacific 13.2 586 4.2 4.2 13.4 4.8 11. -3.4 4.4-2.5-2.9 4.6-2.2-11 -16-36 7.4 7.8 1.3 1.6 North America 45.7 74 7.2 6.4-1.8 15.3 13.3-2. -.5-3.7-1.7 -.4-3.2-17 -28-25 14.6 15.2 19.4 19.8 Europe 29.6 619 5.2 4.9 4.4 9. 1.2-2.6 1.5-3. -2.3 1.5-3. -22-26 -52 12.6 12.9 16.8 17. Emerging Market 11.5 927 14. 9.6 16.6 16.1 13.5-1.2.6 -.9 -.9 1.5 -.7 1-6 -19 8.7 9. 15.1 16.4 Asia 6.1 555 14.6 11.2 17. 16.5 14.4-2.4.6-1.5-2.2.5-1.5-3 -8-27 7.2 7.5 16.2 16.4 Latin America 2.6 148 11.6 5.9 18.7 17.5 11.4 -.5 -.3 2.6 -.4 1.8 2.9-9 -7 9 12.8 14.3 23.5 27.3 Europe 1.7 12 13. 3.7 18.3 11.7 8.8 2.9 1.6.5 3.7 2.4 -.6 42 1 1 9.8 1.1 1.5 13.1 AC Asia Pacific 19.3 1,141 6.1 5.6 14.4 8.3 12.1-3. 3.1-2.2-2.5 3.2-1.9-6 -12-32 7.4 7.8 11.7 12. AC AP ex. Japan 1.4 744 14.1 1.8 17.1 8.4 14.6-2..9 -.9-1.7 1.2 -.6-7 -26 1.5 1.9 15.8 16.3 AC Asia 16.4 1,43 5.8 5.4 14.8 9.3 11.6-3.2 3.3-2.5-2.7 3.2-2.5-5 -12-32 6.5 6.8 11.1 11.3 AC Asia ex. Japan 7.6 646 14.5 11.4 19.1 1.4 14.5-1.9.7-1.3-1.7.6-1.4 2-6 -25 7.7 8. 15.1 15.5 Australia 2.8 88 12.8 8.8 12.4 2.5 13.9 1. -1.8-1.3 1.1 -.9 -.3-17 -13-29 22.8 24.1 18.5 19.5 Hong Kong 1. 54 15.7 15.3 35.4 14.1 16.1 1.9.9. 1.9 1. -.2 15 13 12.5 13. 1.4 11.2 Japan 8.8 397 3.4 3.6 12.4 8.2 9.2-1.6 -.4-3. -1. -.3-2.9-19 -22-42 6.1 6.5 9.2 9.3 New Zealand.1 1 1.4 3. -.6-4.9 4.6 -.7 -.2-1. -.9 -.2-2.2-2 -1-5 18.7 18.8 16.9 16.5 Singapore.5 37 11.7 9.5 13.7 2.8 12.9-1.2 -.2-1.5 -.7 -.5-2.8 5 3-39 11.1 11.4 13.9 14.4 China 1.7 112 18.2 13.2 28.6 21.3 16.5 -.4 1.1.2.7.6 -.1 24-2 -16 4.7 4.9 18. 18.4 India.9 63 16.1 18.5 14.5 2.5 23.3.4.5.8-2.9 -.3 1. 1 15 2 9.1 9.5 18.6 18.9 Indonesia.2 23 23.7 16.3 54.6 18.5 16.8 1.2 -.4 7. 1..7 6.5 3 52 43 16. 15.7 27.5 26.5 Korea 1.6 113 11.4 7.9 6.6 15.6 14.3-1.8 -.9-1.2 -.4 -.4-1.5-17 -41-58 7.6 7.9 13.9 14.1 Malaysia.3 56 14.1 8.3 39.4 13.5 11.6 -.4 1.7 -.8 -.1 1.8-1.2 6-7 7 11.2 11.8 14.8 15.2 Pakistan. 13 18.6 1.7 7.5 17.7 1.1 1.6 1.3-1.3.5.4 -.9-3 1-3 1.7 11. NA NA Philippines.1 18 9.9 9.5 1.9 15.2 19.3-2.8. -.6-2.6.3 -.9-28 17-28 6.6 6.9 15.5 16.4 Taiwan 1.2 123 16.5 13.2 28.6 9.4 9.1-1.8-1.2-5.4-2.7-1.4-4.8-25 -21-64 7. 7.2 16.6 16.7 Thailand.2 34 7.7 4. -29.1 15.5 7.3.3 -.1 -.3 -.6 -.9.4-1 1-39 5.1 5.4 17.7 17.8 AC Americas 48.3 888 7.3 6.4 -.8 15.4 13.2-1.9 -.5-3.4-1.7 -.2-2.9-16 -25-2 14.6 15.2 19.4 19.9 US 41.9 635 7.2 6.4-2.9 15.8 13.5-1.9 -.9-3.8-1.8 -.7-3.4-15 -34-28 14.5 15.1 19.6 19.8 Canada 3.8 15 6.7 5.5 1.7 1.5 1.8 1.8 4.3-4.2 3.6 4.5-2.6-26 6-7 18.1 23.7 15.5 2.1 Argentina.1 11 5.2-1.3-12. 29.6 2.6-12.2.4 77.8-32.2-6.9 15.2 18.9 21.4 NA NA Brazil 1.7 69 27.5 15.2 19.8 14.8 13.6 2.6-4.6 1.7 2.7 -.9 4.6-5 -5 13 7.9 8.5 17.6 2.6 Chile.1 27 15. 8.1 33.3 22.1 12.3 3.2.2.5 2.7 1.9.7 12 13 27 7.9 7.5 11.5 13. Colombia. 7 12.6 11.9 26.8 45.8 17.3-11.8 -.2-3.8-14.8 -.5-2.1 33 4.7 4.8 NA NA Mexico.6 28 12.9 7.3 13. 22.1 3.5-2.2 -.4 -.3-2.3.1-5.7-22 -27-13 12.5 14.5 32. 34.2 Peru.1 6 NA NA -11. 85.2-2.3-18.9 78.6-14.1 NA -.7-5.9 33 1 NA NA NA NA AC Europe 31.3 721 5.5 4.8 5. 9.2 1.1-2.3 1.5-2.9-2. 1.6-2.9-14 -21-45 12.4 12.8 16.3 16.8 Austria.2 16 6.7 5.8 8.6 9.6 9.9.2-1.1 -.1 1.3-7.3 -.1 13-6 -25 13.2 13. 13.8 13.7 Belgium.5 22 4.1 6. -8.7 2.2 12.7-3.3-3.2-7.2-3.1-3.3-7. -23-18 -23 14.1 12.9 13.1 13.5 Denmark.4 23 7.7 6.4 13.4 15.7 13.9 1.5 -.5 -.2 2.4 -.4 -.2 9-18 -45 11. 11.3 16.8 16.9 Finland.8 23 4.7 3.5 49.1-7.3 8.4.6.3 1.1.5 -.1 1.3-13 -35-39 11.5 11.9 21.3 21.9 France 4.5 74 2.8 5.1 1.6 12. 9.6-1. -.1-2.5 -.1 -.1-2.8-27 -41-65 1.1 1.2 14.7 14.8 Germany 3.9 61 6.2 5.1 21.7 7.4 13.4 -.5 -.9-2.3 -.1-1. -1.2-35 -19-54 9.4 1. 14.1 14.8 Greece.3 15 9.9 8.2 3.1 11.9 18.1 1.4-1.6.9 1. -1.7.9-2 -53 22.8 25.6 2. 2.6 Ireland.3 14 6.9 5.5 14.9 6.5 7.1 -.3 -.2. -1.6 -.5-1.9-43 -43-57 16.7 17.1 17. 16.4 Italy 1.7 4 5.8 4.7 -.3 11.2 9.6-2.3.3 -.5-1.7. -.7-47 -25-36 13.3 13.7 14.7 14.9 Netherlands 1.2 24 6.4 7.8 8.4 1.9 1.3 -.7 -.3-1.3 -.8.1-1.3 4-42 -46 9.6 9.6 17.1 17.3 Norway.5 22 4. 5.5-7. 2.2 11.8 -.2.8 -.5.7.4 -.6-27 -27-55 1.9 11. 17.2 17.5 Portugal.1 11 9.3 6.1-4.2 8.1 11.1 -.5-1.3 -.9 -.5-1.4-1.8-64 -45 9.9 1.2 15.6 16.4 Spain 1.7 31 8.6 6.8 18.9 13.2 12.5 -.4 -.3. -.4 -.5 -.4-28 -22-52 22.2 23.2 18.1 19.1 Sweden 1. 48 5. 4.3-2.9 3.1 8.1 2.2-1.1-3.3 2.2 -.9-3.9-22 -42-61 1.9 11.5 17.1 17.5 Switzerland 2.9 39 7.4 6.2-15.6 34. 11.3-3. -1.5-2.7-2.8-1.3-2.8-45 -18-55 16.7 17.2 18.9 19.1 UK 9.5 156 4.7 3.4 5.7 5.2 8.5 -.1 1. -1.9 -.1 1.5-1.7-13 -17-54 14.2 14.5 19.3 19.2 Czech Rep..1 7 6.1 4.1 27.6 18.7 8. 2.2 -.1.3. -1.3-1.7 67 33-33 12.2 12.7 21.9 22.5 Hungary.1 4 6.7 2.6-14.8 1.7 6.5 1.8.2.1.6-1.. 5-5 16.8 18.1 21.1 2.4 Poland.2 28 9.5 3.8 18.4 5.2 9.4-1.8-1. -2.6-2.7-1.2-5.3 4 8-27 7.8 7.8 11.7 13.8 Russia 1.1 32 16.2 1.2 19.1 13.5 7.2 3.7 1.1 2.2 5.7 2.2 1.1 57 19 38 1.7 11.2 9. 11.8 Turkey.2 31 9.5 11.9 48.8 7.6 18. 3.6 -.3 1.8 2.1 -.7 4.2 58 3 13 5.6 6. 2.9 2.3 Israel.3 32 7.1 2.9 6.9 13.2 29.2-1.3-2.8-1.4-2. 9.3 1.4 12-9 -9 16.3 17.1 18.1 16.9 Egypt.1 17 23.1 14.9 37.4 6.3 13.8-2. -.2 5.4-1.5 -.3-1.5 8 27-25 11.5 11.6 NA NA South Africa.7 5 15.1 12.9 19. 21.3 17.9 -.1.9.5 1. 1.8 1.6-31 6-36 15.4 15.4 21. 21.8 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 2 : Valuation & Performance by Country - Global Market Country Wgt # Co's 12-month Forward Valuation Performance PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) AC World 1. 2,872 12.7 2.1 7.9 3.1 8.5 1.2 1.1 3.4-5.6-5.6-7.9-9.3 24 77 Developed Market 88.5 1,945 12.7 2.1 8. 3.1 8.5 1.2 1.1 3. -5.9-7.4-1 -9.5 19 69 EAFE 42.7 1,25 11.7 1.7 7.4 3.6 7.6 1. 1.2 3.8-7.2-8.8-13.8-11. 24 77 Pacific 13.2 586 13.7 1.4 8.8 2.4 8..8 1.2 1.8-8.5-1.5-18.8-1.8 26 76 North America 45.7 74 13.8 2.8 8.7 2.5 9.6 1.4 1.1 2.3-4.6-6.1-6.9-8. 15 63 Europe 29.6 619 11. 1.9 6.7 4.1 7.4 1.1 1.3 4.8-6.6-7.9-11.3-11.1 24 77 Emerging Market 11.5 927 12.5 2.1 7.1 2.8 8.6 1.6.6 6.6-3.2 11.4 17.2-7.5 9 227 Asia 6.1 555 13.5 2.1 7.1 2.7 8.8 1.5.6 1.9-6.1 8.2 19.1-1.3 81 191 Latin America 2.6 148 12.4 4.9 8.6 3.7 9.1 1.9.7 2.2 3.5 18.8 23.4-1.9 12 368 Europe 1.7 12 1.4 1.4 6.2 2.5 7.3 1.7.7 5.4-3.8 12.4 9.1-1. 97 314 AC Asia Pacific 19.3 1,141 13.7 1.6 8.3 2.5 8.3.9.9 1.8-7.7-5.2-9.6-11 4 1 AC AP ex. Japan 1.4 744 13.7 2.1 9.9 3.2 9.5 1.7.8.8-8.4 3. 8.5-12 6 147 AC Asia 16.4 1,43 13.7 1.5 7.2 2.2 8.1.9.8 2.3-6.7-4.9-1 -1 42 11 AC Asia ex. Japan 7.6 646 13.9 2.1 7.5 2.8 9.5 1.6.7 1.4-6.5 7.6 15.9-11 74 178 Australia 2.8 88 13. 2.4 16.9 4.4 9.4 2.1 1.4 -.5-13.1-7.6-6.7-12.6 35 98 Hong Kong 1. 54 17.4 1.8 12.4 3.1 17.1 3.5 1.1-3.5-8.2 11.6 1.8-15.7 56 145 Japan 8.8 397 13.7 1.3 7.1 1.8 7.2.6 1.1 3. -7. -13.6-24.6-9.7 21 64 New Zealand.1 1 13.3 2.1 6.9 5.5 7.4 1.3 2.2-1.2-12.3-11.9-15.1-1.8-1 31 Singapore.5 37 13.2 1.9 4.8 3.9 9.9 1.9 1. 5.6-7.9-5.3-6.9-11.4 46 132 China 1.7 112 15.8 2.7 7.7 2.3 1.5 2.1.7 1.9-12.6 13.7 37.6-15. 181 393 India.9 63 18.9 3.3 11.6 1.1 14.9 2.6.7 -.2-4.7 29.1 26.9-14.8 17 46 Indonesia.2 23 15.4 4.2 6.7 2.8 9.7 2.8.4 18.3 13.6 5.9 66.5 4.1 179 747 Korea 1.6 113 11. 1.5 5.8 1.9 7. 1..6 1.6-5.4 -.4 14.5-9.8 64 164 Malaysia.3 56 15.1 2.3 6.8 3.7 1.4 2.3 1. -.5 3.8 14.2 9.6-2.6 56 112 Pakistan. 13 12. NA 7.6 4.4 9.3 3.6 1. 12.1 15.3 28.1 26.7 11.7 8 275 Philippines.1 18 13.7 2.2 6.1 3.3 8.5 2. 1.1 1. -11. -4.2-9.9-12.4 5 24 Taiwan 1.2 123 11.9 1.9 6.9 4.9 7.4 1.1.7.6-4.9-4.1. -5.6 23 64 Thailand.2 34 11.2 1.9 6.2 3.8 7.2 1.1.8 9.5 3.8 12.4 23.4-3.7 23 163 AC Americas 48.3 888 13.7 2.8 8.7 2.6 9.6 1.4 1.1 3.1-4.2-5.1-5.8-7.7 17 67 US 41.9 635 13.7 2.8 8.8 2.5 9.7 1.4 1.1 1.5-5.1-6.9-7.7-8.5 13 6 Canada 3.8 15 14.3 2.2 7.1 3.1 8. 1.9 1.2 11.5 2. 2.8 2.5-2. 45 112 Argentina.1 11 1.5 NA NA 1.9 5.3.2 NA 15.9-8.3-4.4-9.8-4.6 125 388 Brazil 1.7 69 12. 3.3 8.5 3.4 12.6 2.1.8 2.9 4.4 31.7 4.6-2.3 131 413 Chile.1 27 15.1 1.8 7. 3.1 9.2 1.4 1.2 19.4-3.5-5.8-1.3-4.9 52 163 Colombia. 7 12. NA NA 4.5 NA 2. NA 13.9-14.1-4.3-4.4-1.4 88 477 Mexico.6 28 12.8 4.8 6.5 4.1 8.1 1.8.5 18.1 4.2 2.3.2 -.3 15 341 Peru.1 6 18.8 NA NA NA NA NA 1.3 27.7 1.9 23.5 58.8 6.1 263 537 AC Europe 31.3 721 11. 1.9 6.7 4. 7.3 1.1 1.3 4.8-6.5-7.1-1 -11 26 81 Austria.2 16 9.1 1.4 6.2 3.2 7.3 1.5.9 5.1-5.8-14.4-22.9-13.2 26 172 Belgium.5 22 1.1 1.2 7.2 4.4 7.7 1.3 1.3 6.9-4.8-17.6-27.8-11.8 4 77 Denmark.4 23 13.6 2.2 8. 2.2 8.6 1.6.8 13.7.3-3.6-2.5-6.4 7 195 Finland.8 23 13.5 3. 8.2 3.4 1.5 1.3 2.4 16. -3.7 2.4 12.1-6.4 74 99 France 4.5 74 1.6 1.6 6.1 4. 6.4.9 1.7 3.5-9. -1.1-15.2-12.8 21 72 Germany 3.9 61 11.1 1.7 5.8 3.6 6.7.8 1.3 2.6-8.1-6.8-2.6-14.1 48 134 Greece.3 15 1.9 2.2 7.4 4.6 8.5 2..5-1.5-9.4-5.6-9.3-16.7 37 174 Ireland.3 14 8.4 1.4 8. 4.9 8.2 1.1 1.2 4.3.3-21.9-36.4-5. -12 41 Italy 1.7 4 9.9 1.5 5.4 5.3 5.3 1.1 1.6 -.9-9.6-12.4-2.1-12.3 3 43 Netherlands 1.2 24 1.5 1.9 7.5 4.2 8.8.9 1.7 6.1-6.5-11.1-1.4-11.9 25 63 Norway.5 22 11.1 1.9 4.7 4.2 7. 1.3 1.1 13.7-8.6-4. -6.6-12.9 58 266 Portugal.1 11 13. 2.2 8.5 4.7 6.5 1.6 1.7-1.5-15.8-14.6-13.6-14.7 27 87 Spain 1.7 31 1.4 1.9 6.1 5. 5.1 1.6 1.3 3.6-15.1-8.1-1.9-14.4 36 111 Sweden 1. 48 1.8 2. 7.2 4.6 8.3 1.3 1.9 6.5-8.5-18.4-2.2-1.4 28 121 Switzerland 2.9 39 11.9 2.5 8.6 3. 1.1 1.8 1. 3. -7.8-13. -18.9-11.7 27 79 UK 9.5 156 11. 2.1 7.4 4.4 8.5 1.2 1.2 6.4-2.6-3. -7.5-8.1 16 58 Czech Rep..1 7 14.2 3.3 8. 4.5 9.1 3.3.7 6.6-5.9 5.9 16.5-1. 79 296 Hungary.1 4 9.6 2.2 4.3 3.6 6.4 1.6 1.5 2. -6.7-7.8-3.1-9.8 23 25 Poland.2 28 11. 1. 6. 4.1 6.4 1.3.6 1.2-13.3-9.8-13.4-11.3 35 154 Russia 1.1 32 1.2 1.3 6.3 1.7 8.2 2..7 5.5 -.2 21.6 15.2-8.7 166 399 Turkey.2 31 8.6 1.7 4.9 4.7 4.6 1..7 1.6-12.5 1.8 4. -16.9 6 27 Israel.3 32 12.4 2.1 9.5 4.4 11.8 1.5.9 -.8 -.5 2.7 6.8-5.2 37 129 Egypt.1 17 16.2 NA 9. 2.7 9.7 2.9 1.1 9. 1.6 42.5 42.6 1.7 29 1,718 South Africa.7 5 1.9 2.5 6.9 3.8 9.8 1.6 1. 12.4 -.6 13. 7.2 2.2 12 19 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 17

Quant Analyst 3774-178 YoungJean@miraeasset.com Global Market Index Composition Table 1 : MSCI Market Index Composition by Reigions & Countries All Countries Developed Markets Emerging Markets Country AC World AC Asia Pacific AC Asia Pacific ex Japan AC Americas AC Europe World EAFE 48 14 13 8 21 23 21 5 2 16 25 9 6 5 Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Australia 2.8 14.6 26.9 - - 3.2 6.6 21.3 - - - - - - Hong Kong 1. 5. 9.3 - - 1.1 2.3 7.4 - - - - - - Japan 8.8 45.9 - - - 1. 2.7 67.2 - - - - - - New Zealand.1.3.5 - -.1.1.4 - - - - - - Singapore.5 2.5 4.6 - -.5 1.1 3.6 - - - - - - China 1.7 8.7 16.1 - - - - - - - 14.5 27.5 - - India.9 4.5 8.4 - - - - - - - 7.6 14.3 - - Indonesia.2 1.1 2.1 - - - - - - - 1.9 3.6 - - Korea 1.6 8.2 15.2 - - - - - - - 13.7 25.9 - - Malaysia.3 1.6 2.9 - - - - - - - 2.7 5. - - Pakistan..1.2 - - - - - - -.2.3 - - Philippines.1.3.6 - - - - - - -.5 1. - - Taiwan 1.2 6.2 11.5 - - - - - - - 1.4 19.6 - - Thailand.2.9 1.6 - - - - - - - 1.5 2.8 - - Canada 3.8 - - 7.9-4.3 - - 8.4 - - - - - USA 41.9 - - 86.7-47.4 - - 91.6 - - - - - Argentina.1 - -.1 - - - - - -.5-2.1 - Brazil 1.7 - - 3.5 - - - - - - 14.7-65.9 - Chile.1 - -.3 - - - - - - 1.3-5.7 - Colombia. - -.1 - - - - - -.3-1.3 - Mexico.6 - - 1.2 - - - - - - 4.9-21.9 - Peru.1 - -.2 - - - - - -.7-3.1 - Austria.2 - - -.8.3.6 - -.8 - - - - Belgium.5 - - - 1.7.6 1.2 - - 1.8 - - - - Denmark.4 - - - 1.3.5 1. - - 1.4 - - - - Finland.8 - - - 2.7.9 2. - - 2.8 - - - - France 4.5 - - - 14.4 5.1 1.5 - - 15.2 - - - - Germany 3.9 - - - 12.4 4.4 9.1 - - 13.1 - - - - Greece.3 - - - 1..3.7 - - 1. - - - - Ireland.3 - - -.9.3.7 - - 1. - - - - Italy 1.7 - - - 5.3 1.9 3.9 - - 5.6 - - - - Netherlands 1.2 - - - 3.8 1.3 2.8 - - 4. - - - - Norway.5 - - - 1.5.5 1.1 - - 1.5 - - - - Portugal.1 - - -.5.2.3 - -.5 - - - - Spain 1.7 - - - 5.6 2. 4.1 - - 5.9 - - - - Sweden 1. - - - 3.2 1.1 2.4 - - 3.4 - - - - Switzerland 2.9 - - - 9.3 3.3 6.8 - - 9.8 - - - - United Kingdom 9.5 - - - 3.4 1.7 22.2 - - 32.1 - - - - Czech Republic.1 - - -.3 - - - - -.8 - - 5.4 Hungary.1 - - -.3 - - - - -.7 - - 4.9 Poland.2 - - -.6 - - - - - 1.6 - - 11.1 Russia 1.1 - - - 3.7 - - - - - 1. - - 68.5 Turkey.2 - - -.5 - - - - - 1.5 - - 1. Israel.3 - - - - - - - - - 2.4 - - - Jordan. - - - - - - - - -.1 - - - Egypt.1 - - - - - - - - -.9 - - - Morocco. - - - - - - - - -.4 - - - South Africa.7 - - - - - - - - - 6.4 - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 18

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 2 : MSCI Market Index Composition by Countries & Sectors Country Market Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities AC World 1 11.8 8.7 11.3 9.3 8.4 8.2 21.8 1.4 5.4 4.6 Developed Market 1 11.1 7.8 11.6 9.8 9. 9. 21.9 1.4 4.6 4.7 EAFE 1 7.8 1.7 12.2 1.9 8.5 6.6 25.7 5.5 6.1 6.1 Pacific 1 2.1 12.1 16.4 15.5 5.6 4.4 26.7 9.9 3.3 4.1 North America 1 14.1 5.1 11. 8.9 9.4 11.3 18.4 15.1 3.2 3.5 Europe 1 1.4 1.1 1.4 8.8 9.7 7.5 25.3 3.5 7.4 7. Emerging Market 1 17.9 16. 9.3 4.9 4.4 1.7 2.7 1.2 11.4 3.5 Asia 1 11.6 1. 13.5 5.3 4.2.5 23.4 18.7 1. 2.9 Latin America 1 2.6 29. 4.9 4.8 8.1. 14.3.3 13.1 4.9 Europe 1 42.6 11.3 1.2 2.5 1.2 1.4 21.1.2 12.5 5.9 AC Asia Pacific 1 5.1 11.4 15.5 12.3 5.1 3.1 25.6 12.7 5.4 3.7 AC AP ex. Japan 1 8.4 13.5 12. 5.6 5. 1.2 32.4 11.5 7.4 2.9 AC Asia 1 5. 8.6 17. 13.8 4.5 3.1 23.1 14.8 5.9 4.2 AC Asia ex. Japan 1 9.4 8.2 14.1 6.2 3.6.5 29.4 15.7 9.2 3.7 Australia 1 5.8 27.7 6.3 3.7 9. 3.2 41.2.5 2.1.6 Hong Kong 1 -.9 13.3 12.2.8-56.5 4.4 1.5 1.5 Japan 1 1.3 8.9 19.6 2.2 5.3 5.4 17.7 14. 3.1 4.7 New Zealand 1-22.6 13.2 12.6-3.2 2.2-34.8 11.5 Singapore 1.3-24. 5.6 1.8.9 5.7 1.3 15.4 - China 1 2.8 7. 13.8 3.4 2.2-27. 1.6 22.1 2.2 India 1 19.2 7.5 11.4 3.6 4.5 2.9 29.7 12. 4. 5.2 Indonesia 1 23.7 8.1 4.5 9.7 6.7 1. 21.1-2.5 4.7 Korea 1 2.4 13.4 22.7 8.8 6..3 18.3 21.6 4.2 2.4 Malaysia 1 2.3.6 22.4 13.5 15.5-3.1.1 5.3 1.2 Pakistan 1 32.1 13. -.9 - - 51. - - 3. Philippines 1.8-1.5 2.5.9-43.8-3.1 11.3 Taiwan 1 1.4 14.7 3.6 2.4 1.4-16.7 55.5 4.2 - Thailand 1 41.7 9.1 3.1 2.7 1.8-32.2.3 6. 3.1 AC Americas 1 14.4 6.3 1.7 8.7 9.4 1.7 18.2 14.3 3.8 3.6 US 1 12.8 3.7 11.5 9.4 1.1 12.3 17.3 15.9 3.2 3.7 Canada 1 27.8 19.6 5.5 3.5 2..4 3.9 5.6 3.4 1.2 Argentina 1 67. 8.6 - - 1.1-1.2-11.9 1.2 Brazil 1 29. 31.5 3.2 3.4 4.9.1 17.5.5 4.6 5.2 Chile 1-2.4 25. 3.4 13.8-8.9-6.3 22.2 Colombia 1-26.7 - - 15.5-43.8 - - 14. Mexico 1-18.6 6. 1.8 17.5-3.9-43.1 - Peru 1-79. - - - - 21. - - - AC Europe 1 12.1 1.1 9.9 8.5 9.3 7.2 25. 3.3 7.6 6.9 Austria 1 16.9 11.1 9.2.6 - - 41.6-12.8 7.7 Belgium 1.3 9.2.9.3 17.1 4.2 6.9.3 6.8 - Denmark 1.4 3.3 36.8.3 6.3 3.8 22.2 - - - Finland 1 1.8 1. 9.6 2.8 1.2.7 5.5 58.8 1.8 7.8 France 1 13.1 9.9 1.9 14.5 9.7 6.8 17.3 3.1 6. 8.6 Germany 1-15.5 16.1 17.1 2.9 2.5 21. 4.4 4.7 15.8 Greece 1 2.2 4.1.9 9. 7.8-6.9-9.9 5.1 Ireland 1-26.3 5.4.9 6.4 13.3 47.8 - - - Italy 1 18.9.4 4.7 6.9 1.1-47.6-8.1 12.3 Netherlands 1 2.5 7.7 2.1 6.5 24.3-25.8 3.1 1.1 - Norway 1 47.2 15.3 12.1.5 1. - 1.8.6 12.6 - Portugal 1-4.4 13.5 7. 1.8-22.5-22.7 28.1 Spain 1 5.1.7 9.8 3.4 -.1 4.4.6 23.9 16. Sweden 1.9 7.3 31.5 12.9 2.7 1.7 23.5 1.9 8.7 - Switzerland 1-6.8 9.6 5. 2.7 31.8 24.3.8 1. - UK 1 18.5 12.7 5.6 7.3 12.9 7.3 22.8.5 7.7 4.6 Czech Rep. 1-2. - 9.8.5 4.6 13. - 13.1 56.9 Hungary 1 33. - - - - 12.1 45.7-9.1 - Poland 1 14.7 1.5 6.5 5.8-1.3 47. 2.2 12.1 - Russia 1 56.5 13.4 -.8.5.6 1.9-13. 4.1 Turkey 1 6.6 7.9 4.8 7.2 8.4-54.2-1.7.3 Israel 1 1.2 15.5 5.9 1.2.2 46.6 15.2 8.2 6.1 - Egypt 1-6.1 31.2 5.6 -.3 22.7-34.1 - South Africa 1 13.9 34.1 6.6 6.8 3.8 1. 2.8.6 12.5 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 19

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 3 : MSCI Market Index Composition by Reigions & Sectors All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Energy 11.8 5.1 8.4 14.4 12.1 11.1 7.8 12.8 2.1 14.1 1.4 17.9 11.6 2.6 42.6 Energy Equipment & Services 1.4.1.3 2.5.6 1.5.5 2.8.1 2.6.6.4.2 1.3.2 Oil, Gas & Consumable Fuels 1.4 5. 8.1 11.9 11.5 9.5 7.4 1.1 2. 11.5 9.8 17.5 11.4 19.3 42.4 Materials 8.7 11.4 13.5 6.3 1.1 7.8 1.7 3.7 12.1 5.1 1.1 16. 1. 29. 11.3 Chemicals 2.7 3. 2. 2.3 3.1 2.8 3.2 2.1 3. 2.4 3.3 2.1 3..7.2 Construction Materials.5.6 1.1.2.9.4.7.1.3.1.9 1.5 1.4 2.9.1 Containers & Packaging.1.1.2.2.1.1.1.2.2.2.1.1 -.2 - Metals & Mining 5.1 7.4 1. 3.3 5.8 4.2 6.4 1.1 8.4 2.1 5.5 11.8 5.5 23.5 11. Paper & Forest Products.3.2.1.4.3.3.3.3.2.3.3.5.1 1.7 - Industrials 11.3 15.5 12. 1.7 9.9 11.6 12.2 11.5 16.4 11. 1.4 9.3 13.5 4.9 1.2 Aerospace & Defense 1.5.1.1 2.4.9 1.6.7 2.6.1 2.5 1..2..7 - Building Products.3.6.1.1.5.3.6.1.8.1.5.2.2.2.2 Construction & Engineering.8 1.6 2.4.3 1..6.9.3.7.3 1. 2.4 3.6.4.5 Electrical Equipment 1. 1.1.7.5 1.6 1. 1.5.6 1.1.5 1.7.6 1.1. - Industrial Conglomerates 2.5 1.6 2.7 3.2 2.1 2.6 1.8 3.6 1.2 3.3 2.2 2.1 2.4 1.6.4 Machinery 1.9 3. 1.5 1.7 1.6 2. 2.2 2. 3.2 1.8 1.7 1.3 2.4 - - Trading Companies & Distributors.6 2.6.4.1.2.6 1.2.1 3.5.1.2.4.7 - - Commercial Services & Supplies.6.7.5.5.7.7.9.6 1.1.6.8..1 - - Air Freight & Logistics.5.2.2.6.5.5.4.7.3.7.5.1. - - Airlines.2.5.8..2.1.3..4..2.4.6.6 - Marine.3 1.1 1...2.2.5-1. -.2.8 1.4.1 - Road & Rail.9 1.6.4 1..2 1..9.9 2.4 1.1.2.2.1.6 - Transportation Infrastructure.3.7 1.3..4.2.5 -.7 -.4.6.9.6 - Consumer Discretionary 9.3 12.3 5.6 8.7 8.5 9.8 1.9 9.4 15.5 8.9 8.8 4.9 5.3 4.8 2.5 Auto Components.5 1.2.3.2.4.5.8.2 1.6.2.5.2.5 -. Automobiles 1.7 4.9 1.1.2 2.2 1.8 3.5.3 6.3.2 2.3 1. 1.9 -.3 Household Durables.9 2.7.4.5.3.9 1.3.5 3.6.5.3 1..7 1.2.8 Leisure Equipment & Products.2.5.1.1..2.2.1.6.1..1.2 - - Textiles, Apparel & Luxury Goods.6.3.3.4 1.1.6.9.4.3.4 1.2.2.3. - Hotels, Restaurants & Leisure 1.1.8 1.3 1.4 1. 1.2 1. 1.6.7 1.5 1.1.5.8 -.1 Diversified Consumer Services.1.1..1..1..1.1.1. - - - - Media 2.4.5.5 3.1 2.3 2.5 1.8 3.3.6 3.2 2.4.9.2 1.8 1.2 Distributors.1.3.5.1..1.1.1.3.1..1.2 - - Internet & Catalog Retail.2.1 -.3.1.2.1.3.1.3.1.1 -.3 - Multiline Retail.5.4.3.7.3.6.4.7.5.7.4.4.3.9 - Specialty Retail 1.1.7.7 1.5.6 1.2.7 1.7.9 1.6.6.4.2.6 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 3 : MSCI Market Index Composition by Reigions & Sectors (Continued) All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Consumer Staples 8.4 5.1 5. 9.4 9.3 9. 8.5 1.1 5.6 9.4 9.7 4.4 4.2 8.1 1.2 Food & Staples Retailing 2.1 1.8 2.2 2.4 1.9 2.3 2.1 2.5 2.3 2.4 2. 1.1.6 2.4.3 Beverages 1.7.8.7 2.2 1.6 1.8 1.5 2.4 1.1 2.2 1.7 1..3 3.6.5 Food Products 2.1 1.1 1.1 1.4 3.8 2.2 3. 1.6.8 1.5 4. 1.3 1.6 1.4.4 Tobacco 1..7.6 1.2 1. 1.1.9 1.4.6 1.3 1.1.6.9.3. Household Products 1.2.5.3 1.9.5 1.3.5 2.2.5 2..5.3.4.3 - Personal Products.2.2.2.2.4.3.4.2.2.2.4.2.3.2 - Health Care 8.2 3.1 1.2 1.7 7.2 9. 6.6 12.3 4.4 11.3 7.5 1.7.5. 1.4 Health Care Equipment & Supplies 1.1.3.1 1.8.6 1.3.6 2.1.5 1.9.7. - - - Health Care Providers & Services 1.1.2.2 2..2 1.2.2 2.3.3 2.1.2.1 -.. Health Care Technology. - -..... -.. - - - - Biotechnology.8.3.6 1.4.1.8.2 1.6.5 1.5.1. - -.1 Pharmaceuticals 4.9 2.2.3 5. 6.3 5.4 5.5 5.8 3. 5.3 6.6 1.6.5-1.3 Life Sciences Tools & Services.2 - -.4.1.2.1.4 -.4.1 - - - - Financials 21.8 25.6 32.4 18.2 25. 21.9 25.7 17.3 26.7 18.4 25.3 2.7 23.4 14.3 21.1 Commercial Banks 9.4 13.1 16.4 4.7 14.3 8.8 13.7 3. 12.9 4.2 14. 14. 13.5 12.5 2. Thrifts & Mortgage Finance.3.2.4.6 -.3 -.7 -.7 -.4.7 - - Diversified Financial Services 2.8 1.2 2.2 3.9 1.9 2.9 1.7 4.3 1. 4. 2. 1.7 1.6 1.4.4 Consumer Finance.4.5.1.6..4.2.7.7.6..1.1.1 - Capital Markets 2.4 1.5 1.2 2.7 2.5 2.6 2.4 3.1 1.6 2.9 2.7.8 1.2 - - Insurance 4.4 3.4 4.2 4.3 5.2 4.7 4.8 4. 3.1 4.6 5.5 2.3 3.9 -.1 Real Estate Investment Trusts 1.2 1.7 2.6 1.2.8 1.3 1.3 1.4 2.5 1.3.8. - -. Real Estate Mgmt. & Development 1. 4.1 5.5.2.2.9 1.6.1 4.9.2.2 1.5 2.5.2.5 Information Technology 1.4 12.7 11.5 14.3 3.3 1.4 5.5 15.9 9.9 15.1 3.5 1.2 18.7.3.2 Internet Software & Services.8.4.6 1.4 -.8.1 1.6.3 1.5 -.3.6 - - IT Services.8.9 1.1 1.1.2.7.3 1.2.5 1.1.2 1. 1.7.3.1 Software 1.9 1.. 3.1.6 2.1.9 3.6 1.5 3.3.6.2. -.2 Communications Equipment 1.9.1.2 2.5 2.1 2.1 1.5 2.4.1 2.6 2.2.1.1 - - Computers & Peripherals 2.1 1.8 1.6 3.6.1 2.2.4 4.1 1.3 3.8.1 1.5 2.8 - - Electronic Equipment & Instruments.9 3.7 2.5.4..8 1.1.5 3.6.4. 2.2 4. - - Office Electronics.3 1.2..1..3.6.1 1.8.1... - - Semiconductors & Equipment 1.8 3.5 5.5 2.1.3 1.4.5 2.5.8 2.3.3 4.9 9.3 - - Telecommunication Services 5.4 5.4 7.4 3.8 7.6 4.6 6.1 3.2 3.3 3.2 7.4 11.4 1. 13.1 12.5 Diversified Telecom Services 3.4 2.1 3.2 2.7 5.1 3.3 4.1 2.7 1.8 2.6 5.1 3.5 2.8 4.9 3.8 Wireless Telecom Services 2. 3.3 4.3 1. 2.6 1.3 2..5 1.5.6 2.2 7.9 7.1 8.1 8.7 Utilities 4.6 3.7 2.9 3.6 6.9 4.7 6.1 3.7 4.1 3.5 7. 3.5 2.9 4.9 5.9 Electric Utilities 2.6 2.5 1.4 1.9 3.9 2.7 3.6 2. 3.1 1.9 3.8 2.1 1.1 2.8 5.9 Gas Utilities.3.7.6.1.3.3.4.1.7.1.3.3.5.. Multi-Utilities 1.3.1.2 1. 2.5 1.4 1.9 1.1.1 1. 2.6.1.1 - - Water Utilities...1..1..1. -..1.1.1.4 - Power Producers & Energy Traders.4.4.6.5.2.3.2.4.1.4.2.9 1. 1.7 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 21

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 4 : MSCI Asia Pacific Index Composition by Countries & Sectors Sector & Industry AC Asia Pacific AC Asia Pacific x Jp. Japan Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Energy 5.1 8.4 1.3 5.8 2.4 2.8 1.4-19.2.3 2.3 23.7 41.7 -.8 Energy Equipment & Services.1.3 -.6 -.3 - - - - 1.4 - - - - Oil, Gas & Consumable Fuels 5. 8.1 1.3 5.2 2.4 2.5 1.4-19.2.3 1. 23.7 41.7 -.8 Materials 11.4 13.5 8.9 27.7 13.4 7. 14.7.9 7.5 -.6 8.1 9.1 22.6 - Chemicals 3. 2. 4.1 1. 3.3.9 9.1 - - - - - 2.4 - - Construction Materials.6 1.1.1.7-1.2 1.9-2.4 -.6 2.6 6.7 22.6 - Containers & Packaging.1.2.1.7 - - - - - - - - - - - Metals & Mining 7.4 1. 4.4 25.2 1.1 4.4 3.7.5 5.1 - - 5.5 - - - Paper & Forest Products.2.1.2.1 -.5.1.4 - - - - - - - Industrials 15.5 12. 19.6 6.3 22.7 13.8 3.6 13.3 11.4 24. 22.4 4.5 3.1 13.2 1.5 Aerospace & Defense.1.1 - - - - - -.2 2.4 - - - - - Building Products.6.1 1.2 -.6 -.2 - - - - - - - - Construction & Engineering 1.6 2.4.7 1. 6.6 3. - - 5.7-3.9 1.5 - - - Electrical Equipment 1.1.7 1.6 -.6 1.6.6-3. - - - - - - Industrial Conglomerates 1.6 2.7.2.3 3. 2. 1.2 7.9 1.2 1.2 12. - - - 6.3 Machinery 3. 1.5 4.7-7.5.7 - - 1.3 1.5-3. - - - Trading Companies & Distributors 2.6.4 5.1-2.5.2 - - - 1. - - - - - Commercial Services & Supplies.7.5 1.1 1.6.1 -.1 - - - - - - - - Air Freight & Logistics.2.2.2.6 -. - - -.4.1 - - - - Airlines.5.8.2.5.7.9.4 1. - 4.1 1. - 1. - - Marine 1.1 1. 1.2-1.1 2.6 1.1 1.1-2.5 3.8 -.4 - - Road & Rail 1.6.4 3.2.3 -.2-1.8-1.8 - - - - - Transportation Infrastructure.7 1.3.1 2. - 2.6-1.5 - - 1.7-1.8 13.2 4.2 Consumer Discretionary 12.3 5.6 2.2 3.7 8.8 3.4 2.4 12.2 3.6 5.6 13.5 9.7 2.7 12.6 2.5 Auto Components 1.2.3 2.3-1.3 -.3 - - - 1.2 - - - - Automobiles 4.9 1.1 9.3-3. 1..4-2.7 -.5 9.6 - - - Household Durables 2.7.4 7.6-2.4 -.3 - - - - - 1.2 1.7 - Leisure Equipment & Products.5.1.9 - -.4.4 - - - - - - - - Textiles, Apparel & Luxury Goods.3.3.2.2.5.1.7 1. - - - - - - - Hotels, Restaurants & Leisure.8 1.3 5.3 2.3.5.4-1.2.4.8 1.7 - - 8.6 2.5 Diversified Consumer Services.1..1.2 - - - - - - - - - - - Media.5.5.5.7.1 - -.6.5 3.3 1.1-1.4 2.3 - Distributors.3.5..1 -.9-2.9-1.5 - - - - - Internet & Catalog Retail.1 -.1 - - - - - - - - - - - - Multiline Retail.4.3.5.3 1. -.4 1. - - -.2 - - - Specialty Retail.7.7.7 - -.8-5.7 - - - - - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 22

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 4 : MSCI Asia Pacific Index Composition by Countries & Sectors (Continued) Sector & Industry AC Asia Pacific AC Asia Pacific x Jp. Japan Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Consumer Staples 5.1 5. 5.3 9. 6. 2.2 1.4.8 4.5 1.8 15.5 6.7 1.8 -.9 Food & Staples Retailing 1.8 2.2 1.4 6.5 1.9 -.4 - -.8 - - 1.8 - - Beverages.8.7 1. 2.1.4.4 - -.3 -.1 - - -.9 Food Products 1.1 1.1 1..3.8 1.3 1..8.1 1. 13.5 4.1 - - - Tobacco.7.6.9-2. - - - 2.1-1.9.8 - - - Household Products.5.3.7 -.4 - - - 1.9 - - 1.8 - - - Personal Products.2.2.3 -.5.5 - - - - - - - - - Health Care 3.1 1.2 5.4 3.2.3 - - - 2.9.9-1. - 3.2 - Health Care Equipment & Supplies.3.1.6.4 - - - - - - - - - 3.2 - Health Care Providers & Services.2.2.3.7 - - - - -.9 - - - - - Health Care Technology - - - - - - - - - - - - - - - Biotechnology.3.6-2.1 - - - - - - - - - - - Pharmaceuticals 2.2.3 4.5 -.3 - - - 2.9 - - 1. - - - Life Sciences Tools & Services - - - - - - - - - - - - - - - Financials 25.6 32.4 17.7 41.2 18.3 27. 16.7 56.5 29.7 5.7 3.1 21.1 32.2 2.2 43.8 Commercial Banks 13.1 16.4 9.3 22.1 11.7 12.4 8.7 11.5 15.4 31.4 23.8 21.1 3.7-16.7 Thrifts & Mortgage Finance.2.4 - - - - - - 4.9 - - - - - - Diversified Financial Services 1.2 2.2.1 1.4 -.3 2.3 7.4 5.5 3.6 3.6 - - - 9.5 Consumer Finance.5.1 1. -.4 - - - - - - -.3 - - Capital Markets 1.5 1.2 1.8 1.9 4. -.7 - - -.1 - - - - Insurance 3.4 4.2 2.4 7.2 2.2 8.5 4.8 - - - - - - - - Real Estate Investment Trusts 1.7 2.6.7 8.2 - - - 1.8-4.1 - - - 2.2 - Real Estate Mgmt. & Development 4.1 5.5 2.5.6-5.7.2 35.8 3.8 11.7 2.5-1.2-17.7 Information Technology 12.7 11.5 14..5 21.6 1.6 55.5 4.4 12. 1.3.1 -.3 - - Internet Software & Services.4.6.3-1.9.5-1.9 - - - - - - - IT Services.9 1.1.6.5 -. - - 12. - - - - - - Software 1.. 2.3 -.1 - - - - - - - - - - Communications Equipment.1.2 - - -.2.4 1.1 - - - - - - - Computers & Peripherals 1.8 1.6 1.9 - -.5 13.4 - - - - - - - - Electronic Equipment & Instruments 3.7 2.5 5.1-2.2-17.6.9-1.3 - -.3 - - Office Electronics 1.2. 2.6 - - -. - - - - - - - - Semiconductors & Equipment 3.5 5.5 1.2-17.4.3 24.1.4 - -.1 - - - - Telecommunication Services 5.4 7.4 3.1 2.1 4.2 22.1 4.2 1.5 4. 15.4 5.3 2.5 6. 34.8 3.1 Diversified Telecom Services 2.1 3.2.9 2.1 1.6 3. 3..8.5 15.4 4. 2.5.3 34.8 - Wireless Telecom Services 3.3 4.3 2.2-2.5 19.1 1.2.7 3.5-1.3-5.6-3.1 Utilities 3.7 2.9 4.7.6 2.4 2.2-1.5 5.2-1.2 4.7 3.1 11.5 11.3 Electric Utilities 2.5 1.4 3.8-2. - - 6.9 2.6-4.1 - - 1.4 5.9 Gas Utilities.7.6.7 -.4.1-3.6 1. - 1.8 4.7 - - - Multi-Utilities.1.2 -.6 - - - - - - 2.3 - - 1.2 - Water Utilities..1 - - -.2 - - - -.8 - - - - Power Producers & Energy Traders.4.6.2 - - 1.9 - - 1.7-1.2-3.1-5.4 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 23

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 5 : MSCI Market Index Composition by Regions & Sectors All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Energy 1 8.3 7.3 58.8 32. 82.6 28.2 45.4 2.3 54.4 25.9 17.4 6. 4.5 6. Energy Equipment & Services 1 1.9 1.9 85.5 12.6 96.7 13.6 81.8 1.2 83.1 12.4 3.3.7 2.3.2 Oil, Gas & Consumable Fuels 1 9.2 8.1 55.2 34.6 8.7 3.2 4.4 2.5 5.4 27.8 19.3 6.7 4.8 6.8 Materials 1 25.2 16.1 35.1 36.2 78.8 52.3 17.9 18.2 26.5 34.1 21.2 7. 8.6 2.2 Chemicals 1 21.4 7.8 41.2 35.9 9.9 5.3 32.5 14.6 4.6 35.7 9.1 6.8.6.1 Construction Materials 1 24.1 22.5 22.4 51.4 66.9 59.1 7.8 8. 7.8 51.2 33.1 16.1 14.5.2 Containers & Packaging 1 2.8 13.9 58.9 18.9 94.6 39.6 54.9 2.8 54.9 18.9 5.4-4. - Metals & Mining 1 28.4 2.7 31.3 35.6 73. 53.7 8.9 21.8 19.3 32. 27. 6.6 12. 3.7 Paper & Forest Products 1 1.5 4.5 54.6 32.2 8.9 39.9 37.4 7.7 4.9 32.2 19.1 2.8 13.6 - Industrials 1 26.3 11. 45.5 27.3 9.6 46.1 42.6 19. 44.4 27.1 9.4 7.3 1.1.2 Aerospace & Defense 1.9.9 79. 19.7 98.4 2.5 75.2.8 77.9 19.7 1.6.1 1.2 - Building Products 1 37.5 3.8 18. 44.5 93.4 77.1 16.3 33.7 16.3 43.4 6.6 3.8 1.7 1.1 Construction & Engineering 1 37.8 3.1 19.4 37.9 66. 47.9 15.4 11.1 18.1 36.8 34. 26.8 1.3 1.1 Electrical Equipment 1 22.1 7.2 26.1 51.4 92.3 66.3 26.1 14.8 26.1 51.4 7.7 7.2.1 - Industrial Conglomerates 1 11.8 11.1 61.1 25.3 9.5 31.1 59.5 6. 59.5 25.1 9.5 5.8 1.7.3 Machinery 1 3.1 8.2 43.7 26.1 92.2 48.5 43.7 22.3 43.7 26.1 7.8 7.8 - - Trading Companies & Distributors 1 81.6 7.6 8.8 9.7 93.1 84.4 5.9 74.7 8.8 9.7 6.9 6.9 - - Commercial Services & Supplies 1 22.9 7.9 41.1 36.1 99.5 58.4 39.9 22.3 41.1 36.1.5.5 - - Air Freight & Logistics 1 7.9 4.2 61.4 29.5 98.5 37.1 61.4 7.6 61.4 29.5 1.5.2 - - Airlines 1 55.2 45.8 13.3 31.5 7.6 65.9 4.7 34.4 4.7 31.5 29.4 2.8 8.6 - Marine 1 74.8 38..5 24.1 69. 69. - 44.8-24.1 31. 3..5 - Road & Rail 1 36.2 4.4 57.8 6. 97.7 41.8 41.5 35.8 55.9 6. 2.3.4 1.9 - Transportation Infrastructure 1 52.3 48.2 6.1 41.5 74.1 74.1-32.6-41.5 25.9 19.7 6.1 - Consumer Discretionary 1 25.5 6.3 45.2 28.6 94. 5.1 42.4 22. 43.8 28.1 6. 3.5 1.3.4 Auto Components 1 48.2 5.7 23.4 28.5 94.2 7.8 18.4 42.4 23.4 28.4 5.8 5.7 -.1 Automobiles 1 54.1 6.6 6.1 39.7 93.1 87. 6.1 47.5 6.1 39.5 6.9 6.6 -.2 Household Durables 1 58.5 5.1 28. 11.1 87.6 63.2 24.5 53.6 24.5 9.6 12.4 5. 3.5 1.5 Leisure Equipment & Products 1 57.5 7.8 4.8 1.6 92.2 51.3 4.8 49.7 4.8 1.6 7.8 7.8 - - Textiles, Apparel & Luxury Goods 1 9. 5.7 3.5 6.4 96.9 66.5 27.8 6.1 3.4 6.4 3.1 3..1 - Hotels, Restaurants & Leisure 1 12.7 11.9 58.7 28.2 94.9 36.2 58.7 8.2 58.7 28. 5.1 4.5 -.2 Diversified Consumer Services 1 19.7 6.5 77.2 3.1 1. 22.8 77.2 19.7 77.2 3.1 - - - - - Media 1 4.1 2.3 63.9 3.9 95.6 33.6 58.9 3.5 62. 3.1 4.4.5 1.9.9 Distributors 1 59.7 55.1 26.1 14.2 84.4 58.3 26.1 44.1 26.1 14.2 15.6 15.6 - - Internet & Catalog Retail 1 6.4-84. 9.6 95.1 16. 79.1 6.4 79.1 9.6 4.9-4.9 - Multiline Retail 1 15.4 6.8 64. 19.8 91.4 31.6 56.7 11.7 59.9 19.8 8.6 3.7 4.1 - Specialty Retail 1 12.4 6.3 69.1 17.2 96.1 28.4 67.2 11.2 67.7 17.2 3.9 1.2 1.4 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 24

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 5 : MSCI Market Index Composition by Regions & Sectors (Continued) All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Consumer Staples 1 11.7 6.2 53.6 34.4 93.9 42.8 5.2 8.7 51.1 34.1 6.1 3. 2.5.2 Food & Staples Retailing 1 16.2 1.6 55. 28. 94.2 42.2 49. 14.4 52. 27.8 5.8 1.8 2.9.2 Beverages 1 9.2 4.3 62.1 28.8 93.2 36.5 56.7 8.3 56.7 28.3 6.8.9 5.4.5 Food Products 1 9.7 5.6 33.1 56.7 92.9 61.4 3.8 5.1 31.4 56.4 7.1 4.6 1.7.3 Tobacco 1 13.6 5.6 55.9 3.5 93.7 38.5 55.2 8. 55.2 3.4 6.3 5.6.7. Household Products 1 7.8 2.4 78.7 13.5 97. 19. 78.1 5.4 78.1 13.5 3. 2.4.6 - Personal Products 1 17.9 6.6 3.3 51.7 91.7 63. 28.7 11.3 28.7 51.7 8.3 6.6 1.7 - Health Care 1 7.4 1.6 63.3 27.6 97.7 34.3 63.2 7. 63.3 27.3 2.3.4..3 Health Care Equipment & Supplies 1 5.8 1.2 77.3 16.8 1. 22.7 77.3 5.8 77.3 16.8. - - - Health Care Providers & Services 1 4.2 2.1 9.6 4.7 99.4 8.9 9.5 4.2 9.5 4.7.6 -.1.1 Health Care Technology 1 - - 85. 15. 1. 15. 85. - 85. 15. - - - - - Biotechnology 1 8. 8. 89.5 2.5 99.8 1.3 89.5 8. 89.5 2.3.2 - -.2 Pharmaceuticals 1 8.8.7 49. 39.6 96.3 47.3 48.9 8.1 49. 39.2 3.7.7 -.4 Life Sciences Tools & Services 1 - - 87.6 12.4 1. 12.4 84.5-87.6 12.4 - - - - - Financials 1 22.7 15.5 4.4 35.9 89. 5.4 33.2 16.1 38.7 34.3 11. 6.6 1.7 1.6 Commercial Banks 1 26.9 18.2 24. 47.7 82.8 62.2 13.6 18.1 2.6 44.1 17.2 8.8 3.4 3.6 Thrifts & Mortgage Finance 1 12.3 12.3 87.7-87.7-87.7-87.7-12.3 12.3 - - Diversified Financial Services 1 8.4 8.2 68.1 21.5 92.8 26. 65.9 4.8 66.7 21.2 7.2 3.6 1.3.3 Consumer Finance 1 25. 1.7 74.2.8 97.4 24.1 73.3 23.2 73.3.8 2.6 1.7.9 - Capital Markets 1 11.8 5.2 54.3 33.2 96.3 42. 53.4 8.8 54.3 33.2 3.7 3. - - Insurance 1 14.7 9.9 47.6 37.1 94. 46.4 38.3 9.3 47.6 37.1 6. 5.3 -.1 Real Estate Investment Trusts 1 28.3 23.2 5.6 21. 99.8 49.2 5. 28.3 5.6 21..2 - -. Real Estate Mgmt. & Development 1 82.4 59.6 9.9 7.5 82.5 73.2 2.3 66.6 9.3 6.6 17.5 15.8.7.9 Information Technology 1 23.5 11.6 66.3 1. 88.7 22.4 64.2 12.5 66.2 9.9 11.3 11..1. Internet Software & Services 1 11.2 7.7 88.8-94.8 6. 88.5 6. 88.8-5.2 5.2 - - IT Services 1 22.1 15.7 69.6 8.3 84.8 16.4 67. 8.2 68.4 8.2 15.2 13.9 1.1.2 Software 1 1.7.1 78.9 9.7 99. 2.1 78.9 1.6 78.9 9.5 1..1 -.2 Communications Equipment 1 1. 1. 64.2 34.4 99.1 35. 53.6.6 64.2 34.4.9.4 - - Computers & Peripherals 1 16.4 8.1 82.7.9 91.9 9.2 82.7 8.2 82.7.9 8.1 8.1 - - Electronic Equipment & Instruments 1 77.5 28.3 21.3.7 72.9 51.5 21.1 5.8 21.3.7 27.1 26.7 - - Office Electronics 1 79.3.2 16. 4.7 99.8 83.8 16. 79.1 16. 4.7.2.2 - - Semiconductors & Equipment 1 37.3 31.7 57. 5.6 68.5 11.5 57. 5.9 57. 5.6 31.5 31.5 - - Telecommunication Services 1 19.4 14.3 33.6 44.1 75.7 48.3 25. 8.1 27.3 4.2 24.3 11.3 6.2 3.9 Diversified Telecom Services 1 12.3 9.9 39.4 47.1 87.9 52.2 33.8 7.1 35.7 45.1 12.1 5.2 3.8 1.9 Wireless Telecom Services 1 31.1 21.7 23.9 39.3 55.6 42. 1.4 9.8 13.7 32.1 44.4 21.3 1.3 7.1 Utilities 1 15.5 6.5 37.4 47. 91.2 56.6 33.7 11.7 34.7 44.9 8.8 3.8 2.8 2.2 Electric Utilities 1 18.1 5.4 35.6 46.3 9.7 57.9 32.3 15.4 32.8 42.5 9.3 2.7 2.8 3.8 Gas Utilities 1 48.5 25.2 21.4 3.1 87.4 66.2 21.2 36.3 21.2 29.9 12.6 12.2.2.2 Multi-Utilities 1 1.9 1.9 37.3 6.8 99.5 62.2 36.7 1.3 37.3 6.8.5.5 - - Water Utilities 1 13.8 13.8 39.1 47.1 65.9 47.1 18.7-18.7 47.1 34.1 13.8 2.3 - Power Producers & Energy Traders 1 21.2 16.2 62.5 16.3 72. 21.4 44.2 5. 5.6 16.3 28. 16.2 11.8 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 25

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 6 : MSCI Asia Pacific Index Composition by Countries & Sectors Sector & Industry AC Asia Pacific x Jp. Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Pakistan Energy 1 18.6 4.3 4.1 1.9-19.3.2.8 5.9 8.1 -.1.8 Energy Equipment & Services 1 64.1-2.3 - - - - 15.7 - - - - - Oil, Gas & Consumable Fuels 1 17.1 4.4 4.7 2. - 19.9.2.4 6.1 8.3 -.1.8 Materials 1 55.2 15.1 8.3 12.5.6 4.6 -.1 1.3 1.1.9 -.2 Chemicals 1 13.6 24.7 7.1 51.7 - - - - - 1.9 - - 1. Construction Materials 1 17.3-17.8 19.1-17.9-1.7 4.9 9.7 11.1 -.5 Containers & Packaging 1 1. - - - - - - - - - - - - Metals & Mining 1 67.7 15.3 7. 4.2.4 4.2 - - 1.1 - - - - Paper & Forest Products 1 1.8-57. 5.5 26.7 - - - - - - - - Industrials 1 14.2 28.7 18.4 3.5 1.3 8. 9.1 5.5.8.4.6.5 - Aerospace & Defense 1 - - - - - 14.3 85.7 - - - - - - Building Products 1-76.9-23.1 - - - - - - - - - Construction & Engineering 1 11. 42.2 2.5 - - 2.1-4.8 1.3 - - - - Electrical Equipment 1-14.1 38.1 9.9-37.9 - - - - - - - Industrial Conglomerates 1 3.3 16.9 12.1 5. 27.3 3.7 17.3 13.1 - - - 1.3 - Machinery 1-76.8 7. - - 7.5 4.5-4.2 - - - - Trading Companies & Distributors 1-84. 5.8 - - - 1.2 - - - - - - Commercial Services & Supplies 1 93.3 3.5-3.2 - - - - - - - - - Air Freight & Logistics 1 84.9-3.8 - - - 9.5 1.8 - - - - - Airlines 1 17.3 13.6 2.1 5.7 12.4-25. 3.8-2.2 - - - Marine 1-15.5 39.6 12.4 9.9-11.2 1.9 -.6 - - - Road & Rail 1 23.2-8.6-45.4-22.8 - - - - - - Transportation Infrastructure 1 42.5-32.9-1.8 - - 3.9-2.3 5.7 1.9 - Consumer Discretionary 1 17.7 24.1 9.9 5. 2.4 5.4 4.6 7.1 3.7.8 1.2.2. Auto Components 1-73.4-13.8 - - - 12.9 - - - - - Automobiles 1-41.7 14.3 3.9-2.5-1.4 18.2 - - - - Household Durables 1-85.7-7.6 - - - - - 4.7 2.1 - - Leisure Equipment & Products 1 - - 58.8 41.2 - - - - - - - - - Textiles, Apparel & Luxury Goods 1 18.8 24.1 2.9 24.6 29.1 - - - - - - -.5 Hotels, Restaurants & Leisure 1 47.1 6.1 4.4-8.3 2.3 2.7 24.3 - - 3.7 1.1 - Diversified Consumer Services 1 1. - - - - - - - - - - - - Media 1 35.3 3.1 - - 1. 8.9 29.7 6.2-4.5 2.4 - - Distributors 1 3.9-28.4-54. - 13.7 - - - - - - Internet & Catalog Retail - - - - - - - - - - - - - - Multiline Retail 1 2. 41.7-11.5 25.7 - - - 1. - - - - Specialty Retail 1 - - 18.8-81.2 - - - - - - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 26

Quant Analyst 3774-178 YoungJean@miraeasset.com Table 6 : MSCI Asia Pacific Index Composition by Countries (Continued) Sector & Industry AC Asia Pacific x Jp. Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Pakistan Consumer Staples 1 48.2 18.2 7. 3.3 1.5 7.5 1.7 9.1 2.8.6 -.1 - Food & Staples Retailing 1 81.6 13.2-2. - - 1.8 - - 1.3 - - - Beverages 1 78.9 8.3 7.8 - - 3.8 -.5 - - -.7 - Food Products 1 6.7 1.3 18.7 1.5 6.6.8 4. 34.8 7.6 - - - - Tobacco 1-54.8 - - - 32.4-9.9 2.9 - - - - Household Products 1-25.3 - - - 6.5 - - 14.2 - - - - Personal Products 1-48.9 51.1 - - - - - - - - - - Health Care 1 7.2 3.5 - - - 19.8 3.4-1.7-1.4 - - Health Care Equipment & Supplies 1 86.9 - - - - - - - - - 13.1 - - Health Care Providers & Services 1 8.7 - - - - - 19.3 - - - - - - Health Care Technology - - - - - - - - - - - - - - Biotechnology 1 1. - - - - - - - - - - - - Pharmaceuticals 1-14.1 - - - 79.1 - - 6.8 - - - - Life Sciences Tools & Services - - - - - - - - - - - - - - Financials 1 34.2 8.5 13.4 5.9 16.3 7.7 7.2 2.7 1.4 1.6..8.3 Commercial Banks 1 36.3 1.8 12.2 6.1 6.6 7.9 8.8 4.3 2.7 3. -.6.6 Thrifts & Mortgage Finance 1 - - - - - 1. - - - - - - - Diversified Financial Services 1 16.8-2.4 12.4 31.8 21.5 7.7 4.9 - - - 2.4 - Consumer Finance 1-92.3 - - - - - - - 7.7 - - - Capital Markets 1 41.9 5.6-7.2 - - -.4 - - - - - Insurance 1 46.2 8. 32.7 13.1 - - - - - - - - - Real Estate Investment Trusts 1 85.7 - - - 6.6-7.2 - - -.5 - - Real Estate Mgmt. & Development 1 2.8-16.8.4 61. 5.9 9.8 1.4 -.3-1.8 - Information Technology 1 1.2 28.4 2.2 55.3 3.6 8.7.5. -. - - - Internet Software & Services 1-52.1 15.3-32.6 - - - - - - - - IT Services 1 11.7 -.7 - - 87.6 - - - - - - - Software 1-1. - - - - - - - - - - - Communications Equipment 1 - - 17. 26.5 56.5 - - - - - - - - Computers & Peripherals 1 - - 5.4 94.6 - - - - - - - - - Electronic Equipment & Instruments 1-13.3-8.7 3.4-2.3 - -.2 - - - Office Electronics 1 - - - 1. - - - - - - - - - Semiconductors & Equipment 1-48.1.8 5.3.8 - -.1 - - - - - Telecommunication Services 1 7.5 8.5 47.7 6.5 1.9 4.5 9.5 2.1 5.8 1.3 2.6 2.3 - Diversified Telecom Services 1 17.4 7.8 15. 1.9 2.4 1.3 22.1 3.7 13.4.2 6. - - Wireless Telecom Services 1-9.1 72.2 3.3 1.5 6.9 -.9-2.1-3.9 - Utilities 1 5.5 12.5 12.5-34. 15.3-1.4 3.4 1.8 2.2 2.2.2 Electric Utilities 1-22. - - 47. 15.6-8.9 - - 4.1 2.4 - Gas Utilities 1-9.1 2.6-51.7 12.9-8. 15.3 - - -.3 Multi-Utilities 1 68.1 - - - - - - 29.1 - - 2.8 - - Water Utilities 1 - - 62. - - - - 38. - - - - - Power Producers & Energy Traders 1 - - 53.8 - - 25. - 6.2-9. - 5.3.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 27